Redwood Materials — Startup Profile

Recycling and refining batteries to close the loop on the circular economy

HQ: Carson City, NV, United States | Founded: 2017 | Employees: 1,000-2,000 | Stage: Late Stage (Series E) | Website: https://redwoodmaterials.com

About

Redwood Materials is a battery recycling and materials company that recovers and refines critical minerals from end-of-life batteries and manufacturing scrap. The company creates a closed-loop supply chain for battery materials, reducing the need for new mining and helping to make electric vehicles more sustainable.

The Take

Redwood Materials is creating the closed-loop battery supply chain that the EV revolution desperately needs—recycling end-of-life batteries and manufacturing scrap to recover critical minerals like lithium, cobalt, and nickel, then refining them into battery-grade materials for new batteries. Founded by Tesla's original CTO, Redwood has the technical expertise and industry relationships to become the dominant player in the circular battery economy.

Key Metrics

• Total Funding: $793M
• Last Round: Series E ($1B+)
• Founded: 2017
• Headcount: 1,000-2,000
• Valuation: $3.8B

Funding Rounds

• Round: $1B+ (2024-01-10) — Goldman Sachs, T. Rowe Price
• Round: $500M (2021-08-01) — Fidelity, Baillie Gifford

Key People

• JB Straubel

Key Competitors

• Li-Cycle —
• Ascend Elements —

Timeline Highlights

• 2024-01-10: Series E
• 2017-01-01: Founded

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