Redwood Materials
Canvas Category OEM : Electrical Equipment
Redwood’s mission is to build a circular supply chain to power a sustainable world and accelerate the reduction of fossil fuels. This focus is critical to the future of transportation and the electric grid.
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Toyota and Redwood Materials Agree to Battery Recycling, Materials Procurement
Progressing closer to the goal of battery ecosystem circularity, Toyota Motor North America (TMNA) and Redwood Materials announce an expanded recycling agreement that aims to create pathways for automotive batteries used in Toyota’s electrified vehicles that have reached the end of their life. The plan also includes an agreement for Toyota to source Cathode Active Material (CAM) and Anode copper foil from Redwood’s recycling activities for Toyota’s future, new automotive battery production. The agreement builds on the collaboration with Redwood announced last year for battery collection and recycling of Toyota’s hybrid and battery electric vehicle batteries.
Toyota’s automotive battery recycling needs are expected to grow substantially in the coming years as more of its electrified vehicles, such as first-generation Prius models introduced more than 20 years ago, reach the end of their lifecycle. With a large amount of Toyota’s retiring fleet of electrified vehicles being in California, Redwood’s Nevada recycling facility will support Toyota’s North American supply chain, which will improve sustainability, and help to enhance operational improvements across the TMNA enterprise for a closed-loop battery ecosystem. Toyota’s battery lifecycle ecosystem is forecast to include the recycling, remanufacturing and repurposing of the nearly five million operating units, building toward Toyota’s ultimate goals of carbon neutrality for its global operations by 2035 and carbon neutrality for its vehicles by 2050.
🔋♻️ Redwood Materials raises over $1 billion in Series D investment round
Redwood is pleased to announce the completion of our most recent equity funding round, in which we raised more than $1 billion in Series D shares. The round which was co-led by Goldman Sachs Asset Management, Capricorn’s Technology Impact Fund, and funds and accounts advised by T. Rowe Price Associates, Inc. We will use our Series D funding to continue building our capacity, expanding the domestic battery supply chain and allowing our customers to purchase battery materials made in the US for the first time.
🔋♻️🚙 Redwood Materials lands $2B conditional loan from DOE
Battery materials and recycling startup Redwood Materials has secured a conditional commitment for a $2 billion loan from the Department of Energy as part of the Biden administration’s bid to build up a supply chain for EVs in the United States. This latest financial boost will help Redwood reach its goal to produce 100 GWh annually of ultra-thin battery-grade copper foil and cathode active materials from both new and recycled feedstocks — enough battery materials to domestically produce more than a million electric vehicles a year.
Redwood Materials announces $700M external investment round
Today, Redwood is announcing a more than $700M external investment from a carefully selected group of strategic investors who understand the mission and value of what Redwood is working to achieve. The round was led by funds and accounts advised by T. Rowe Price Associates, Inc. and includes Goldman Sachs Asset Management, Baillie Gifford, Canada Pension Plan Investment Board, and Fidelity. In addition, all Series B investors, Capricorn’s Technology Impact Fund, Breakthrough Energy Ventures and Amazon’s Climate Pledge Fund, returned for this round and Valor Equity Partners, Emerson Collective, and Franklin Templeton also participated.
“With this capital, Redwood will be able to accelerate our mission to make battery materials sustainable and affordable, accomplishing the change we need in the world with a circular economy,” said JB Straubel, CEO, Redwood Materials.