Redwood Materials Raises $350M Led by Nvidia to Expand US Battery Recycling

Redwood Materials, a battery recycling and energy storage company founded by Tesla co-founder JB Straubel, has raised $350 million in a Series E funding round led by Eclipse Ventures and Nvidia's venture arm, NVentures, valuing the company at over $6 billion. The company focuses on recycling critical battery materials such as lithium, cobalt, nickel, and copper, while also developing energy storage systems primarily aimed at supporting AI data centers and large industrial facilities. Redwood's energy storage initiative uses retired electric vehicle batteries combined with renewable energy sources to provide off-grid power solutions that can also integrate with the grid. This new funding will enable Redwood to expand its energy storage deployments, refine materials production, and grow its workforce across the U.S. The company's growth comes amid increasing global demand for sustainable battery materials and secure domestic supply chains, with partnerships including major automakers and battery manufacturers. Redwood's efforts contribute to reducing reliance on overseas materials while addressing rising energy needs driven by AI technologies and electric vehicle adoption.