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☆ Battery firm Redwood Materials raises over $1 bln to expand US ops
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Aug 29 (Reuters) - Redwood Materials said on Tuesday it had raised more than $1 billion in new funding as the battery materials firm, founded by former Tesla (TSLA.O) executive JB Straubel, seeks to expand its operations in the United States. 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. "We will use our Series D funding to continue building our capacity, expanding the domestic battery supply chain and allowing our customers to purchase battery materials made in the US," Redwood said. The Carson City, Nevada-based company has a long-term partnership with Panasonic (6752.T), which builds battery cells in Nevada in a joint venture with Tesla, for providing battery materials.

Persons: Tesla, JB Straubel, Straubel, Rowe Price, Redwood, Nathan Gomes, Vinay Dwivedi Organizations: Redwood Materials, U.S . Energy Department, Redwood, Goldman Sachs Asset Management, Technology, Fund, Rowe Price Associates, Panasonic, Tesla, Thomson Locations: United States, Nevada, Carson City , Nevada, Bengaluru

☆ Redwood Materials, run by ex-Tesla CTO, raises $1 billion to expand recycling operations in U.S.
▼ + stars: | 2023-08-29 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Redwood Materials, the battery and e-waste recycling startup founded by former Tesla CTO JB Straubel, announced Tuesday that it has closed a $1 billion funding round to expand operations in the U.S. 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. As CNBC previously reported, earlier this year Redwood locked in a $2 billion loan commitment from the Department of Energy. For its new growth funding round, Goldman Sachs Asset Management, Capricorn's Technology Impact Fund, and other un-named funds advised by T. Rowe Price Associates led the deal, according to a company statement.

Persons: JB Straubel, Redwood, Straubel, Energy Jennifer M, Granholm, Goldman, Rowe Price Organizations: Materials, U.S, CNBC, Department of Energy, Energy, Energy Information Administration, Argonne National Laboratory, Asset Management, Technology, Fund, Rowe Price Associates, Caterpillar Inc, Innovation Fund Locations: U.S, Carson City , Nevada, Charleston , South Carolina . U.S, Argonne

The Fed is scheduled to release its policy statement and new quarterly economic projections at 2 p.m. EDT (1800 GMT). POLICY COMPROMISEData since the last Fed meeting in early May has left policymakers with a tough set of signals to read, and ample room for debate. The decision won't mean rate hikes are in for an extended pause, or - a point Powell is likely to emphasize - that rate cuts are anticipated anytime soon. The Fed's last set of quarterly projections anticipated the benchmark overnight interest rate would only move down by the end of 2024 as inflation also declined - movements that keep the inflation-adjusted rate of interest roughly the same. A true "pivot" towards looser policy was only seen occurring in 2025, when the policy rate was projected by year's end to decline more than inflation.

Persons: Blerina Uruci, Rowe Price, Jerome Powell, Powell, Howard Schneider, Paul Simao Organizations: Federal, Reuters Graphics Reuters, Rowe Price Associates, Fed, Thomson Locations: U.S

WASHINGTON, April 14 (Reuters) - A committee of Sri Lanka's international private creditors sent its first debt rework proposal to the country's authorities regarding more than $12 billion in bonds outstanding, according to three sources with direct knowledge of the matter. It is the first bondholder proposal after the island nation of 22 million people defaulted on its debt a year ago. A spokesperson representing the creditor committee declined to comment. Bondholders and government officials met in Washington this week, with legal and financial advisers for both sides present, two sources said. China, Sri Lanka's biggest bilateral creditor, did not join the announcement even though it holds the key to solving debt woes for some low- and middle-income countries.

WASHINGTON, April 14 (Reuters) - A committee of Sri Lanka's international private creditors sent its first debt rework proposal to the country's authorities regarding over $12 billion in bonds outstanding, according to three sources with direct knowledge of the matter. It is the first bondholder proposal after the island-nation of 22 million people defaulted on its debt a year ago. A spokesperson representing the creditor committee declined to comment. China, Sri Lanka’s biggest bilateral creditor, did not join the announcement. Sri Lanka secured last month a $2.9 billion program from the International Monetary Fund to tackle its huge debt burden.

☆ Paris Club creditors give assurances to back IMF bailout for Sri Lanka
▼ + stars: | 2023-02-07 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

[1/3] A woman buys vegetables from a vendor at a market in the rampant food inflation, amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 30 , 2022. REUTERS/Kim Kyung-HoonFeb 7 (Reuters) - The Paris Club of creditors has given financing assurances to support the International Monetary Fund's approval of an extended fund facility for Sri Lanka, the Sri Lankan president's office said on Tuesday. The financing assurances from the Paris Club, which includes Japan - Sri Lanka's second biggest bilateral lender - was previously reported by Reuters. "Members further expressed appreciation for the specific and credible financing assurances issued by India on Jan. 16, 2023 and its coordination with the Paris Club," the group's statement added. Sri Lanka has to restructure debt payments of about $13 billion on 11 international bonds.

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