JB Straubel’s battery recycling business has raised $1 billion in series D venture funding
The company takes spent electric vehicle batteries, breaks them down, and uses the metals from them —including nickel, copper, cobalt, and lithium — to produce new components that can go into electric vehicle batteries.
One of Redwood's major goals is to produce battery components domestically to reduce some of the global trade and geopolitical risks around the electric vehicle industry. Redwood also aims to use as much recycled material as possible to reduce the environmental impact the auto industry transitions from internal combustion vehicles to battery electrics and hybrids.
U.S. Secretary of Energy Jennifer M. Granholm has identified domestic production of batteries and components as one way to meet growing demand for EVs, generate jobs and accelerate a transition from fossil fuels to renewable and clean energy.
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