Redwood Materials is a Carson City, Nevada–based energy-technology company, founded in 2017 by JB Straubel, former Tesla co-founder and CTO. With a workforce of 501-1000 employees, the company specializes in battery recycling and the production of sustainable materials to build a circular supply chain for electric vehicle batteries.
Redwood repurposes and refines used lithium-ion batteries to recover key minerals, including nickel, cobalt, copper, and lithium, thereby transforming waste into reusable inputs for next-generation batteries. Its integrated model helps lower costs, reduce mining dependence, and strengthen domestic EV-battery infrastructure across the U.S.
What Is Redwood Materials and What Does It Do?
Redwood Materials, founded in 2017 by JB Straubel, is a Carson City–based company headquartered in Nevada, United States. The company specializes in battery recycling and the production of sustainable materials for electric vehicles and energy storage. It repurposes lithium-ion batteries, recovers key elements like lithium, nickel, and cobalt, and manufactures battery-grade anode and cathode materials.
With a workforce of 501-1,000 employees, Redwood Materials leverages advanced hydrometallurgical and calcination technologies to create a circular battery-supply chain. Its emphasis on domestic manufacturing, reduced environmental impact, and cost-efficient battery materials has positioned it as a leader in clean-tech and storage infrastructure.
How Much Funding Has Redwood Materials Raised?
*1. Seed Round* • Amount Raised: $2 M
• Date: April 2017
• Motivation: To kickstart operations and initial development.
*2. Series B* • Amount Raised: $40 M
• Date: August 2020
• Motivation: To expand recycling capabilities and scale operations..
*3. Series C* • Amount Raised: $775 M
• Date: July 2021
• Lead Investors: T. Rowe Price
• Motivation: To scale production and enhance battery-recycling technology.
*4. Debt Financing* • Amount Raised: $2 B
• Date: February 2023
• Lead Investors: U.S. Department of Energy
• Motivation: To expand battery-materials recycling capacity domestically.
*5. Series D (1)* • Amount Raised: $1 B
• Date: August 2023
• Lead Investors: Capricorn Investment Group, Goldman Sachs Asset Management
• Motivation: To build a U.S. supply chain capable of producing 100 GWh of battery components per year by 2025.
6. *Series E* • Amount Raised: $350 M
• Date: October 2025
• Lead Investors: Fidelity Investments
• Motivation: To scale global recycling operations and accelerate EV sustainability initiatives.
Total Funding Raised: $2.22 Billion
Current Valuation: $5 Billion (as of August 2023)
Latest Funding Date: October 2025
Key Investors
*T. Rowe Price* • Details: A global investment-management firm based in Baltimore, Maryland.
• Investment Focus Areas: Equities, fixed income, multi-asset investments.
• Notable Investments: Apple Inc, Amazon.com, Meta Platforms..*Fidelity Investments* • Details: One of the largest asset-management firms worldwide, providing mutual funds, brokerage, and retirement services.
• Investment Focus Areas: Financial services, energy, and technology.
• Notable Investments: SpaceX, Uber, Stripe.*Goldman Sachs Asset Management* • Details: The investment arm of Goldman Sachs specializes in private equity and infrastructure.
• Investment Focus Areas: Private equity, renewable energy, infrastructure.
• Notable Investments: MoEngage, Navina, Fleetio..*U.S. Department of Energy (DOE)* • Details: Federal agency supporting innovation in energy and infrastructure.
• Investment Focus Areas: Energy storage, infrastructure, and scientific research.
• Notable Investments: First Solar, Ubiquity Solar, Redwood Materials..*Capricorn Investment Group* • Details: Private investment firm founded by Jeff Skoll, focusing on sustainable investments.
• Investment Focus Areas: Renewable energy, technology, and healthcare.
• Notable Investments: Tesla, SpaceX, QuantumScape.*Climate Pledge Fund* • Details: Amazon-backed venture fund investing in decarbonization and sustainable technology startups.
• Investment Focus Areas: Renewable energy, electric vehicles, green materials.
• Notable Investments: Rivian, ZeroAvia, Infinium.
Where Is Redwood Materials’ Headquarters?
Redwood Materials is headquartered in Carson City, Nevada, a strategic location that offers access to major battery-manufacturing corridors and transport routes connecting the Western U.S. EV supply chain. The region’s proximity to Tesla’s Gigafactory and other energy-tech firms strengthens Redwood’s position as a core player in the domestic battery-recycling ecosystem.
What’s Next for Redwood Materials?
Redwood Materials is poised to produce 100 GWh of anode and cathode components annually by 2025, sufficient to power over 1 million electric vehicles. The company plans to use its $2 billion DOE loan and Series E funding to enhance recycling efficiency and expand material production facilities across the U.S. By building an entirely domestic supply chain, Redwood aims to reduce battery costs, create jobs, and accelerate the transition to a sustainable EV future.
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