Redwood Materials

Redwood Materials has laid off approximately 135 employees, or 10% of its workforce, as part of a restructuring to better accommodate its growing energy storage business. This is the second round of layoffs in five months, following a 5% cut earlier. The company recently closed a $425 million funding round, valuing it at over $6 billion. CEO JB Straubel emphasized that the cuts are not a sign of financial trouble but a strategic move to sharpen focus, noting that the company is on track to profitability and dominates the US battery recycling market. The layoffs affect multiple divisions, including engineering and operations. Affected employees receive severance, health benefits, and career transition assistance.

Redwood Materials, a battery recycler and cathode-maker based in Nevada, is reportedly cutting around 5% of its workforce, affecting a few dozen workers out of approximately 1,200 employees, following a recent $350 million raise. The layoffs come after the company's Series E funding in October boosted its valuation to around $6 billion, with a spokesperson declining to comment on the cuts.