Redwood Materials lays off 10% in restructuring to chase energy storage business
Redwood Materials has laid off around 135 employees, or roughly 10% of its workforce, as it restructures to better accommodate its growing energy storage business, TechCrunch has learned. The cuts come just five months after Redwood cut 5% of its workforce, and three months after it closed a $425 million funding round that boosted the battery recycling company’s valuation to north of $6 billion, as TechCrunch previously reported. It’s been a difficult time in the battery industry lately. Earlier this month, battery recycler Ascend Elements filed for Chapter 11 bankruptcy protection, citing “insurmountable” financial challenges. Some battery-makers have also restructured or gone out of business as the automotive industry in the U.S. has backed away from its most…
