funds and accounts advised by T. Rowe Price Associates, Inc. led a $700M investment round in Redwood. The round also included backing from Goldman Sachs Asset Management, Baillie Gifford, Canada Pension Plan Investment Board and Fidelity. In addition, all Series B investors, Capricorn’s Technology Impact Fund, Breakthrough Energy Ventures and Amazon’s Climate Pledge Fund, returned for this round and Valor Equity Partners, Emerson Collective, and Franklin Templeton also participated.
At Redwood, we know that in the coming decades, all transportation will be electric and all electricity will be sustainable. The lithium ion batteries and other materials needed to power these solutions will need to be reused. Redwood is creating a closed-loop supply chain for electric vehicles and energy products, making them truly sustainable and continuing to drive down the costs for batteries.
“With this capital, Redwood will be able to accelerate our mission to make battery materials sustainable and affordable, accomplishing the change we need in the world with a circular economy,” said JB Straubel, CEO, Redwood Materials. “We’re grateful for these strategic investors who bring decades of experience investing in and supporting companies that build transformative technology and who understand the mission and value of what Redwood is working to achieve.”
“We are excited to begin this investment in the talented and accomplished team at Redwood as they expand their pursuit of building a world-class sustainable, closed-loop battery supply chain for electric vehicles,” said Joe Fath, portfolio manager of the T. Rowe Price Growth Stock Fund. “In our view, the need for these materials will grow exponentially over time as we enter the era of de-carbonization. We believe Redwood is well-positioned to be at the forefront of tackling this emerging and critically important problem.”