The engineer who helped Elon Musk turn Tesla into a powerhouse sees a future “where every vehicle is electric” – and an unfathomably profitable market in recycling the valuable metal from all those batteries.
In 2020, Tesla sold around 500,000 electric cars, each one requiring thousands of lithium-ion battery cells and isthis year. Battery demand is further being stoked as giants General Motors and Volkswagen aggressively pursue their EV plans alongside all-electric startups like Lucid and Rivan. Prices of core battery materials like lithium and cobalt are skyrocketing.
Straubel is tightlipped on Redwood’s financials but the privately held company is probably doing around $20 million in revenues. In July Redwood raised $40 million from Amazon, Breakthrough Energy Ventures and Palo Alto-based Capricorn Investment Group. That brings its total outside funding to $48 million at a $217 million valuation according to PitchBook. Straubel has likely invested millions more from his own fortune which is estimated at $900 million.
Where Elon Musk is verbose and relishes his status as a clean-tech icon, the low-key Straubel, who trained as an engineer at Stanford, chooses his words carefully. The electric car revolution the two men envisioned when they first met 18 years ago is finally coming to fruition. The Biden Administration is calling for a range of incentives to wean drivers off gasoline and onto electricity, seeking a huge increase in domestic production of battery-powered autos and heavy-duty trucks.
Source: News Formal (newsformal.com)
I never thought investing on Bitcoins can be this fruitful, till i was introduced to Mr Rene , he is a God sent. With just $10, 000 investment i got a profit of $40,000 all thanks to Mr Rene and their head account manager Mr Rene my trade coach Contact him 👇👇 abrantesrene
Words can neither qualify nor quantify how helpful your guidance and advice has been. I am forever grateful for your support.Thank you MALYAROVALARA_ I just received my profit in my wallet thanks you very much
Your dogecoin wallet 0.000000 you can make it 4000 every 24 hours... Ask me how
Getting one legitimate trader is almost impossible 😅. But LISATOWNSENDC is a legitimate trader that trades with your funds and takes her own percentage while you get your profits 100%. She's a trader with difference 👌
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Forbes - 🏆 394. / 53 Read more »
Source: Forbes - 🏆 394. / 53 Read more »
Source: Forbes - 🏆 394. / 53 Read more »
Source: Forbes - 🏆 394. / 53 Read more »
Source: Forbes - 🏆 394. / 53 Read more »