Former Tesla government JB Straubel’s Redwood Supplies not too long ago acquired lithium-ion battery recycler Redux Recycling GmbH for an undisclosed quantity.
The lithium-ion battery recycler will assist Redwood develop and strengthen its battery-recycling capability in Europe.
“This acquisition will present us with a well-established EU presence to rapidly develop operations, enhance capability for battery recycling, and work intently with already-established suppliers, prospects, and business companions throughout Europe.
“The European marketplace for battery recycling and supplies manufacturing is rising quickly, and the acquisition of Redux positions Redwood as a key participant on this market,” famous Redwood.
We’re increasing in Europe and have acquired main EU battery recycler, Redux Recycling GmbH! This acquisition provides us a right away EU presence to rapidly develop operations, 70 skilled technical workers who will be a part of our workforce, and lots of new companions! https://t.co/xH8fSA1VM7
— Redwood Supplies (@RedwoodMat) September 19, 2023
Redux is a recycler in Germany. It has a lithium-ion battery recycling plant in Bremerhaven on Germany’s North Beach. Redux’s facility has been operational since 2018. It has 10,000 tonnes of annual processing capability for recycling lithium battery chemistries.
“Our know-how assures our prospects of secure disposal and ensures we meet probably the most stringent recycling and environmental requirements!” Mentioned Redux Managing Director Martin Reichstein.
Redux’s plant receives all varieties of lithium-ion batteries, together with family cells, transportable batteries, electrical automobile batteries, and battery manufacturing scraps. Redwood provides that the plant in Bremerhaven is provided to recycle e-bike batteries, stationary methods, client gadgets like cell telephones and laptops, and energy drills.
From the Redux acquisition, about 70 skilled technical workers—together with chemical engineers, metallurgists, and materials scientists—are becoming a member of Rewood’s workforce in Europe. Straubel’s firm believes Redwood’s superior materials restoration processes and Redux’s pre-treatment and technical operation capabilities complement one another.
Final 12 months, Redwood Supplies introduced its growth plans in Europe. It goals to localize the worldwide battery provide chain in every continent. Redwood believes that localizing the battery provide chain would cut back prices and enhance the sustainability of electrical automobiles and clear power storage.
In August 2023, the battery recycling firm raised $1 billion in funding led by JB Straubel. Redwood has raised almost $2 billion in fairness capital and has a $2 billion mortgage dedication from america Division of Power.