Source of this article and featured image is TechCrunch. Description and key fact are generated by Codevision AI system.
Redwood Materials, a battery recycler and cathode producer, is reportedly reducing its workforce by 5% following a $350 million funding round. The Nevada-based company employs around 1,200 people, impacting approximately a few dozen staff members. Founded by former Tesla CTO JB Straubel, Redwood initially focused on recycling battery scraps and now produces cathodes for clients like Panasonic. The company expanded into energy storage, stockpiling over 1 gigawatt-hour of used EV batteries for data centers. Sean O’Kane of TechCrunch highlights the strategic shift in Redwood’s business model amid rapid industry growth.
Key facts
- Redwood Materials cut 5% of its workforce after securing a $350 million funding round.
- The layoffs affect approximately 60 employees out of its 1,200-strong workforce.
- The company specializes in recycling battery materials and producing cathodes for major clients.
- Redwood launched an energy storage division using retired EV batteries for data centers.
- Its valuation reached $6 billion following the Series E funding announcement.
