Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

U.S. battery startup Redwood Materials sets deal with Korea's L&F

10/27/2021 | 09:57am EST

Oct 27 (Reuters) - Battery recycling company Redwood Materials said on Wednesday it has forged an alliance with Korean battery materials maker L&F Co that could help transform the Nevada startup into a major battery component manufacturer over the next decade.

Redwood has signed a multi-year deal to use L&F's design and manufacturing technology at a new U.S. facility to make enough battery cathodes to supply up to 1 million electric vehicles a year by 2025, and more than 5 million by 2030, Redwood told Reuters, without elaborating.

The partnership is the latest element in Redwood Chief Executive J.B. Straubel's vision of building a "closed loop" or circular supply chain for EV batteries, from raw materials to recycling.

Redwood currently recycles lithium, cobalt, copper and aluminum from several sources, including the Nevada battery plant that is jointly owned and operated by Panasonic Corp and Tesla Inc. That factory has the capacity to make batteries for about 350,000 electric vehicles a year.

Straubel, a co-founder of Tesla, left the company to start Redwood in 2017. The L&F partnership is the second major alliance he's announced in the past month.

In September, Redwood said it would supply anode and cathode material to Ford Motor Co, which has a U.S. joint venture with Korean battery maker SK Innovation to make EV battery cells.

L&F supplies battery materials to SK as well as to Korea's LG Energy Solution and Samsung SDI.

Its technology will enable Redwood to scale its annual cathode manufacturing capacity in the U.S., from a planned 100 gigawatt-hours in 2025 to 500GWh by 2030.

The deal is exclusive to North America and Europe. Redwood will continue its own cathode R&D.

Redwood, which raised $775 million in July from investors, including Amazon.com Inc, Fidelity, T. Rowe Price and Baillie Gifford, is valued at $3.8 billion by investor website PitchBook. (Reporting by Paul Lienert in Detroit; Editing by David Gregorio and Mike Harrison)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 2.80% 3523.29 Delayed Quote.8.18%
BAILLIE GIFFORD SHIN NIPPON PLC 1.14% 238.183 Delayed Quote.-11.80%
L&F CO., LTD. -0.30% 202000 End-of-day quote.182.52%
LG CHEM, LTD. -0.84% 711000 End-of-day quote.-13.71%
PANASONIC CORPORATION 2.33% 1271 End-of-day quote.6.76%
SAMSUNG SDI CO., LTD. -1.00% 691000 End-of-day quote.10.03%
SK INNOVATION CO., LTD. -0.73% 203000 End-of-day quote.6.84%
T. ROWE PRICE GROUP, INC. 3.49% 204.22 Delayed Quote.29.20%
TESLA, INC. 4.24% 1051.75 Delayed Quote.42.99%
Latest news "Economy & Forex"
08:56aGlobal airlines say nations over-reacted to Omicron variant
08:56aGenerali considering increasing stake beyond 49% in india insurance businesses to as much as 74% -sources
08:56aIndia's cash-strapped future group keen to exit joint ventures with italy's generali -sources
08:56aItaly's generali in talks with indian partner future group to increase stake in local insurance businesses -sources
08:54aCanadian dollar steadies near 3-week high ahead of BoC decision
08:52aTSX futures rise on strong gold prices; BoC rate decision awaited
08:48aWall St set to rise after positive vaccine update from Pfizer
08:44aRouble firms as Biden-Putin talks soothe nerves
08:41aCampbell Soup warns higher costs to hit second-quarter margins
08:33aGerman gas industry wants funding for 'turquoise' hydrogen
Latest news "Economy & Forex"