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