Redwood Materials Cuts Workforce by 10% to Focus on Battery Storage
Redwood Materials has laid off approximately 10% of its workforce, about 135 employees, to realign its focus on battery storage solutions. This strategic shift follows a previous reduction of 5% in staff and aims to enhance its emerging Battery Energy Storage Systems (BESS) division, which utilizes retired EV batteries.
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Redwood Materials, a leader in battery recycling, announced a 10% workforce reduction, equating to around 135 positions. This follows a prior cut of 5% just five months earlier. The company aims to concentrate more on its Battery Energy Storage Systems (BESS), projected to become a significant revenue stream.
Redwood currently recycles over 20 GWh of batteries yearly, claiming to handle 90% of North America's recycled lithium-ion batteries. By 2025, BESS will incorporate used EV batteries, extending their lifecycle.
The company has also secured $425 million in funding from investors such as Google and Nvidia. The layoffs impact various departments, including engineering and operations, with affected employees receiving severance and support during the transition.
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