News Summary

Redwood Materials, a Nevada-based battery recycling and cathode-making company, has announced a reduction of approximately 5% of its workforce shortly after securing $350 million in Series E funding. Founded in 2017 by former Tesla CTO JB Straubel, Redwood Materials specializes in recycling materials such as cobalt, nickel, and lithium from discarded electronic goods and used EV batteries. The company, which employs around 1,200 people, is also expanding into cathode production and energy storage solutions, leveraging old EV batteries for the rising demand in AI data centers. Despite the recent layoffs, the company’s valuation has risen to approximately $6 billion following the latest funding round.