Redwood Materials just raised $425 million—with Google on board
Redwood Materials, a company making battery recycling cool (and crucial), has snagged $425 million in fresh funding as of January 28.
The round was led by Eclipse Ventures, with new backing from Google, plus NVentures, Capricorn, and Goldman Sachs.
What's Redwood all about?
Started in 2017 by JB Straubel (yep, the former Tesla CTO), Redwood recycles scrap from battery production and consumer electronics to recover valuable materials like nickel and lithium—then turns those materials into new battery parts for companies like Panasonic.
They're also giving used batteries a second life by powering data centers with them through their Redwood Energy division.
By the numbers
Redwood is now valued at over $6 billion (more than a billion higher than its previous valuation) and has pulled in $4.9 billion total.
They're already recycling over 70% of North America's battery packs and aiming to boost their capacity twentyfold by 2028.