Contemporary off a $350 million increase, battery recycler and cathode-maker Redwood Supplies is reportedly slicing round 5% of its workforce, in keeping with Bloomberg Information.
Nevada-based Redwood staff round 1,200 staff, so the cuts have an effect on a couple of dozen staff.
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 not too long ago launched a brand new enterprise that makes use of these previous EV batteries in power storage merchandise — a sector that has taken off through the increase of power-hungry AI information facilities. As of June, the corporate had stockpiled greater than 1 gigawatt-hour’s value of batteries for this function.
The $350 million Sequence 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.
