Battery Recycler Redwood Materials Secures $350M to Expand Energy Storage for AI Data Centers
Redwood Materials, founded by ex-Tesla CTO JB Straubel, has raised $350 million to support its growing energy storage business. The funding will help meet rising power demands from AI data centers using repurposed EV batteries.
Major Funding Round for Battery and Energy Storage Expansion
Battery recycling and materials firm Redwood Materials has raised $350 million in a Series E funding round, according to reports from TechCrunch. The investment, led by venture firm Eclipse with participation from Nvidia’s venture arm NVentures, will support the company’s expansion into energy storage and scaling of its cathode and battery material production. Sources indicate the company’s valuation reached approximately $6 billion, a notable increase from prior estimates.