"When Redwood Materials was founded in 2017, it set out to create a circular supply chain for batteries by focusing on recycling scrap from battery cell production and consumer electronics like cell phone batteries and laptop computers. That business - which continues to grow - involves processing those discarded goods and extracting materials like cobalt, nickel and lithium that are typically mined. Redwood supplies those materials back to its customers, which include Panasonic, GM and Toyota."
"Redwood is sitting on massive quantities of EV batteries that have too much life left to put through the recycling process. The company ties these retired EV batteries to renewable energy sources like wind and solar to create an off-grid system that sends power to AI data centers or industrial sites. The system can be tied to the grid, and Redwood says the EV batteries can also be connected to natural gas turbines"
Redwood Materials raised $350 million in a Series E round led by Eclipse with a strategic investment from Nvidia's NVentures. The valuation was about $6 billion, roughly $1 billion higher than the previous valuation. The funds will expand energy storage, refining, and materials production capacity and support hiring of engineers and operations staff. Founded in 2017 by former Tesla CTO JB Straubel, Redwood built a circular battery supply chain by recycling battery production scrap and consumer electronics to extract cobalt, nickel, and lithium for customers including Panasonic, GM and Toyota. Redwood also produces cathodes and operates Redwood Energy, repurposing retired EV batteries to power AI data centers and industrial sites, pairing them with renewables, grid ties, or natural gas turbines.
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]