Toyota Motor Corp. TMJP:7203 said Thursday it reached an agreement with private battery recycling company Redwood Materials Inc. to expand a previous recycling agreement to re-use materials from the car maker’s hybrid and battery electric vehicles. Terms of the deal were not disclosed. Toyota has now agreed to source cathode active material and anode copper foil from Redwood’s recycling activities for its electric-vehicle supply chain. The car giant plans to bring its Toyota Battery Manufacturing, North Carolina facility into production in 2025 with an investment of nearly $14 billion. For its part, Redwood Materials is expanding its facility in northern Nevada and breaking ground on its second battery materials campus near Charleston, S.C. In August, Redwood Materials raised $1.7 billion in Series D2 funding from Capricorn Investment Group, Goldman Sachs Capital Partners, T. Rowe Price Group, Caterpillar Venture Capital Inc., OMERS Private Equity and several other investors, according to FactSet data.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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