Contemporary off a $350 million increase, battery recycler and cathode-maker Redwood Supplies is reportedly chopping round 5% of its workforce, in line with Bloomberg Information.
Nevada-based Redwood staff round 1,200 staff, so the cuts have an effect on a number of dozen employees.
The corporate, based in 2017 by former Tesla CTO JB Straubel, initially targeted on recycling scrap from battery cell manufacturing, shopper 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 prospects, which incorporates Panasonic. Redwood has since added cathode manufacturing.
It just lately launched a brand new enterprise that makes use of these outdated EV batteries in vitality storage merchandise — a sector that has taken off in the course of the growth of power-hungry AI knowledge facilities. As of June, the corporate had stockpiled greater than 1 gigawatt-hour price 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.
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