Redwood Materials lays off 10% of workforce in energy storage pivot
Original: Redwood Materials lays off 10% in restructuring to chase energy storage business
Why This Matters
Shows battery industry consolidation as companies pivot strategies amid EV market shifts
Battery recycler Redwood Materials cut 135 employees (10% of workforce) in restructuring to focus on energy storage business. Second layoff in 5 months follows $425M funding round that valued company at $6B.
Redwood Materials laid off around 135 employees, representing 10% of its workforce, as it restructures to accommodate its growing energy storage business. The cuts come five months after a 5% workforce reduction and three months after closing a $425 million funding round valuing the company at over $6 billion. CEO JB Straubel told remaining employees the company is 'the strongest it's ever been' and continues to dominate US battery recycling while building momentum in energy storage. Recent deals include partnerships with Crusoe AI and Rivian to provide recycled batteries for their facilities. Straubel cited that 'parts of the company have expanded faster than needed' as justification for cuts across engineering and operations divisions.