Redwood attracts Google for its $425M Series E as AI power needs rise
Redwood Materials has raised $425 million in its Series E funding round, attracting Google as a new investor alongside Nvidia and existing backers like Capricorn and Goldman Sachs. The funding aims to support Redwood's expansion into energy storage for AI data centers and industrial sites. Founded by former Tesla CTO JB Straubel, Redwood focuses on battery recycling and cathode production, with a post-money valuation exceeding $6 billion. The company plans to deploy 20 gigawatt-hours of grid-scale storage by 2028, addressing the growing demand for energy storage driven by AI and electrification.
