Elon Musk continuously hitting headlines with his continuous startups: his Boring Company and his brain-hacking venture Neuralink. While being very busy with his companies’ accomplishment, 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 $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.
The aim behind Redwood materials is to create “Advanced technology and process development for materials recycling, remanufacturing, and reuse.”
Electrek noted, “Straubel is known for investing in companies without any connection with Tesla, like his backing of new energy storage startup Axiom Exergy. Straubel, who is overseeing the supply chain at Tesla’s Gigafactory in Nevada, has also expressed interest in mineral recycling.”
Tesla’s need for materials been increased significantly. So, the company planned to increase its production from 80,000 vehicles to 1 million vehicles by 2020. The Gigafactory 1 in Nevada- also one of them that 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 useful for Tesla’s vehicle and solar technologies.
Tesla officially said, “We can only surmise what connections it has — if any — to Redwood Materials.”