Redwood Materials, an energy storage and battery recycling company, raised an additional $75 million in Series E funding from new investor Google, with continued participation from existing investors Capricorn and Goldman Sachs Alternatives.
The final close brings the company’s total Series E funding to $425 million, up from $350 million raised in October in a round led by Eclipse, with participation from NVentures, NVIDIA’s venture capital arm, and other strategic investors.
According to the company, the funding will support the expansion of its energy storage platform and strengthen its integrated recycling and critical minerals business amid rising electricity demand driven by AI, data centers, manufacturing, and electrification.
Last year, the company launched Redwood Energy, a new business that repurposes used EV battery packs, most of which retain significant capacity, into modular stationary energy storage systems, where they can perform effectively with slower discharge rates and partial capacity.
Following the announcement of the initial close of its Series E funding in October last year, Redwood Materials began critical materials recovery operations in South Carolina, adding an initial annual production capacity of 20,000 metric tons.
In 2023, the company secured over $1 billion in a Series D funding round, which was jointly led by Goldman Sachs Asset Management, Capricorn’s Technology Impact Fund, and funds and accounts guided by T. Rowe Price Associates.
According to Mercom’s Annual and Q4 2025 Funding and M&A for Energy Storage report, Energy Storage Downstream companies received the most VC funding in 2025. Other top-funded categories included Materials & Components providers, Energy Storage Systems providers, Battery Recycling, and Li-based Battery companies.
In November, Nanoramic, an energy storage and advanced materials company, secured a total of $54 million for its Series 1 equity funding. The funding round includes a recent investment from new partner PEP Capital, as well as continued participation from existing investors Samsung Ventures and Top Material.
