Language

Advertising by Adpathway

Redwood Materials Tops $6 Billion Valuation in New Funding Round

5 hours ago 2

PROTECT YOUR DNA WITH QUANTUM TECHNOLOGY

Advertising by Adpathway

Article content

(Bloomberg) — Redwood Materials Inc. raised $350 million in a Series E financing round that values the battery recycling company led by Tesla Inc. co-founder JB Straubel at more than $6 billion.

THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY

Subscribe now to read the latest news in your city and across Canada.

Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
Daily content from Financial Times, the world's leading global business publication.
Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
Daily puzzles, including the New York Times Crossword.

SUBSCRIBE TO UNLOCK MORE ARTICLES

Subscribe now to read the latest news in your city and across Canada.

Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
Daily content from Financial Times, the world's leading global business publication.
Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
Daily puzzles, including the New York Times Crossword.

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account.
Share your thoughts and join the conversation in the comments.
Enjoy additional articles per month.
Get email updates from your favourite authors.

THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account
Share your thoughts and join the conversation in the comments
Enjoy additional articles per month
Get email updates from your favourite authors

Sign In or Create an Account

Article content

The round was led by Eclipse, a venture capital firm focused on startups in real-world industries like manufacturing, and NVentures, the venture arm of Nvidia Corp., Redwood said in a statement Thursday. The round values Redwood at more than $6 billion, according to people familiar with the matter, who asked not to be named because the information is private.

Article content

Redwood plans to use the fresh financing to speed energy-storage deployments, refining capacity and its engineering and operations teams, the company said.

Article content

By signing up you consent to receive the above newsletter from Postmedia Network Inc.

Article content

Founded by Straubel in 2017, Redwood started out with a mission to onshore critical pieces of the EV battery supply chain by recycling batteries from aging electric vehicles and consumer electronics. With US EV sales failing to meet expectations and the Trump administration eliminating EV incentives, the company is now working to fulfill demand for clean, reliable energy to fuel data centers powering artificial intelligence.

Article content

Redwood has said that adding batteries to power grids is key to fulfilling demand from energy-hungry data centers being built to power artificial intelligence applications. The EV batteries Redwood processes have reached the end of their useful life for transportation. But they’re still usable for grid-scale storage, which is the focus of the company’s Redwood Energy unit.

Article content

Read Entire Article