Former Tesla executive JB Straubel’s Redwood Materials recently acquired lithium-ion battery recycler Redux Recycling GmbH for an undisclosed amount.
The lithium-ion battery recycler will help Redwood expand and strengthen its battery-recycling capacity in Europe.
“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,” noted Redwood.
Redux is a recycler in Germany. It has a lithium-ion battery recycling plant in Bremerhaven on Germany’s North Sea coast. Redux’s facility has been operational since 2018. It has 10,000 tonnes of annual processing capacity for recycling lithium battery chemistries.
“Our know-how assures our customers of safe disposal and ensures we meet the most stringent recycling and environmental standards!” Said Redux Managing Director Martin Reichstein.
Redux’s plant receives all types of lithium-ion batteries, including household cells, portable batteries, electric vehicle batteries, and battery manufacturing scraps. Redwood adds that the plant in Bremerhaven is equipped to recycle e-bike batteries, stationary systems, consumer devices like cell phones and laptops, and power drills.
From the Redux acquisition, about 70 experienced technical staff—including chemical engineers, metallurgists, and material scientists—are joining Rewood’s team in Europe. Straubel’s company believes Redwood’s advanced material recovery processes and Redux’s pre-treatment and technical operation capabilities complement each other.
Last year, Redwood Materials announced its expansion plans in Europe. It aims to localize the global battery supply chain in each continent. Redwood believes that localizing the battery supply chain would reduce costs and increase the sustainability of electric vehicles and clean energy storage.
In August 2023, the battery recycling company raised $1 billion in funding led by JB Straubel. Redwood has raised nearly $2 billion in equity capital and has a $2 billion loan commitment from the United States Department of Energy.