Redwood Materials Raises $700 Million In Race To Revolutionize Battery Recycling For Electric Cars

Redwood Materials Raises $700 Million In Race To Revolutionize Battery Recycling For Electric Cars

Nevada startup Redwood Materials has its sights set on becoming a powerhouse supplier of recycled metals and materials needed for rechargeable car and truck batteries. Redwood Materials, a battery recycler created by Tesla cofounder and former tech chief JB Straubel, just raised more than $700 million from investors that will help it scale up recovery of lithium, cobalt, nickel and other metals needed by makers of lithium-ion cells for electric vehicles. The funds will be used to triple the size of Redwood's current Carson City, Nevada, operations, build an additional processing facility on a 100-acre site it owns and hire more than 500 more workers, CEO and cofounder Straubel says. The round was led by T. Rowe Price, with Goldman Sachs, Baillie Gifford, Canada Pension Plan Investment Board and Fidelity kicking in funds. Previous investors including Capricorn's Technology Impact Fund, Breakthrough Energy Ventures and Amazon's Climate Pledge Fund also participated. Redwood has raised at least $740 million since 2020, excluding an undisclosed amount Straubel invested. The new round boosts its valuation to $3. 7 billion, according to a person familiar with the matter. "This will really go toward significantly expanding our engineering footprint and developments around both processing and the