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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

Felix Salmon, author of Capital
Nov 4, 2021 - Economy & Business

A tale of two automakers

Ford is arguably the most exciting electric-vehicle manufacturer in the U.S. at the moment. Even so, its market value is just 6% of Tesla's.

Why it matters: Ford's valuation is barely a rounding error compared to that of Tesla — indeed, Tesla's valuation rose by more than two Fords in a single day last month.

Updated 1 hour ago - Energy & Environment

Bomb cyclone prompts blizzard warnings from Virginia to Maine

Computer model projection showing the intense storm off of Cape Cod on Jan 29, 2022, with heavy snow and strong winds lashing the coastline. (Weatherbell.com)

Blizzard warnings are in effect for 11 million people from coastal Virginia to eastern Maine as a powerful and potentially historic winter storm is set to slam the Mid-Atlantic and Northeast beginning Friday.

Why it matters: The storm will bring an array of hazards, from zero visibility amid hurricane force wind gusts and heavy snow to coastal flooding that will erode vulnerable beaches and threaten coastal property from the Jersey shore to coastal Massachusetts.

Republican-led Pennsylvania court deems mail-in voting law unconstitutional

Workers count ballots for the 2020 Presidential election at the Philadelphia Convention Center in Philadelphia, Pennsylvania, U.S., on Nov. 3, 2020. Photo: Hannah Yoon/Bloomberg via Getty Images

A Republican-led Pennsylvania court on Friday ruled that the state's mail-in voting law is unconstitutional.

Driving the news: Three Republican judges sided with Republican challengers and ruled that no-excuse mail-in voting is prohibited under the state's constitution. Two Democrats on the panel dissented.