Battery recycling company Redwood Materials announced today that it has completed a $350 million funding round led by venture capital firm Eclipse Ventures, with new investors including Nvidia’s investment arm, NVentures.
Founded in 2017, Redwood is headed by J.B. Straubel, who is a co-founder and director at Tesla.
The Redwood fundraising occurs at a time when multiple countries are prioritizing the increase of domestic critical material supplies, and the rising use of artificial intelligence technologies.
According to a company press release, “By combining deep materials and manufacturing expertise with advanced power electronics and software, Redwood is creating a new generation of U.S.-made energy storage systems—scalable, low-cost, and designed to power data centers, industry, and the grid—reducing reliance on imported LFP batteries.”
Redwood states that with this new capital, the company will “Accelerate the expansion of our energy storage deployments, refining and materials production capacity, and our world-class engineering and operations teams.”
“This is a pivotal time for both Redwood and the United States, as curtailment in international supplies overlaps with intense domestic demand growth for these same materials and energy products,” the company said.
Recently, the firm has formed partnerships with Volkswagen, Panasonic, Toyota, and Lyft.
By CEO NA Editorial Staff
