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illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: Toyota has signed a long-term contract with Redwood Materials to purchase cathode and anode materials for new batteries
• This marks Redwood's first supply agreement with an automaker and a major step in battery recycling and production
🔭 The context: The deal expands Toyota's commitment to battery technology and sustainability. Toyota, traditionally focusing on hybrids, is investing in a U.S. factory to make batteries for EVs and plug-in hybrids from 2025
🌍 Why it matters for the planet: The collaboration aligns with the goal of creating a closed-loop battery ecosystem, crucial for increasing the use of EVs across North America
⏭️ What's next: Redwood Materials aims to strengthen the U.S. supply base for battery components, currently dominated by Asia, especially China
💬 One quote: "Accelerating our recycling efforts and domestic component procurement gets us closer to our ultimate goal of creating a closed-loop battery ecosystem" (Christopher Yang, Toyota North America)
📈 One stat: Redwood plans to use at least 20% recycled nickel, 20% recycled lithium, and 50% recycled cobalt for the cathodes it makes for Toyota
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