UPDATE 1-Redwood, led by Tesla co-founder, to build battery materials in the United States

(Add Tesla’s plan to build a cathode-ray facility, Biden’s policy)

Sept. 14 (Reuters) – Redwood Materials, led by Tesla co-founder JB Straubel, on Tuesday announced it would build its battery materials manufacturing plant in the United States, as the country seeks to reduce its dependence on regard to imports for the key component of electric vehicles.

Battery recycling startup Redwood Materials said in a blog post that it plans to announce a new site by early next year, aiming to manufacture 100 gigawatt hours (GWh) per year of active cathode materials. (CAM) for one million electric vehicles (EVs) by 2025.

Tesla CEO Elon Musk announced in September that the electric car maker plans to build a cathode plant as part of its battery cell production plant.

The Biden administration has attempted to expand the domestic supply of key components, such as batteries and computer chips, as part of efforts to reduce reliance on China and other countries.

“The battery supply chain … requires materials to travel tens of thousands of miles before ending up in a battery cell,” Redwood said in a blog post, saying complex logistics add to the cost. overall and the carbon footprint of a battery cell. .

Redwood said it will produce anode copper foil and cathode active materials, reusing all the lithium, copper, nickel and cobalt it already collects from old batteries. The materials will be supplied to the battery cell manufacturers.

The announcement comes months after Redwood said it had raised $ 700 million from a group of top fund managers, including T. Rowe Price, Baillie Gifford and Fidelity. (Reporting by Akanksha Rana in Bangalore and Hyunjoo Jin in San Francisco; Editing by Amy Caren Daniel and Andrea Ricci)

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