Redwood Materials first announced a $350 million Series E in October 2025 to expand its energy-storage deployments and battery-materials operations. The round later closed at $425 million in January 2026, with Google joining as a new investor. Redwood Energy uses suitable retired electric-vehicle batteries in stationary storage before recycling them at the end of their useful life.
What the $350 million raise was for
Redwood announced the initial $350 million Series E on October 23, 2025. Eclipse led the round, and NVentures, NVIDIA’s venture-capital arm, participated as a strategic investor. Redwood described the financing as oversubscribed. The company said it would use the capital to accelerate energy-storage deployments, expand refining and materials production, and build engineering and operations capacity. Redwood Materials’ Series E announcement
The financing supports both sides of Redwood’s business: recovering and producing battery materials, and putting qualifying used batteries to work in stationary storage. Redwood has not publicly disclosed a company-confirmed valuation for the round.
Did Redwood raise $350 million or $425 million?
Both figures describe the Series E at different points. The $350 million figure was the initial October 2025 announcement. In January 2026, Redwood announced the round’s final close at $425 million. The final close included continued participation from Capricorn and Goldman Sachs Alternatives, and Google joined as a new investor. Redwood’s final-close announcement
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TechCrunch reported that an unnamed source familiar with the financing estimated Redwood’s valuation at about $6 billion. That estimate was not disclosed or confirmed by Redwood. TechCrunch’s report on the Series E
How Redwood Energy reuses EV batteries
Redwood’s battery business recovers critical materials from batteries. Its Redwood Energy platform adds a reuse step: the company says it assesses used electric-vehicle battery packs and places packs with suitable remaining capacity into modular stationary-storage systems. When those packs are no longer suitable for reuse, Redwood says it recycles them.
Stationary batteries can store electricity and provide power when demand rises or supply fluctuates. Redwood says its systems can operate independently or connect to the grid, and are intended for uses including peak-load support, resilience, renewable-energy integration, and data centers. These are company descriptions of the platform, not independent performance evaluations. Redwood Energy’s overview
What the Crusoe deployment shows—and what it does not
Redwood reports that its project for AI infrastructure company Crusoe is a 12 MW, 63 MWh microgrid. The company calls it the world’s largest second-life battery deployment and North America’s largest microgrid; those rankings are Redwood’s claims. Redwood Energy’s project overview
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteTechCrunch reported that Redwood planned to deploy 20 GWh of grid-scale storage by 2028. That is a reported target, not evidence that the capacity has already been deployed. TechCrunch’s report on Redwood’s plans
The project and plan illustrate the scale of Redwood’s ambitions, but the available announcements do not establish independent comparisons of system cost, reliability, safety, or performance against storage made with new batteries.
Who invested in the Series E?
- Eclipse: led the initial $350 million round.
- NVentures: participated in the initial round as a strategic investor.
- Capricorn and Goldman Sachs Alternatives: continued participating through the final close.
- Google: joined as a new investor at the final close.
Redwood’s initial announcement identifies Eclipse and NVentures; its January 2026 announcement names the investors involved in the final close. Initial announcement · Final-close announcement
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the raise matters to Redwood’s business
The financing is intended to expand energy storage while also adding capacity to the refining and materials operations that support Redwood’s battery-recycling business. Reusing suitable EV packs before recycling them gives Redwood Energy a way to deploy batteries that still have useful capacity, while preserving recycling as the eventual end-of-life step. The company’s announcements describe the strategy and planned expansion; they do not provide audited operating results or independently verified project economics.
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