Redwood Materials, a Nevada-based e-waste recycling startup, partnered with Panasonic Energy Co., Ltd., (a Panasonic Group Company) to supply cathode active materials and copper foil for EV lithium-ion batteries, in a multibillion-dollar deal.

Redwood's cathode active materials (containing about 30% recycled lithium and nickel and 100% recycled cobalt) will be used in “2170” cylindrical lithium-ion batteries to be manufactured at Panasonic’s new USD 4 billion EV battery plant facility currently under construction in De Soto, Kansas, which is considered world’s largest of its kind, starting in 2025. 

Furthermore, Redwood's recycled copper foil will be used in lithium-ion batteries to be manufactured at Panasonic Energy of North America (PENA)’s facility in Sparks, Nevada starting in 2024.

Analyst QuickTake: The two companies initially partnered in 2019 to recycle scrap material from PENA’s facility and in January 2022 Redwood announced that they will supply recycled copper foil to Panasonic for the anode side of a battery cell. The two company’s latest partnership in November 2022, is considered Redwood’s largest deal to date and is said to support Panasonic Energy’s efforts of building a domestic supply chain in North America as well as progress towards zero emissions.