Redwood Materials, a battery recycling and cathode production company founded by ex-Tesla CTO JB Straubel, has raised US$425 million in a series E funding round.

The initial US$350 million was led by Eclipse, with Capricorn and Goldman Sachs returning, while new investors include Google and Nvidia’s venture arm NVentures.

The funding brings Redwood’s total capital raised to US$2.3 billion and values the company at over US$6 billion post-money.

Based in Nevada, Redwood focuses on building a circular supply chain for batteries by recycling production scrap and consumer electronics.

It also produces key materials such as nickel and lithium.

The company has expanded into energy storage, repurposing used EV batteries for micro-grids, and aims to deploy 20 gigawatt-hours of grid-scale storage by 2028.

🔗 Source: TechCrunch

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