Contemporary off a $350 million increase, battery recycler and cathode-maker Redwood Supplies is reportedly chopping round 5% of its workforce, in keeping with Bloomberg News.
Nevada-based Redwood staff round 1,200 staff, so the cuts have an effect on just a few dozen employees.
The corporate, based in 2017 by former Tesla CTO JB Straubel, initially targeted on recycling scrap from battery cell manufacturing, client electronics, and used EV batteries. The corporate extracts supplies like cobalt, nickel, and lithium from these discarded items after which sells them again to its clients, which embody Panasonic. Redwood has since added cathode manufacturing.
It lately launched a brand new enterprise that makes use of these previous EV batteries in power storage merchandise — a sector that has taken off throughout the growth of power-hungry AI knowledge facilities. As of June, the corporate had stockpiled greater than 1 gigawatt-hour’s value of batteries for this goal.
The $350 million Collection E, introduced in October, boosted the corporate’s valuation to round $6 billion, as TechCrunch beforehand reported. A spokesperson declined to touch upon the layoffs.
