Redwood Materials, a Carson City, Nev.-based company recycling and refining lithium-ion batteries and remanufacturing anode and cathode components, raised $1 billion in Series D funding.
The round, which post-money valued at $5.25 billion, was co-led by Goldman Sachs Asset Management, Capricorn’s Technology Impact Fund, and funds and accounts advised by T. Rowe Price Associates, Inc., with participation from OMERS, Caterpillar Venture Capital, Microsoft’s Climate Innovation Fund, Deepwater Asset Management, among others.
The company, which has raised $2 billion in total equity funding to date, intends to use the funds to to continue building their capacity, expanding the domestic battery supply chain and allowing customers to purchase battery materials made in the US.
Founded by JB Straubel, Redwood is developing a fully closed-loop, domestic supply chain for lithium-ion batteries. Its team manufactures battery components using as many recycled batteries as possible — localizing a50,000-mile global supply battery chain on a single site.
To date, the company has now raised nearly $2 billion of equity capital along with an additional $2B loan commitment from the Department of Energy.
FinSMEs
30/08/2023