Mentioned:
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One of the fastest growing private companies in America focused on battery recycling has landed a new major backer: Google.

What’s happening:

  • Battery recycling company Redwood Materials has raised $425M USD in a new Series E financing round

Why it matters:‍

  • Google (NASDAQ: GOOG) was one of the largest new investors in Redwood Materials’ Series E financing round

Going deeper:‍

  • Multiple other prominent investors also participated in Redwood Materials’ Series E funding round including Capricorn, Goldman Sachs and Nvidia’s (NASDAQ: NVDA) venture capital arm
  • Redwood Materials has publicly stated they plan to use the new growth capital to scale both their recycling business for cobalt, nickel, copper and lithium as well as their grid energy storage business

The intrigue:‍

  • Redwood Materials was founded by JB Straubel who was a co-founder of Tesla (NASDAQ: TSLA) and led Tesla’s battery systems business