Sept 19 (Reuters) – Redwood Materials said on Tuesday it has acquired lithium-ion battery recycler Redux Recycling for an undisclosed amount to increase its battery recycling capacity and strengthen its position in the European vehicle battery market electrical.
Nevada-based Redwood, founded by former Tesla executive JB Straubel, recycles electronic devices and extracts valuable materials such as cobalt, lithium, nickel and manganese from batteries.
Last month, the battery materials company raised more than $1 billion in new funding as it seeks to expand its U.S. operations.
The Redux factory in northern Germany is equipped to recycle 10,000 tonnes of batteries per year. The facility is located near the port of Bremerhaven, allowing Redwood to transport, recycle and refine electric vehicle packs and batteries from across the European continent, the company said.
More than 30 electric vehicle battery makers are considering setting up facilities in the region as Europe and the United States look to reduce their reliance on China for electric vehicle batteries by 2030. (Reporting by Aishwarya Jain; Editing by Shilpi Majumdar)
