Amazon invests in battery recycling firm started by former Tesla executive

An employee looks for items in one of the corridors at an Amazon warehouse.

Carlos Jasso | Reuters

Amazon, one of the largest consumers of batteries in the world, is investing in battery recycling start-up Redwood Materials, a company started by former Tesla executive JB Straubel. 

The investment, which wasn’t disclosed, is part of $2 billion Amazon’s Climate Pledge Fund is committing to Redwood Materials and three other companies.

“Amazon’s investment is significant because of its size and its commitment to have a more sustainable footprint,” Straubel told CNBC. “The company has batteries in so many places within the company, from Amazon Web Services to consumer electronics to its growing electric logistics fleet.”

Redwood Materials will be working with Amazon to recycle electric vehicle batteries, other lithium-ion batteries and e-waste from various operations within Amazon. 

Straubel’s interest in battery recycling comes after spending more than a decade helping Elon Musk build Tesla. As Tesla’s chief technical officer, he helped design the automaker’s lithium-ion battery powertrain. While Tesla grew with Straubel as CTO, so did the automaker’s battery manufacturing Gigafactory outside of Reno, Nevada. Redwood Materials now has a recycling center in Carson City, Nevada, not far from Tesla’s Gigafactory.

“When you look at the future of transportation and electrification of vehicles, the number of batteries that will be needed is staggering,” said Straubel. “We’re already recovering most of the metal, lithium, nickel, cobalt from batteries we are recycling. Now we need to do it more efficiently and at a vastly larger scale.”

This is not the first investment in Redwood Materials by a fund tied to Amazon founder Jeff Bezos. Earlier this year the company received approximately $40 million from investors lead by Capricorn Investment Group and Breakthrough Energy Ventures, which includes Bezos and Microsoft co-founder Bill Gates. 

— CNBC’s Meghan Reeder contributed to this report.

Source link




Ford says its EVs will be priced between $20,000 and $70,000

Ford hasn't publicly announced how much it will charge for the electric version of the 14th-generation F-150, but it confirmed the truck won't...

GameStop falls 40% more despite easing of broker restrictions, down more than 80% this week

Jakub Porzycki/NurPhoto via Getty ImagesGameStop shares tanked again Thursday as the Reddit-fueled trade unraveled further.The stock traded lower by more than 40%, bringing...

English Premier League signs TV deal with China’s Tencent Sports

Chelsea take on Brighton in their first Premier League game of the 2020/21 season.GettyLONDON — The English Premier League announced Thursday that it...

Walmart pulls guns, ammo off sales floors because of ‘civil unrest’

Ammo and guns for sale at a Walmart in Fort Worth, Texas, June 25, 2015.Barbara Alper | Archive Photos | Getty ImagesWalmart has...

Here are the top performing stocks in the S&P 500 for 2020

Traders work on the floor of the New York Stock Exchange.NYSEThe S&P 500 finished 2020 with a gain of 16.26% for the year...