From EVannex, September 5:
Tesla co-founder and board member JB Straubel started the electric vehicle battery recycling company Redwood Materials in 2017. Now, as the EV industry continues to expand, the recycling company has raised over $1 billion in a new funding round, officially pushing Redwood past a $5 billion valuation.
Straubel’s Redwood Materials raised over $1 billion in a recent funding round, as reported this week by Forbes. The company performs large-scale recycling for lithium materials, then turning that material into anode and cathode materials to be reused in EV batteries. The news comes after Redwood raised roughly $2 billion since 2019, and after it became eligible for a $2 billion low-interest federal loan. Together, this funding puts the valuation of the battery recycling company above $5 billion....
....MUCH MORE
Previously:September 2021
Watch Out Umicore: Ford partners with battery recycling and materials startup Redwood Materials
Straubel was more than just Chief Technical Officer at Tesla. He was part of the company's founding team and more than anyone got the batteries and gigafactory into mass production
September 2022
"Battery Recycling Race Heats Up After Inflation Reduction Act"
I always though Umicore and Veolia would lead the way but it seems to be the upstarts that are getting the attention (and money)....
February 2023
Battery Recycling: "Redwood Materials says it wins $2 bln DOE loan for EV materials plant"
Umicore, Johnson Matthey, Veolia and the rest have to be wondering why they didn't set up arms-length American subs to garner some of that sweet, sweet Biden love.
May 2023
"New Tesla low-voltage system a 'big deal' for copper, says Musk" (TSLA)
Two items of import that came out of last week's Tesla Annual Meeting.
Probably the strategically more important is the return to Tesla of co-founder and former Chief Technical Officer JB Straubel as a member of the board of directors. Straubel had departed Tesla in 2019 to found battery recycler Redwood Materials, now up and running and valued at $4 billion or so.
