JB Straubel’s ambitious battery recycling start-up Redwood Materials has raised more than $700m in a funding round as it seeks to upend the US supply chain for electric vehicles.
The fundraising, which is more than six times bigger than the electric carmaker achieved in its first six equity rounds combined, values the start-up at $3.7bn, according to two people familiar with the matter. Redwood declined to comment on the valuation.
The Nevada-based company’s ultimate aim is to create a “closed-loop supply chain for electric vehicles” in the US, with the renewal and re-use of car battery materials eliminating the need for the environmentally damaging process of mining for new raw ingredients.
Se the whole story on the FT here: Tesla co-founder’s battery recycling start-up raises $700m
