Redwood Materials said Tuesday it acquired lithium-ion artillery recycler Redux Recycling, a acquisition meant to accelerate U.S. company’s description into Europe.
This is Redwood’s 2nd acquisition since erstwhile Tesla co-founder and CTO JB Straubel founded nan artillery materials and recycling startup successful 2017. Last year, Redwood acquired a mini UK recycling exertion company. The institution didn’t disclose position connected either purchase. However, nan institution did opportunity astir 70 method unit including chemic engineers, metallurgists, and worldly scientists will subordinate its existing squad successful Europe.
Redwood Materials has ever had a buzz astir it. But successful nan past year, its been connected an description and fundraising tear.
Redwood announced successful August that it raise much than $1 cardinal successful a Series D round astatine a post-money valuation of much than $5 billion, according to a root acquainted pinch nan matter. The raise brings Redwood’s full equity superior to $2 billion. In February, Redwood secured a conditional committedness for a $2 cardinal loan from nan Department of Energy arsenic portion of nan Biden administration’s bid to build up a proviso concatenation for EVs successful nan United States. The milestone-based financing will beryllium provided to Redwood successful tranches to support its maturation and nan description of its office successful Nevada.
The institution besides announced successful December 2022 plans to build a caller battery materials and recycling facility connected a 600-acre field adjacent Charleston, South Carolina that will yet employment 1,500 group and make capable cathode and anode components to proviso 1 cardinal EVs annually.
Redwood made its first move into Europe past twelvemonth arsenic portion of Straubel’s world ambitions to beryllium 1 of nan largest artillery materials and recycling companies. It sees Redux arsenic a pathway towards that description .
Redux has a installation successful Bremerhaven, connected Germany’s North Sea seashore that is equipped for 10,000 tonnes of yearly processing capacity to recycle electrical conveyance and E-bike batteries, stationary retention systems and user devices for illustration compartment phones, laptops, and powerfulness drills. The location is simply a strategical 1 arsenic Bremerhaven has 1 of nan largest import ports for vehicles. Redwood said it will springiness nan expertise to transport, recycle, and refine electrical conveyance packs and batteries from crossed nan European continent.