""Redwood today is the strongest it's ever been," Straubel wrote in an email to the workers who weren't laid off. "The materials business is well on its way to profitability and has an exciting roadmap ahead.""
"Straubel noted that Redwood "continue[s] to dominate the US battery recycling market" but also touted the company's "great momentum" in its new energy storage business."
"In his message, Straubel wrote that "parts of the company have expanded faster than needed to support the direction" of Redwood."
Redwood Materials has laid off approximately 135 employees, representing about 10% of its workforce, as part of a restructuring effort to support its expanding energy storage business. This decision follows a previous layoff of 5% of the workforce and comes after a significant funding round that increased the company's valuation. Despite challenges in the battery industry, CEO JB Straubel reassured employees that the company remains strong and is on a path to profitability, emphasizing its leadership in battery recycling and new partnerships in energy storage.
Read at TechCrunch
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