Ford sinks $50m into battery recycling

Ford is investing $50 million in an electric vehicle battery recycling company as the automaker moves to shore up its US battery supply chain. The Dearborn, Michigan, automaker will invest in Redwood Materials, a Nevada-based company founded by former Tesla executive JB Straubel. Ford says in a statement that Redwood can recover 95 percent of precious metals in EV batteries such as nickel, cobalt, lithium and copper, all of which could run short as the world shifts from internal combustion to electric vehicles.