ByAlan Ohnsman,
Forbes Staff.
Redwood Materials, the leading U.S. recycler of lithium-ion batteries and a growing supplier of materials for new ones, just raised $350 million to expand its ability to supply grid-scale energy storage systems as electricity demand, especially for AI data centers, surges.
The round, led by venture firm Eclipse with participation from Nvidia’s investment arm, boosted the Carson City, Nevada-based startup’s total funds raised to $2.2 billion. Redwood didn’t confirm its valuation as a result of the latest round, but people familiar with the matter said it’s over $6 billion.
Redwood said in a statement that the funds will “accelerate the expansion of our energy storage deployments, refining and materials production capacity,” and be used to grow its engineering and operations teams.
