Redwood Materials, Inc.
Redwood Materials, Inc., is an American company headquartered in Carson City, Nevada. The company aims to recycle lithium-ion batteries and produce battery materials for electromobility and electrical storage systems.[1] Redwood Materials has a valuation of $3.7 billion as of July 2021.[2]
| Type | Private |
|---|---|
| Industry |
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| Founded | 2017 |
| Founder | J. B. Straubel |
| Headquarters | , |
Key people |
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| Website | www |
History
Redwood Materials was founded in 2017 by J.B. Straubel, who served as chief technical officer for Tesla, Inc. until 2019. The company began building several sites in Nevada to recycle lithium-ion batteries used in electric cars and electronic waste, and to recover critical materials such as lithium, nickel, and cobalt as part of a circular economy. In doing so, Redwood partnered with companies such as Panasonic and Automotive Energy Supply.[3]
In 2021, the company announced it had received $700M from various investors in a round of financing. This will be used to build a production facility that will produce battery materials from recycled materials. By 2025, the capacity of the production facilities is to be expanded from 100 GWh, enough for one million electric vehicles. By 2030, capacity is expected to increase to 500 GWh.[1]
Investors
Investors in Redwood Materials include Goldman Sachs, Baillie Gifford, Fidelity, Bill Gates and Amazon's Climate Pledge Fund.[2]
References
- "A Tesla Co-Founder Aims To Build an Entire U.S. Battery Industry". Bloomberg.com. 2021-09-14. Retrieved 2021-09-15.
- "Redwood Materials raises $700M to expand its battery recycling operation". TechCrunch. Retrieved 2021-09-15.
- "Straubel-Startup Redwood Materials beschleunigt Batterie-Recycling mit weiteren 700 Millionen US-Dollar". CleanThinking.de (in German). 2021-07-30. Retrieved 2021-09-15.