- With this round the company be able to significantly expand our capabilities and create new battery materials in the US for the first time
- Redwood is currently developing processes to produce battery materials to resell into the battery supply chain
Redwood has announced a more than $700 million external investment from a carefully selected group of strategic investors. The round was led by funds and accounts advised by T. Rowe Price Associates, Inc. and includes Goldman Sachs Asset Management, Baillie Gifford, Canada Pension Plan Investment Board, and Fidelity. In addition, all Series B investors, Capricorn’s Technology Impact Fund, Breakthrough Energy Ventures and Amazon’s Climate Pledge Fund, returned for this round and Valor Equity Partners, Emerson Collective, and Franklin Templeton also participated.
JB Straubel, CEO, Redwood Materials said, “With this capital, Redwood will be able to accelerate our mission to make battery materials sustainable and affordable, accomplishing the change we need in the world with a circular economy. grateful for these strategic investors who bring decades of experience investing in and supporting companies that build transformative technology and who understand the mission and value of what Redwood is working to achieve.”
Triple the size of the Carson City facilities
Redwood is currently developing processes to produce battery materials to resell into the battery supply chain. It said that it has partnered with Panasonic at the Gigafactory, Envision AESC in Tennessee, and with Amazon to recycle EV and other lithium-ion batteries and e-waste from parts of their businesses, among others.
Joe Fath, portfolio manager of the T. Rowe Price Growth Stock Fund said, “We are excited to begin this investment in the talented and accomplished team at Redwood as they expand their pursuit of building a world-class sustainable, closed-loop battery supply chain for electric vehicles. In our view, the need for these materials will grow exponentially over time as we enter the era of de-carbonisation. We believe Redwood is well-positioned to be at the forefront of tackling this emerging and critically important problem.”
Last month, the company announced plans to triple the size of the Carson City facilities to 550,000 sq. ft., build another site on 100 acres in the Tahoe-Reno Industrial Center, and create more than 500 additional jobs in the next couple years. With this round the company be able to significantly expand our capabilities and create new battery materials in the US for the first time.