A Tesla founder started an EV battery recycling company that’s on pace to make $200 million a year

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

A Tesla founder started an EV battery recycling company that’s on pace to make $200 million a year

JB Straubel’s Redwood Materials has been in the recycled battery business for seven years.

He told The Wall Street Journal the company is on track to make $200 million in revenue this year.

The company aims to produce enough battery materials for 1 million electric vehicles annually.

This is the hidden content, please

• Sign In
• or
• Sign Up

said his electric vehicle battery-recycling startup,

This is the hidden content, please

• Sign In
• or
• Sign Up

, will make hundreds of millions in revenue this year.

Straubel disclosed Redwood Materials’ estimated revenue during an interview with The Wall Street Journal, saying his company will rake in about $200 million.

Straubel launched Redwood Materials in 2017 to create a

This is the hidden content, please

• Sign In
• or
• Sign Up

which refers to extracting raw materials from used batteries and returning them to production after processing them. The company, based in Northern Nevada, hopes this can prompt a shift away from mining minerals and bolster the EV industry’s sustainability.

“To make batteries sustainable and affordable, we need to close the loop at the end of life. We’re localizing a global battery supply chain and producing battery materials in the US for the first time — from as many recycled batteries as possible,” the company’s website says.

Redwood Materials has extracted enough nickel and lithium from recycled batteries to “supply 20 gigawatt hours of lithium-ion batteries, or roughly equivalent to 250,000 electric vehicles,” the Journal reported.

The company aims to produce enough battery materials for 1 million EVs annually.

Representatives for Redwood Materials did not respond to a request for comment from Business Insider.

Tesla produces electric vehicles in the ******* States, but Americans have been slow to adopt them.Tristar Media/Getty Images

Straubel’s efforts come at a time when 

This is the hidden content, please

• Sign In
• or
• Sign Up

 in the ******* States despite 

This is the hidden content, please

• Sign In
• or
• Sign Up

 and popularity in 

This is the hidden content, please

• Sign In
• or
• Sign Up

.

EVs have gained traction in countries like

This is the hidden content, please

• Sign In
• or
• Sign Up

, where advisory firm Automobility says about

This is the hidden content, please

• Sign In
• or
• Sign Up

in 2022 were electric.

Americans have been slower to warm up to EVs.

A June study by McKinsey & Company found that 46% of surveyed

This is the hidden content, please

• Sign In
• or
• Sign Up

in the ******* States said they would likely return to gas-powered vehicles. Globally, some reasons consumers leaned away from EVS included charging options, high costs, and more.

Although President Joe Biden provided a $7,500

This is the hidden content, please

• Sign In
• or
• Sign Up

, Donald Trump’s incoming administration is considering revoking it.

Read the original article on

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

#Tesla #founder #started #battery #recycling #company #pace #million #year

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up