Overview
- Redwood closed a Series E round led by Eclipse Ventures that includes a strategic investment from Nvidia’s NVentures.
- Funding will expand energy storage deployments, increase refining and materials production capacity, and add engineering and operations staff.
- People familiar with the deal say the round pegs Redwood’s valuation at about $6 billion, which the company did not confirm.
- Redwood Energy repurposes retired EV packs into modular storage for AI data centers and industrial sites, targeting 20 GWh deployed by 2028.
- The company says it recovers over 70% of used battery packs in North America and had more than 1 GWh of batteries stockpiled for storage as of June.