Tesla Co-Founder's Battery Recycling Business Raises $700M In Series C Funding

Redwood Materials, founded by Tesla Inc TSLA co-founder JB Straubel, has raised another $700 million for its electric vehicle battery recycling push.

What Happened: The Nevada-based company said in a statement it had secured series C funding amounting to more than $700 million from “a carefully selected group of strategic investors who understand the mission and value of what Redwood is working to achieve.”

The funding round was led by funds and accounts advised by T.Rowe Price Associates Inc and included Goldman Sachs Asset Management, Baillie Gifford, Canada Pension Plan Investment Board, and Fidelity.

Additionally, Series B investors Capricorn's Technology Impact Fund, Breakthrough Energy Ventures and Amazon.com, Inc’s AMZN Climate Pledge Fund, returned for this round.

“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 Redwood’s CEO Straubel.

See Also: Amazon Invests In Former Tesla CTO's Battery Recycling Startup

Why It Matters: Redwood said it is developing processes to make battery materials that it can then resell “into the battery supply chain.”

The company has partnered with Panasonic Corporation PCRFF at Tesla’s Gigafactory, Envision AESC in Tennessee, and with Amazon for EV battery recycling among others.

Last month, Redwood purchased 100 acres of land in Sparks, Nevada close to Tesla’s Gigafactory in a move to expand its operations. The company plans to add more than 500 jobs over the next year.

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