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JB Straubel’s Redwood Supplies raises $1 billion in funding spherical


Redwood Supplies, a battery recycling startup based and led by Tesla co-founder, former CTO, and present Board Member JB Straubel, has introduced the completion of its most up-to-date fairness funding spherical. The funding spherical raised over $1 billion in Collection D shares, and it was co-led by Goldman Sachs Asset Administration, Capricorn’s Expertise Affect Fund, and funds suggested by T. Rowe Value Associates.

As famous by the battery recycling startup, the Collection D funding will probably be used to proceed constructing the corporate’s capability. This could increase the home battery provide chain and permit Redwood’s clients, reminiscent of Panasonic from Tesla’s Giga Nevada facility, to buy sustainable battery supplies which might be made in america. 

Redwood famous that it stays devoted to the enlargement of its assortment of end-of-life batteries, which ought to improve the corporate’s functionality to refine and get well increased portions of key elements. “With this extra capital, we’ll proceed to assemble an industry-leading technical staff, making certain top-notch execution in sustainable battery supplies manufacturing,” Redwood famous in a press launch.  

As of writing, Redwood has raised nearly $2 billion in fairness capital, along with a $2 billion mortgage dedication from the US Division of Power. 

Goldman Sachs Asset Administration issued an announcement in regards to the battery recycling firm’s current funding spherical. As per Sebastien Gagnon, a Managing Director in Personal Fairness inside Goldman Sachs Asset Administration, Redwood has the potential to be a outstanding participant within the battery supplies phase. 

“Because the electrification megatrend continues to speed up, constructing a neighborhood sustainable battery supplies provide chain is extra necessary now than ever. We consider the Redwood staff is well-positioned to turn out to be a frontrunner within the battery supplies {industry}. We stay up for working with the corporate within the coming years and leveraging our agency’s international platform to help Redwood’s development, which we consider will play an necessary function within the ongoing vitality transition,” he stated. 

Dipender Saluja, Managing Accomplice, Capricorn’s Expertise Affect Fund, additionally shared some ideas in regards to the funding spherical and the battery recycling startup. 

“Having invested in electrical vehicles and airplanes, battery know-how, and energy electronics for over 20 years, we’ve had a front-row seat to the evolution of unpolluted vitality know-how and electrical mobility. Redwood Supplies emerges as one of the pivotal firms on this area. Our journey with JB, starting along with his transformative work at Tesla, feels prefer it’s come full circle with our funding in Redwood. Their dedication to making a sustainable battery supplies provide chain isn’t solely a formidable continuation of that legacy but in addition an important step for our clear vitality future,” Saluja stated. 

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JB Straubel’s Redwood Supplies raises $1 billion in funding spherical

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