DEARBORN, Mich. (AP) — Ford Motor Co. is investing $50 million in an upstart electric vehicle battery recycling company as the automaker moves to bolster its U.S. battery supply chain.
The Dearborn, Michigan, automaker will invest in Redwood Materials, a Nevada-based company founded by former Tesla executive JB Straubel.
Ford says in a statement that Redwood can recover 95% of precious metals in EV batteries such as nickel, cobalt, lithium and copper. All of those metals could be in short supply as the world shifts from to electric vehicles.
Ford says locally produced materials can drive down battery costs, increase materials supply and cut reliance on imported metals.
Ford expects 40% of its global sales to be fully electric by 2030.