Redwood raises over $1 billion for circular battery materials

Battery-materials recycler Redwood secured over $1 billion in a Series D round to expand US production and domestic supply chains. Closed-loop battery-material recovery offers a model relevant to India's growing EV-battery recycling and critical-mineral security agenda.

Redwood, a circular-economy battery materials company, secured more than $1 billion in a Series D equity round to expand production capacity and extend its domestic supply chain so customers can acquire US-produced battery materials. Founded in 2017 by JB Straubel, a Tesla co-founder and former CTO, Nevada-based Redwood collects, recycles, refines, and remanufactures battery materials, recovering 95% of critical battery components and supplying raw materials to US battery manufacturers in a closed-loop lithium-ion supply chain.

The development affects battery manufacturers, automakers, and critical-mineral suppliers reliant on anode and cathode materials. Redwood targets producing enough anode and cathode material to support manufacturing one million EVs annually by 2025 and five million EVs per year by 2030. The Series D round was led by Goldman Sachs Asset Management, Capricorn Investment Group's Technology Impact Fund, and T. Rowe Price-managed entities, with OMERS, Caterpillar Venture Capital, Microsoft's Climate Innovation Fund, and Deepwater Asset Management participating.

Indian EV-battery recyclers and cell manufacturers should monitor closed-loop recycling economics and critical-material recovery rates as benchmarks for domestic supply-chain security. With Redwood recovering 95% of critical battery components, affected entities can assess how material recovery reduces dependence on virgin mining and imports. Companies building local battery supply chains should track scale-up progress toward the one-million-EV-material target by 2025 as a reference for capacity planning and investment.

Key figure — Series D funding: over $1 billion; 95% of critical battery components recovered