Redwood Materials raises another $350M to power up its energy storage business
Battery recycling and cathode production company Redwood Materials has raised $350 million as it grows its new energy storage business in a bid to power the AI data center boom. The Series E round, led by venture firm Eclipse, also included a new strategic investment by Nvidia’s venture capital arm, NVentures. The company’s valuation was not disclosed, but a source familiar with the round told TechCrunch it was about $6 billion, a billion higher than its previous valuation. The funds will be used to expand the company’s burgeoning energy storage business as well as its refining and materials production capacity. Redwood, founded by former Tesla CTO JB Straubel, also plans to hire more engineers and staff for its operations team. When Redwood Materials was founded in…
