Battery recycler Redwood Materials of northern Nevada, US, announced it has raised over $1 billion in Series D equity funding. It will use the funds to continue building capacity and expanding the domestic battery supply chain.
The round which was co-led by Goldman Sachs Asset Management, Capricorn’s Technology Impact Fund, and the funds and accounts were advised by T Rowe Price Associates, Inc.
Redwood said it has now raised nearly $2 billion of equity capital and an additional $2 billion loan commitment from the Department of Energy.
In a statement, the company said: “We are relentlessly focused on expanding our collection of end-of-life batteries, increasing our refining capability to recover higher quantities, and harnessing their value to make the most sustainable products.
“This approach stands as the cornerstone of our strategy as we scale our battery material production capacity. With this additional capital, we’ll continue to assemble an industry-leading technical team, ensuring top-notch execution in sustainable battery materials production.”
The company is planning a recycling campus that should produce 100 GWh annually of ultra-thin battery-grade copper foil and cathode-active materials from new and recycled feedstocks at gigafactory scale.
In February, Redwood said it had begun producing anode copper foil at its northern Nevada facility, one year on from the initial site ground-breaking. Later this year, it expects to begin cathode qualification.
Partners include Panasonic, who will be the first to source copper foil for cell production in the Nevada gigafactory and cathode material for battery cell production in its new Kansas plant, due to start operations in 2025.
Separately, Colin Campbell announced on his LinkedIn page he was starting a new position as chief technology officer at Redwood Materials. He is joining from car maker Tesla, where he worked for almost 17 years, most recently as VP of powertrain engineering.
