Toyota Motor Corp. has announced an expansion of its recycling agreement with private battery recycling company, Redwood Materials Inc. This agreement will allow Toyota to re-use materials from their hybrid and battery electric vehicles.
As part of the deal, Toyota will now source cathode active material and anode copper foil from Redwood’s recycling activities. This move aims to support Toyota’s electric-vehicle supply chain. In line with their commitment to sustainability, Toyota plans to launch its Toyota Battery Manufacturing facility in North Carolina by 2025, requiring an investment of almost $14 billion.
Simultaneously, Redwood Materials is also expanding its facility in northern Nevada. Furthermore, they are breaking ground on their second battery materials campus near Charleston, S.C. This expansion will enhance Redwood’s capacity to meet the increasing demand for battery recycling.
To finance these expansions, Redwood Materials successfully raised $1.7 billion in Series D2 funding from prominent investors such as Capricorn Investment Group, Goldman Sachs Capital Partners, T. Rowe Price Group, Caterpillar Venture Capital Inc., and OMERS Private Equity, among others.
The collaboration between Toyota and Redwood Materials exemplifies their joint efforts towards sustainable practices in the automotive industry. By recycling materials from vehicles, they aim to reduce waste and contribute to a greener future.
Note: The terms of the agreement have not been disclosed.