Nevada startup Redwood Materials has its sights set on becoming a powerhouse supplier of recycled metals and materials needed for rechargeable car and truck batteries. Redwood has raised at least $740 million since 2020, excluding an undisclosed amount Straubel invested. One gigawatt hour of battery material would be enough for between 10,000 and 20,000 electric vehicles, depending on pack size. Surprisingly, even at the current initial stage, Redwood can already recapture usable quantities of metals at a cost lower than conventional mining, Straubel recently told Forbes. As the company continues to refine its technology and scale, that could become even more lucrative.

Source: Forbes July 28, 2021 12:56 UTC