Redwood Materials, the battery materials recycling, refining and remanufacturing company founded by former Tesla exec JB Straubel, has raised more than $1 billion in Series D shares. The round which was co-led by Goldman Sachs Asset Management, Capricorn’s Technology Impact Fund, and funds and accounts advised by T. Rowe Price Associates, Inc. The company will use the Series D funding to continue building its capacity.

To date, including this latest round, Redwood has raised nearly $2 billion of equity capital along with an additional $2-billion loan commitment from the Department of Energy.

New investors in the company include OMERS, Caterpillar Inc., Microsoft’s Climate Innovation Fund, Deepwater Asset Management, and others.

As the electrification megatrend continues to accelerate, building a local sustainable battery materials supply chain is more important now than ever. We believe the Redwood team is well-positioned to become a leader in the battery materials industry. We look forward to working with the company in the coming years and leveraging our firm’s global platform to support Redwood’s growth, which we believe will play an important role in the ongoing energy transition.

—Sebastien Gagnon, a Managing Director in Private Equity within Goldman Sachs Asset Management

Having invested in electric cars and airplanes, battery technology, and power electronics for over two decades, we’ve had a front-row seat to the evolution of clean energy technology and electric mobility. Redwood Materials emerges as one of the most pivotal companies in this space. Our journey with JB, beginning with his transformative work at Tesla, feels like it’s come full circle with our investment in Redwood. Their commitment to creating a sustainable battery materials supply chain is not only an impressive continuation of that legacy but also a crucial step for our clean energy future.

—Dipender Saluja, Managing Partner, Capricorn’s Technology Impact Fund