The American car maker Ford has invested $50M in Redwood Materials supporting its efforts to create a US-based battery material supply chain. The deal also includes an agreement to work together in collection and disassembly of end-of-life batteries from Ford’s electric vehicles as well as in remanufacturing of the batteries to help reduce the cost associated with battery repairs.
Ford has also signed an MOU with SK Innovation to set up the joint venture Blue Oval SK which will build and operate a 43 GWh battery plant in Tennessee from 2025 and a twin factory in Kentucky from 2026 and onward.
Redwood Materials will set up a recycling plant at the JV's Tennessee plant for recycling of production scrap.
Read more about the investment here.