Redwood acquires European recycler Redux
Battery-recycling company Redwood Materials has acquired European recycler Redux Recycling, representing a coming land grab for battery-recycling facilities.
Why it matters: Investors and governments are funneling money into battery-recycling operations as the electric vehicle industry grows dramatically.
Details: Redwood didn't disclose terms of the deal, but said it will bring on 70 employees from Redux.
- Redux owns a battery-recycling facility in the German city of Bremerhaven that can recycle 10,000 annual tons of lithium-ion batteries.
- Redwood said last year it would expand across Europe to address the rapidly growing EV market there.
Meanwhile, battery-recycling company Li-Cycle and mining company Glencore detailed plans for a European battery-recycling hub in Sardinia, Italy.
Big picture: The U.S. and private investors are pumping money into the battery-recycling sector.
- Earlier this month, battery recycler Ascend Elements announced a $542 million round led by a growth fund from BlackRock and Temasek.
- Startup Green Li-ion has been raising funds to expand in Oklahoma, but also in Asia and Europe.
- Europe is an attractive market for battery recyclers because it has mandates for recycling and a fast-growing EV sector.