Redwood Materials has announced the final closing of its Series E financing, having raised $425 million in financing. This final close includes continued participation from existing investors, Capricorn and Goldman Sachs Alternatives, and welcomes new investor Google.
Driven by strong demand, the increase from the $350 million funding round announced in October of last year reflects confidence in Redwood’s long-term strategy and execution, the company says. The company plans to use the capital to accelerate its energy storage platform while continuing to strengthen its integrated recycling and critical minerals business.
Redwood says it combines the company’s materials and manufacturing expertise with advanced power electronics and software, creating a new generation of U.S.-made energy storage systems that are scalable, low-cost and designed to power data centers, industry and the grid—reducing reliance on imported LFP, or lithium iron phosphate, batteries…