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Redwood Materials

Battery recycling, battery materials, second-life storage

US$6B privateest. 2017redwoodmaterials.com (opens redwoodmaterials.com)Checked 25 Sep

The brief

Analyst view
  • Takes in 20+ GWh of used batteries a year, which it says is about 90% of North American lithium-ion recycling.
  • Redwood Energy (June 2025) reuses still-good EV packs as storage; first system: a 12 MW / 63 MWh microgrid for Crusoe's AI data centre.
  • Series E closed at $425M in January 2026, valuing it above $6B (Eclipse led, Google joined); ~5% of staff cut in late 2025.

Technical approach

As reported
Recovery

Heat, then chemistry

Batteries are drained, heated, then dissolved in chemicals (hydrometallurgy) to recover nickel, cobalt, lithium and copper, using less energy than smelting.

Products

Back into new batteries

Recovered metals become battery-grade cathode material and copper foil, so they go back into new cells.

Reuse

Second life first

Packs with life left are tested and used as grid storage, and only recycled once they are truly worn out.

Programs

Redwood Materials, two programs

Updated 9 Jun 2026
Recycling and materials campusRedwood's Nevada sites that collect and recycle old batteries and factory scrap, and refine them into battery materials.ScalingNextScale second-life storage deploymentsUpdated 9 Jun 2026View program →Redwood EnergyUses old EV battery packs, with Redwood's own electronics and controls, to store power for data centres and the grid before the packs are recycled.PilotNext5+ GWh of packs in pipelineUpdated 14 Apr 2026View program →
Research · Proto · Pilot · Deploy · Scaling

Open technical problems

Open · Active · Partial
  • Low metal pricesOpen

    Lithium and nickel prices have fallen since 2023, squeezing profits; it needs cheap recovery and buyers who value US supply.

  • Mixed used packsActive research

    Used packs differ in chemistry, age and health, so each needs checking and control to be used safely in big storage.

Peers

Battery recycling · 1

Company & funding

3 rounds · as reported
Valuation
$6Bprivate
Raised
$1.4Bdisclosed private rounds
Last round
Series E final closeJan 2026
HQ
US
Founded
2017
DateRoundAmountPost-moneyLead
Jan 2026Series E final close$75M$6B—
Oct 2025Series E$350M—Eclipse
Aug 2023Series D$1B—Goldman Sachs Asset Management

Partners & customers

2 customers · 2 investors

People

Key people
Primer