Redwood Materials said on Tuesday it had raised more than $1 billion in new funding as the battery materials firm, founded by Tesla board member JB Straubel, seeks to expand its operations in the U.S.
The company in February received a conditional commitment for a $2 billion loan from the U.S. Energy Department to build a $3.5-billion recycling and re-manufacturing complex in Nevada for electric-vehicle battery materials.
The latest funding round for Redwood, founded in 2017 by Straubel, was co-led by Goldman Sachs Asset Management, Capricorn’s Technology Impact Fund and funds advised by T. Rowe Price Associates.
