Battery recycling company Redwood Materials proudly announced that it acquired another li-ion battery recycler in Europe for an unspecified amount.
The former Tesla executive-led company expects Redux Recycling GmbH to aid its expansion efforts in the region.
Purpose
Redwood Materials initially disclosed its European expansion strategy in 2022, with plans to establish a “closed-loop” battery supply chain network.
The company believes domestic production throughout the US and Europe will significantly reduce battery costs and improve electric vehicle sustainability.
“This acquisition will provide us with a well-established EU presence to quickly expand operations, increase capacity for battery recycling, and work closely with already-established suppliers, customers, and industry partners across Europe. The European market for battery recycling and materials manufacturing is growing rapidly, and the acquisition of Redux positions Redwood as a key player in this market.”
Redwood
Approximately 70 high-skilled technical employees like chemical engineers, metallurgists, and material scientists from Redux will join Redwood’s European team.
They will collaborate to advance battery recycling processes in the region, tapping into Redwood’s innovative material recovery technique and Redux’s pre-treatment and technical capacities.
About Redux
Redwood claims that Redux Recycling GmbH is the top li-ion battery recycler in the European Union. It operates a li-ion battery recycling facility in Bremerhaven.
Redux has been recycling li-ion batteries at the facility since 2018, Teslarati noted. It currently has an annual processing output of 10,000 tonnes.
“Our know-how assures our customers of safe disposal and ensures we meet the most stringent recycling and environmental standards!”
Redux Managing Director Martin Reichstein
Its German facility processes all li-ion battery types, such as EV batteries, portable batteries, household cells, battery production scraps, consumer devices, etc.
Moreover, Redux’s proprietary technology facilitates an easier extraction process of valuable battery minerals with a more than 95% recovery rate. It complements Redwood’s high recovery rate in the US, the press release noted.
Europe remains the fastest-growing electric vehicle industry across the world, owing to the collaborative efforts of the automakers and government. That said, Redwood’s move to acquire the European battery recycling company will undoubtedly aid in its effort to take advantage of the thriving European EV and battery market.
