Elon Musk is continuously hitting the headlines with his new startup, Neuralink. While being very busy with his company’s accomplishments, there is also a rumor that there’s another new venture in the works.
Recently, two Tesla executives through CB Insights filed documents with the federal government for a company called Redwood Materials. According to the SEC filing, the company makes a $2 million investment for this project.
Instead of Musk, his Tesla CTO JB Straubel and Special Projects head Andrew Stevenson are listed as executives of Redwood Materials, with the latter as CFO.
Redwood Materials aims to create “Advanced technology and process development for materials recycling, remanufacturing, and reuse.”
Tesla’s Gigafactory in Nevada has also expressed interest in mineral recycling.”
Tesla’s need for materials has increased significantly. So, the company planned to increase its production from 80,000 vehicles to 1 million cars by 2020. The Gigafactory 1 in Nevada is also one of them, and it will require incredible quantities of raw materials for battery production.
Maintaining a supply chain of mining companies is undeniably part of it. Materials recycling could well be helpful for Tesla’s vehicle and solar technologies.
Tesla officially said, “We can only surmise what connections it has — if any — to Redwood Materials.”
