Toyota And Redwood Materials Forge Expanded Recycling Deal For End-Of-Life Automotive Batteries

Toyota Motor Corporation TM said Toyota Motor North America (TMNA) and Redwood Materials have entered an expanded recycling agreement.

The agreement aims to create pathways for automotive batteries used in Toyota's electrified vehicles that have reached the end of their life.

The agreement also authorizes Toyota to source Cathode Active Material (CAM) and Anode copper foil from Redwood's recycling activities for Toyota's future, new automotive battery production.

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The new agreement follows the previous collaboration announced last year for battery collection and recycling of Toyota's hybrid and battery electric vehicle batteries.

"Working with Redwood Materials, we are creating a circular supply chain to optimize logistics, expand refining, and ensure that the valuable metals recovered can be reintroduced into our future vehicles," said Christopher Yang, Group Vice President, Business Development, Toyota Motor North America.

With a large amount of Toyota's retiring fleet of electrified vehicles being in California, Redwood's Nevada recycling facility will support Toyota's North American supply chain.

Toyota's battery life cycle ecosystem is expected to include the recycling, remanufacturing and repurposing of the nearly five million operating units.

Price Action: TM shares are trading higher by 0.95% at $192.20 on the last check Friday.

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