Rivian Expands Partnership With Redwood Materials to Recycling End-of-Life EV Batteries
MT Newswires Live
Oct 14
Rivian Automotive (RIVN) and Redwood Materials said Wednesday they are expanding their partnership under which Redwood will recycle Rivian's production scrap and end-of-life electric vehicle batteries.
Redwood will collect Rivian EV batteries from the automaker's service centers and evaluate them to determine whether to recycle or repurpose them for energy storage at Rivian's manufacturing plant in Normal, Illinois or at other locations, according to a statement.
Financial terms of the collaboration were not disclosed.
Rivian Automotive shares were 1.1% lower in early Wednesday trading.
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