Home Business-new Tesla co-founder raises $700 million for battery recycling company

Tesla co-founder raises $700 million for battery recycling company

by Yucatan Times
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Today, the company announced a $700 million capital raise to accelerate its effort.

Battery recycling is crucial to make electric vehicles environmentally sustainable, and Redwood Materials, a company founded by Tesla co-founder JB Straubel, is a pioneer in the field.

Redwood Materials is a Nevada-based company developing new processes to recycle materials, with a focus on electric car batteries.

It was founded by JB Straubel, an early founding member of Tesla and the company’s longtime chief technology officer until he left in 2019 to focus on the startup.

Last year, the company revealed more about its operations-including the fact that it is testing its recycling process with scrap from Panasonic’s Nevada operations.

Redwood also received backing from Amazon and added Envision AESC, which makes batteries for the Nissan LEAF, as a customer.

Today, the company raised a major Series C funding round of $700 million:

Straubel commented on the announcement:

“With this capital, Redwood will be able to accelerate our mission to make battery materials sustainable and affordable, bringing about the change we need in the world with a circular economy. We are grateful to these strategic investors who bring decades of experience investing in and supporting companies building transformative technology and who understand the mission and value of what Redwood is working to achieve.”

Redwood is currently tripling the size of its Carson City facility, and intends to add 500 jobs as it develops its recycling technology.

TYT Newsroom

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