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Illustration: Sarah Grillo/Axios

Redwood Materials, a Reno, Nevada-based battery recycling startup founded by Tesla co-founder JB Straubel, has raised $700 million at a $3 billion pre-money valuation led by T. Rowe Price.

Why it matters: Battery supply chains are coming under pressure from growing public acceptance of electric vehicles and automaker promises to switch away from gasoline engines.

Other investors include: Goldman Sachs, Baillie Gifford, CPPIB, Fidelity, Capricorn, Breakthrough Energy Ventures, Amazon’s Climate Pledge Fund, Valor Equity Partners, Emerson Collective and Franklin Templeton.

The bottom line: Mining for nickel, cobalt and other battery materials is expensive and time-consuming, plus harmful for the environment. Redwood’s goal is to create a closed-loop supply chain for electric vehicles and energy products, harvesting metals from junked electronics, scooters, lawnmowers and, eventually, old EVs.

Editor's note: This story has been updated to include Goldman Sachs in the list of investors.

Go deeper

Dan Primack, author of Pro Rata
Oct 7, 2021 - Economy & Business

Student transportation startup Zum raises $130 million

Illustration: Shoshana Gordon/Axios

Zum Services, a Redwood City, Calif.-based student transportation startup, raised $130 million at an $800 million pre-money valuation led by SoftBank.

Why it matters: School bus transportation has become a nationwide problem, due to driver shortages, with some states even calling in the National Guard to help.

GM plans to double revenues by 2030 as it rolls out EVs and services

GM CEO Mary Barra. Photo: GM

General Motors plans to double its revenues over the next decade as it transitions to an all-electric future, tapping into software and subscription services that enable new vehicle experiences and connect customers' digital lives, the company told reporters on Wednesday.

Why it matters: It's an extraordinary target for a lumbering industrial giant that is trying to transform itself from automaker to "platform innovator."

Virginia energy giant quietly boosts McAuliffe

Former Virginia Gov. Terry McAuliffe speaks during a campaign rally on Oct. 15 in Henrico, Virginia. Photo: Win McNamee/Getty Images

Virginia Democrat Terry McAuliffe has sworn off money from the Richmond company Dominion Energy. But the utility has found more subtle ways to back McAuliffe's gubernatorial bid, records show.

Driving the news: Dominion's political action committee has donated $200,000 to a murky political group called Accountability Virginia PAC, a group with ties to prominent Democrats that's been running ads attacking Republican candidate Glenn Youngkin from the right.