Redwood Materials, a venture founded by Tesla co-founder JB Straubel, is establishing a completely sustainable and domestic battery supply chain for the United States. Redwood Materials has had significant success with recycling batteries and making materials in a bid to reduce foreign reliance and introduce more environmental sustainability. Redwood achieved a milestone in 2024 with the start of production of battery anode copper foil in its hydrometallurgical facility, which is the first commercial-scale “mine” in the U.S. in decades. The facility is also the first domestic source of lithium supply in decades.
As of the end of 2024, Redwood was set to generate $200 million in revenues, driven by partnerships with market leaders like General Motors and Toyota. In the years to come, the company aims to establish the United States’ first commercial cathode factory and create a new campus in South Carolina to accommodate rising demand for clean materials within the electric vehicle supply chain.
Redwood has also secured over $1 billion in Series D funding, boosting its equity capital to $2 billion. The financing will be used to fund its expansion efforts, such as building factories that produce battery material like lithium, nickel, and cobalt in the local market. The company’s Sparks, Nevada recycling facility will focus on producing anode copper foil, while Charleston, South Carolina will host a larger plant that will perform remanufacturing cathode and anode copper foil. By 2025, Redwood aims to have an annual production capacity of 100 gigawatt-hours of cathode active materials and anode foil, enough to charge 1 million electric cars. By 2030, it hopes to double the output to 500 GWh annually.
Strategic alliances with companies like Panasonic have also contributed significantly to expanding Redwood’s market in the clean energy sector. These efforts not only contribute to reducing environmental impact but also fuel economic growth by creating jobs and innovation in the American battery-making sector. Redwood aims to transform the battery recycling industry and facilitate the transition to a more sustainable future for electric vehicles and renewable energy systems.
