From Nasdaq, Inc.:

Redwood Materials is highlighting the practicality of electric vehicles in heavy-duty work by using a Tesla Cybertruck to transport 10,000 pounds of recycled battery materials. The move emphasizes the Cybertruck’s potential as a work vehicle and supports Redwood’s goal of creating a circular supply chain for battery materials in the U.S.

Redwood Materials’ use of the Cybertruck aligns with its broader marketing effort to attract new talent as it prepares to build a cathode plant capable of producing materials for over a million electric cars annually at its Nevada campus. The strategic location near Giga Nevada further accentuates the synergy between Redwood Materials and Tesla-affiliated entities, such as Panasonic.

In September 2023, Redwood Materials raised $1 billion in a Series D round, pushing its post-money valuation beyond $5 billion. This capital is earmarked for capacity enhancement, building a robust domestic battery supply chain, and selling U.S.-produced battery materials. As the demand for lithium-ion batteries is projected to grow sevenfold between 2022 and 2030, Redwood’s focus on recycling and partnerships with companies like Panasonic and Toyota is crucial for a circular economy for battery materials.



Read more: Watch: Tesla Cofounder-Led Redwood Unleashes Cybertruck For 10,000-Pound Transport Of Recycled Battery Materials