Ford is investing $ 50 million in an EV recycling business. Engadget

announced a partnership with Redwood Materials to recycle electric vehicle batteries. The carmaker raised $ 50 million in the beginning, whose co-founder and CEO, Tesla’s former chief technology officer, JB Straubel. Redwood, which also recycles batteries for the e-bike business Specialized, will use the funds to expand its manufacturing facilities.

The companies say the deal will make cars more sustainable and affordable by bringing the battery supply chain closer to home. They plan to increase battery production in the US, something the Biden administration of countries like China wants to do.

Recycling batteries in a closed loop will help reduce costs and benefit the environment, as Ford relies less on imports and the extraction of raw materials. Redwood claims that it can recycle an average of 95 percent of the elements such as nickel, cobalt, lithium and copper using its recycling technology. The company reuses the materials to make anode copper foil and cathode active materials for new batteries.

Ford announced financial support as part of its plan to invest more than $ 30 billion in electrification by the end of 2025. The company recently said it would spend another $ 250 million.

In May, by the middle of this decade, Ford unveiled plans at BlueOvalSK plants in North America. BlueOvalSK is a joint venture that Ford plans to launch with SK Innovation, pending approval.

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