DEARBORN, Mich. (AP) — Ford Motor Co. is investing $50 million in an upstart electrical automotive battery recycling agency as a result of the automaker strikes to shore up its U.S. battery present chain.
The Dearborn, Michigan, automaker will spend cash on Redwood Supplies, a Nevada-based agency primarily based by former Tesla authorities JB Straubel.
Ford says in an announcement that Redwood can recuperate 95% of worthwhile metals in EV batteries equal to nickel, cobalt, lithium and copper, all of which could run fast as a result of the world shifts from inside combustion to electrical autos.
The automaker says domestically produced anode and cathode provides can drive down battery costs, improve provides present and cut back reliance on imported provides.
Ford already has launched plans to assemble two North American battery factories with Korean affiliate SK Innovation starting spherical 2025. Ford expects 40% of its worldwide product sales to be completely electrical by 2030.
Each companies plan to collaborate on strategies to assemble and disassemble used batteries from Ford EVs, along with strategies to recycle and remanufacture them.