Toyota signs on as first carmaker to buy battery components from redwood materials

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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