Nevada-based battery recycler Redwood Materials has closed a $350 million funding round led by Eclipse Ventures and joined by Nvidia’s NVentures, as it scales efforts to strengthen domestic battery material supply chains. The company, founded by former Tesla CTO J.B. Straubel, said the funds will expand its energy storage systems and production of recycled lithium, nickel, cobalt, and copper.
Redwood plays a dual role in the clean energy transition — recycling used batteries to recover critical elements and deploying large-scale storage systems for power grids and data centers. The investment comes as global energy demand surges due to AI-driven computing and electric vehicle growth.
Redwood, valued at $5 billion after a 2023 raise, partners with major automakers including Volkswagen, Toyota, and Panasonic. The company said the new capital marks a “pivotal moment” as the U.S. seeks to reduce dependence on foreign battery materials.
