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The US-based battery material company Redwood Materials which has ambitions to source a substational amount of its materials from battery scrap has announced that it raised more than $1bn in additional funding.
Redwood which in 2021 raised around $700M after a previous $40M financing round of external funding, has with the additional funding raised almost $2bn. The company has also secured a conditional loan from the US Department of Energy of an additional $2bn. $3.5Bn will be invested in a new battery material campus in South Carolina while the original locations in Nevada, where the company started its recycling operations, currently are rapidly expanded with capacity for cathode material and copper foil production.
The latest round was led by Goldman Sachs Asset Management, Capricorn's Technology Impact Fund and funds advised by T. Rowe Price Associates. New investors included OMERS, Caterpillar Venture Capital, Microsoft’s Climate Innovation Fund, Deepwater Asset Management and several others.