Redwood Materials

Redwood Materials

Recycles batteries for domestic material supply

About Redwood Materials

Simplify's Rating
Why Redwood Materials is rated
A-
Rated B on Competitive Edge
Rated A on Growth Potential
Rated A on Rating Differentiation

Industries

Industrial & Manufacturing

Energy

Company Size

501-1,000

Company Stage

Series D

Total Funding

$1.7B

Headquarters

Carson City, Nevada

Founded

2017

Overview

Redwood Materials focuses on battery recycling and the supply chain for lithium-ion batteries. The company transforms used batteries into valuable materials, specifically anodes and cathodes, which are essential for battery production. By recycling batteries, Redwood Materials creates a domestic source for these critical components, reducing the need for long-distance transportation and overseas procurement, which can be costly and environmentally harmful. Unlike many competitors, Redwood Materials emphasizes sustainability and cost-effectiveness by providing U.S. cell manufacturers with locally sourced materials. The goal of Redwood Materials is to support the growing demand for lithium-ion batteries while minimizing environmental impact and enhancing the efficiency of the supply chain.

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Simplify's Take

What believers are saying

  • Growing EV adoption in the U.S. boosts demand for Redwood's recycling services.
  • U.S. Department of Energy funding supports Redwood's expansion plans.
  • Advancements in recycling technology improve Redwood's operational efficiency and cost-effectiveness.

What critics are saying

  • Over-reliance on partnerships with major automakers could pose financial risks.
  • Departure of key executives may disrupt financial strategy and management.
  • Rapid expansion may strain resources and lead to operational challenges.

What makes Redwood Materials unique

  • Redwood Materials creates a circular supply chain for lithium-ion battery production.
  • The company offers domestic anode and cathode materials from recycled batteries.
  • Redwood's partnerships with major automakers enhance its market position and credibility.

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Funding

Total Funding

$1743.1M

Above

Industry Average

Funded Over

5 Rounds

Series D funding is typically for companies that are already well-established but need more funding to continue their growth. This round is often used to stabilize the company or prepare for an IPO.
Series D Funding Comparison
Above Average

Industry standards

$77M
$70M
Twilio
$80M
Handshake
$100M
Affirm
$1000M
Redwood Materials

Benefits

Health Insurance

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

3%

2 year growth

2%
Construction Briefing
Jan 9th, 2025
New president for 'design once, build many' US nuclear firm

Thompson joins from Redwood Materials, a manufacturing technology company that is creating an electric battery supply chain across America, where he was chief financial officer.

Teslarati
Sep 19th, 2024
Redwood Materials strikes deal with BMW

Redwood Materials recently announced its partnership with BMW of North America to recycle lithium-ion batteries.

UNR Bep
Jul 31st, 2024
Battery Recycling Drop Off for Items with Rechargeable Batteries

The Lake Tahoe Electric Transportation Forum is partnering with Redwood Materials and the Nevada BEP to jointly coordinate a Battery Recycling Drop Off Center at the Forum.

Batteries International
May 31st, 2024
Lead and lithium choose South Carolina

Battery recycler Redwood Materials announced a $3.5 billion facility in Charleston in December 2022.

CleanTechnica
May 26th, 2024
Redwood Partners With Ultium Cells

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google NewsAt Redwood, our process involves sourcing end-of-life batteries and production scrap as well as raw materials and then recycling, refining, and remanufacturing these feedstocks into critical battery materials for North American cell manufacturers at gigafactory-scale.Redwood is now working with Ultium Cells LLC—the joint battery cell manufacturing venture between General Motors and LG Energy Solution— to recycle production scrap from both their Warren, Ohio and Spring Hill, Tennessee facilities. Materials to be recycled include cathode and anode material as well as cell scrap.Ultium Cells’ two facilities are each 2.8 million-square-feet operations that expect to produce more than 80 GWh combined of battery cells annually, with Redwood receiving the majority of the scrap from its manufacturing process. Ultium is already shipping material from Gigafactories in Ohio and Tennessee and the company has a third facility under construction in Michigan. With this latest collaboration, Redwood now has contracts with most of North America’s battery cell manufacturers.Despite tremendously efficient production rates, cell manufacturing still experiences a 5-10% scrap rate on average. This equates to daily truckloads full of material, and ~10,000 tons of material annually, for Redwood to recycle and remanufacture into critical battery components for cell manufacturing.Redwood is redefining sustainability in battery material production at our Northern Nevada campus

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