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Stock impact report

Rivian's Factory Will Run On Its Own Used EV Batteries [Yahoo! Finance]

Rivian Automotive, Inc. - Class A (RIVN) 
Company Research Source: Yahoo! Finance
Rivian struck a deal with Redwood Materials, the battery-recycling startup, to use second-life packs at its factory. The installation at Rivian's Normal, Illinois, plant will use more than 100 recycled Rivian battery packs. It will initially provide 10 megawatt-hours of energy storage. In something of a full-circle moment, Rivian's factory in Illinois will soon be powered by old Rivian battery packs. On Tuesday, the EV startup announced a deal with the battery-recycling firm Redwood Materials that will result in an initial 10 megawatt-hours of stationary energy storage at its plant. Rivian will provide Redwood with more than 100 second-life battery packs. Redwood will turn those into a stationary storage installation that can help reduce Rivian's energy costs during times of peak demand, the companies said in a press release. “EVs represent a massive, distributed and highly competitive energy resource," Rivian founder and CEO RJ Scaringe said in a statement. “As energy need Show less Read more
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