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Redwood Materials cuts about 5% of staff weeks after its $350M Series E
Redwood Materials cut roughly 5% of its ~1,200-person workforce (about 60 employees) a month after closing a $350 million Series E at a valuation near $6 billion, led by Eclipse with participation from NVentures. The company has been shifting toward energy storage for AI data centres.
- Series E led by Eclipse with participation from NVentures (NVIDIA's venture arm); funds support expanding energy storage deployments and critical materials production.
- Redwood's valuation reached ~$6 billion; the company now runs two lines—battery materials recovery and grid storage from used EV packs.
- The company operates a 12 MW, 63 MWh second-life battery system in Sparks, Nevada, its largest deployment to date.