Battery Recycler, Redwood Redwood, Raises Over $1bn from Goldman Sachs AM, Capricorn

Redwood Materials raises over $1bn in Series D investment round.

Redwood announce the completion of our most recent equity funding round, in which we raised more than $1bn in Series D shares. The round which was co-led by Goldman Sachs Asset Management, Capricorn’s Technology Impact Fund, and funds and accounts advised by T. Rowe Price Associates, Inc.

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 for the first time.

We are relentlessly focused on expanding our collection of end-of-life batteries, increasing our refining capability to recover higher quantities, and harnessing their value to make the most sustainable products.

This approach stands as the cornerstone of our strategy as we scale our battery material production capacity. With this additional capital, we’ll continue to assemble an industry-leading technical team, ensuring top-notch execution in sustainable battery materials production.

To date, Redwood has now raised nearly $2bn of equity capital along with an additional $2B loan commitment from the Department of Energy.

We thank our existing strategic and financial investors, many of whom participated in this round, for their continued confidence and dedication to our mission. Additionally, we welcome new investors, including OMERS, Caterpillar Venture Capital, Microsoft’s Climate Innovation Fund, Deepwater Asset Management, among others, who will help bring us closer to creating a closed-loop battery materials supply chain to power our sustainable future.

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Goldman Sachs Asset Management said:

As the electrification megatrend continues to accelerate, building a local sustainable battery materials supply chain is more important now than ever.

“We believe the Redwood team is well-positioned to become a leader in the battery materials industry. We look forward to working with the company in the coming years and leveraging our firm’s global platform to support Redwood’s growth, which we believe will play an important role in the ongoing energy transition.”

Sebastien Gagnon, a Managing Director in Private Equity within Goldman Sachs Asset Management

Capricorn’s Technology Impact Fund:

Dipender Saluja, Managing Partner, Capricorn’s Technology Impact Fund said:

Having invested in electric cars and airplanes, battery technology, and power electronics for over two decades, we’ve had a front-row seat to the evolution of clean energy technology and electric mobility.

“Redwood Materials emerges as one of the most pivotal companies in this space. Our journey with JB, beginning with his transformative work at Tesla, feels like it’s come full circle with our investment in Redwood. Their commitment to creating a sustainable battery materials supply chain is not only an impressive continuation of that legacy but also a crucial step for our clean energy future.”

T. Rowe Price Associates: 

Joe Fath, Portfolio Manager, T. Rowe Price Growth Stock Fund

An important element of growth stock investing at T. Rowe Price involves identifying and investing early in companies with potential to reshape the future. 

“The shift to clean energy and electric mobility undoubtedly presents such an opportunity.  Redwood’s vision, leadership, and execution places it at the forefront in this emerging sector.  With its commitment to creating a sustainable battery materials supply chain, we believe Redwood can be a durable growth company and help catalyze the next phase of clean energy adoption and deployment.”

Source: Batteries News

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