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Redwood Materials announced the final close of its Series E on January 28, 2026, bringing the round to $425 million. It was an increase to the $350 million Series E the company announced in October 2025—not a separate, newly launched round. Redwood says the capital will accelerate its energy-storage business while supporting its battery recycling, refining and critical-materials operations. Google joined at the final close; existing investors Capricorn Investment Group and Goldman Sachs Alternatives also participated.
The financing matters because Redwood is trying to turn its battery-recycling operation into a source of energy infrastructure: suitable used electric-vehicle packs can be repurposed for stationary storage before they are eventually recycled. That strategy is attracting attention as data centers and other power-intensive businesses seek additional electricity capacity, but the funding announcement alone does not establish the economics or long-term performance of the model.
What happened in Redwood’s $425 million financing?
Redwood first announced a $350 million Series E on October 23, 2025, led by Eclipse and including NVentures, NVIDIA’s venture-capital arm. On January 28, 2026, the company announced the final close of that Series E at $425 million. The additional $75 million brought the same round to its final reported total.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsRedwood said Google joined as a new investor at the final close, while Capricorn Investment Group and Goldman Sachs Alternatives continued participating. The company has not identified Google as the lead investor in the final close; Eclipse led the original $350 million round.
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Redwood has not publicly provided a dollar-by-dollar breakdown of how it will spend the $425 million. Its stated priority is accelerating energy storage, alongside strengthening its recycling and critical-materials businesses. So it is misleading to characterize the entire financing as either recycling-only or storage-only capital.
Why a battery recycler is moving into energy storage
A battery that is no longer suitable for an electric vehicle may still be useful in a stationary system. Cars place demanding requirements on battery range, weight and power delivery; some packs that fall short of those requirements can still store and release electricity in a building, microgrid or grid-connected installation. Their remaining usefulness varies substantially with chemistry, age, usage, damage, software and state of health.
Redwood’s approach is to assess incoming packs and route them to different next steps. In simplified form, the intended sequence is:
- Collect and diagnose: inspect used batteries and determine their condition and suitability.
- Repurpose eligible packs: integrate batteries that meet the requirements for stationary storage.
- Recycle unsuitable packs: send packs that cannot be reused safely or economically into materials recovery.
- Recover materials: return materials such as lithium, nickel, cobalt and copper to the battery supply chain.
Reuse and recycling are distinct: a pack used in storage has not yet been recycled. A successful second-life application can extract more service from a battery before its eventual materials recovery, but it also delays that recovery and requires testing, controls, monitoring and safety measures.
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Redwood says many packs it receives retain more than 50% of their usable capacity. That is a company-reported observation, not a general rule for all retired EV batteries. A pack’s suitability depends on its specific condition and design; damaged, recalled, degraded or difficult-to-integrate units may go directly to recycling.
The strategy also connects two businesses that have different risks. Redwood’s battery intake could give it access to potential storage equipment, while its materials operation offers a destination for packs that fail reuse criteria. But having a large volume of batteries does not by itself prove that enough consistent, safe and cost-effective packs will be available for storage projects.
What Redwood Energy does
Redwood Energy, launched in 2025, is Redwood’s stationary-storage business. Its systems use repurposed EV battery packs, new modules where appropriate, diagnostics and control systems, and modular designs for uses ranging from behind-the-meter installations to microgrids and grid-connected projects.
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Redwood says its systems can combine packs from different vehicle manufacturers and chemistries. That is an important engineering proposition, not a simple matter of putting batteries together. Systems must account for differences in voltage, battery-management software, thermal design and state of health, while detecting faults and managing fire risk. The dossier does not establish the detailed methods, warranties or insurance arrangements Redwood uses across all configurations.
Crusoe project offers an early operating example
Redwood’s clearest public deployment example is its project with data-center company Crusoe at Redwood’s Sparks, Nevada campus. Redwood describes the installation as a 12-megawatt, 63-megawatt-hour microgrid combining repurposed batteries and solar power to support Crusoe’s modular data centers. The company calls it the world’s largest second-life battery deployment and North America’s largest microgrid; those rankings are Redwood’s descriptions.
Redwood later reported that the project achieved 99.2% operational availability and said the partners planned to expand the campus to support 20 additional Crusoe modular data centers, nearly seven times the original compute capacity. These are company-reported figures and plans. Availability is a useful operating measure, but it is not the same as proof of long-term degradation performance, profitability, or bankable reliability over a multi-year contract. Redwood’s account of the Crusoe expansion provides the company’s reported details.
GM adds a battery supply and recycling relationship
General Motors is part of Redwood’s broader effort to work across the battery lifecycle. Under a partnership announced in June 2026, the companies said GM second-life batteries were already contributing to the Sparks installation, with U.S.-built batteries also part of their plans for Redwood storage systems.
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Redwood reported that it had received more than 28,000 metric tons of material from GM and Ultium Cells for recycling and that approximately 10,000 additional EV packs were in the pipeline for potential repurposing through Redwood Energy. The latter number describes a potential pipeline, not packs already deployed. The figures are company-reported and dated to the June 2026 announcement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How large is Redwood’s recycling platform?
Redwood says it receives more than 20 gigawatt-hours of batteries annually, which it equates to approximately 250,000 EVs. It has also described its operations using two different North American market-share figures: handling about 90% of all lithium-ion batteries and battery materials recycled in North America, and processing more than 70% of all domestically recycled batteries. The denominators differ, so the figures should not be treated as interchangeable measures of the same market share.
The company reported producing 60,000 metric tons of critical minerals at its Nevada campus during 2025. It describes that campus as more than 2 million square feet under roof across nearly 900 acres. These figures provide scale context, but company-reported throughput and facility size do not disclose recycling margins, capacity utilization or the amount of material that is ultimately sold into new battery production.
Redwood’s 2025 company review summarizes its reported operating milestones. As a private company, Redwood does not publish the level of segment-level financial information that would let outside readers readily compare the profitability of storage, recycling and refining.
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What investors may be signaling—and what they are not
The investor list brings together firms associated with climate technology, technology and infrastructure. Eclipse led the original financing, NVentures participated in it, and Google joined at the final close. Capricorn and Goldman Sachs Alternatives also continued participating. Their involvement indicates investor support for Redwood’s strategy; it does not independently verify project economics, storage performance or future revenue.
TechCrunch reported, citing a source familiar with the financing, that Redwood’s post-money valuation exceeded $6 billion. Redwood did not publicly disclose a valuation in its financing announcement, so that figure should be treated as a reported estimate, not an official company valuation.
Redwood also announced a $2 billion conditional commitment from the U.S. Department of Energy in 2023. A conditional commitment is not the same thing as a loan fully closed or drawn. Likewise, the company’s 2023 report of nearly $2 billion in equity capital predates this Series E; adding financing announcements is not a substitute for a current, company-reported cumulative total. Redwood’s DOE announcement and Series D announcement explain those earlier figures.
The questions the financing leaves open
- Can used packs beat new batteries on total project cost? Redwood says its systems cost substantially less than new lithium-ion storage projects, but the public information cited here does not provide comparable installed costs, pack-acquisition and refurbishment costs, interconnection expenses, operations and maintenance, insurance, replacement costs or financing terms.
- Can supply keep pace with demand? Redwood reports substantial battery intake, but the timing, condition and chemistry of packs coming out of vehicles may not match storage customers’ needs.
- Can mixed packs perform reliably over time? The Crusoe installation is a meaningful operating example, but a reported availability figure does not establish degradation, performance across other configurations or economics across a broad project portfolio.
- Can the company execute several capital-intensive businesses at once? Recycling, refining, storage-system integration and project deployment all require capital, people and operational expertise. Success in one does not guarantee success in the others.
- How exposed are returns to market and policy changes? Commodity prices can affect recycling economics, while project economics may depend on permitting, interconnection, customer credit and changing incentives or procurement rules.
For finance and business readers, the central distinction is between a well-funded strategic bet and a demonstrated financial outcome. The Series E supplies capital and investor backing. Publicly available company announcements offer operating examples, but do not disclose the detailed allocations, margins, project-level costs or long-term performance data needed to assess returns conclusively.
Redwood’s ambition is broader than recycling: it wants to use access to end-of-life batteries to develop an energy-infrastructure business, then recover materials from packs that cannot or no longer should be reused. The $425 million final close gives it more resources to pursue that integrated model. Whether it can make the model repeatable and profitable remains the key question.
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