Overview
- The Series E round was led by Eclipse with participation from Nvidia’s NVentures, and people familiar with the deal place Redwood’s valuation at about $6 billion.
- Redwood says the capital will expand energy storage deployments, increase refining and materials production capacity, and grow engineering and operations teams.
- The company’s Redwood Energy unit, launched in June, repurposes retired EV batteries into large-scale systems serving AI data centers and industrial sites.
- Redwood has already deployed second-life systems, including a 63 MWh microgrid powering two data centers, and reports a stockpile exceeding 1 GWh of reusable batteries.
- Recovering key materials such as lithium, nickel, cobalt, and copper for partners including Panasonic, GM, and Toyota, Redwood targets 20 GWh of deployed storage by 2028 to bolster domestic supply.