EV Engineering News

Redwood Materials raises over $1 billion investment round to expand domestic battery supply chain

US battery recycler Redwood Materials has completed an equity funding round that was co-led by Goldman Sachs Asset Management, Capricorn’s Technology Impact Fund, and funds and accounts advised by T. Rowe Price. 

The company plans to use the more than $1 billion in Series D funding to build capacity, expand its domestic battery supply chain, and provide customers with battery materials made in the US for the first time.

“As the electrification megatrend continues to accelerate, building a local sustainable battery materials supply chain is more important now than ever,” said Sebastien Gagnon, Managing Director in Private Equity for Goldman Sachs.

To date, Redwood has raised nearly $2 billion of equity capital, along with a $2-billion DOE loan commitment.  

Source: Redwood

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