"Google is the latest investor to back Redwood Materials as the battery recycling and cathode production startup scales a new energy storage venture to power AI data centers and other industrial sites. Redwood Materials, founded by former Tesla CTO JB Straubel, last October raised $350 million in a Series E round led by venture firm Eclipse. The round included a new strategic investment by Nvidia's venture capital arm, NVentures."
"More investors, including newcomer Google, have piled in since, pushing the Series E to $425 million, the company said. Existing investors Capricorn and Goldman Sachs have also returned with fresh investments. The company's valuation was not publicly disclosed, but a source familiar with the round told TechCrunch its post-money valuation was north of $6 billion, more than a billion higher than its previous valuation. This latest investment pushes Redwood's total capital raised to $4.9 billion."
"The attraction for Google, Nvidia, and others in this latest round appears to be energy storage - and its ability to power data centers - a newer business venture within Redwood. Redwood Materials was founded in 2017 to create a circular supply chain for batteries. It initially focused on recycling scrap from battery production and consumer electronics like cell phone batteries and laptop computers. Redwood processes that scrap and extracts materials that are traditionally mined, like nickel and lithium."
Redwood Materials expanded its Series E to $425 million with new investors including Google and Nvidia, alongside returning backers Capricorn and Goldman Sachs. The post-money valuation exceeded $6 billion and total capital raised reached $4.9 billion. Founded in 2017 by former Tesla CTO JB Straubel, the company built a circular battery supply chain by recycling production and consumer-electronics scrap and extracting mined materials like nickel and lithium for sale to battery makers such as Panasonic. The company added cathode production and launched Redwood Energy to repurpose EV batteries that are not yet ready for recycling into micro-grids to power AI data centers and large industrial sites.
Read at TechCrunch
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