Toyota and Redwood Materials have announced a major new deal that highlights Toyota’s commitment to electric vehicles. Redwood Materials, a battery recycling startup run by Tesla cofounder JB Straubel, unveiled a significant agreement with Toyota on Thursday. This deal will allow Redwood to recycle batteries from older Toyota vehicles and supply Cathode Active Material and Anode copper foil for Toyota’s new batteries that will go into future EVs.
The collaboration is expected to recycle, remanufacture, and repurpose almost 5 million units of Toyota’s batteries, particularly from older Prius hybrids. These aging hybrid vehicles, many of which are in California, will have their old batteries recycled by Redwood. The salvaged materials will then be used in EV batteries that Toyota plans to manufacture in a new $14 billion factory in North Carolina in 2025.
Although the exact worth of the Toyota-Redwood deal remains undisclosed, it is similar in scale to the agreement Redwood had with Panasonic in late 2022, which was worth billions of dollars. This new deal reflects Toyota’s commitment to electric vehicles despite some previous resistance. The agreement is a clear indication that Toyota is indeed dedicated to the future of EVs.
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