Under the partnership with BMW of North America, Redwood Materials will recycle lithium-ion batteries from all of the company’s electric, plug-in hybrid-electric and mild hybrid vehicles, Redwood announced on Thursday. In addition to BMW's cars, the deal also includes the MINI and Rolls-Royce brands.

Redwood Materials recently announced its partnership with BMW of North America to recycle lithium-ion batteries. As per the deal, Redwood Materials will recycle lithium-ion batteries from BMW electric vehicles (EVs), including cars under the BMW, MINI, Rolls Royce, and BMW Motorrad brands.

Redwood will work with BMW Group's network of about 700 dealerships and distribution centers to recover end-of-life batteries. More than 95 percent of the critical minerals in the batteries, such as nickel, cobalt, lithium and copper, will be returned to the battery supply chain, the companies said.

Redwood Materials, the battery recycling startup founded by former Tesla co-founder and CTO JB Straubel, has raised over $1 billion in a Series D round at a post-money valuation of over $5 billion, according to a source familiar with the matter. The raise brings Redwood's total equity capital to $2 billion.