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Battery recycling startup Redwood Materials could see up to 50% growth in revenue and batteries recycled this year, CTO Colin Campbell tells Axios.

Why it matters: Despite policy and market headwinds, Redwood is seeing major demand for battery recycling, and that growth means it will likely need to raise more funds.

Catch up quick: Founded by former Tesla co-founder and CTO JB Straubel, Redwood has raised about $2 billion to date, including a Series D in 2023 co-led by Goldman Sachs Asset Management, Capricorn's Technology Impact Fund, and funds and accounts advised by T. Rowe Price Associates.

The company was awarded a $2 billion loan from the Department of Energy's loan programs office, but last year decided to discontinue the agreement without drawing down any funds.

Zoom in: Campbell, a Tesla vet, confirmed that Redwood ended 2024 — its first year operating at industrial scale — with $200 million in revenue, having processed over 20 gigawatt hours of batteries. 

"It was a gigantic year for us," says Campbell.

What's next: The company plans to start recycling batteries at its South Carolina facility in mid-2025. 

In early 2026, Redwood plans to begin commercial production of cathode active material to sell to battery makers. 

Campbell said Redwood is already producing cathode materials on pilot lines, but needs to scale up manufacturing to move into a commercial phase. 

Driving the news: Last week Redwood announced that it's opening up a 15,000 square foot R&D facility in San Francisco that will hire more than 50 engineers and tech workers.

Campbell said that the hires in San Francisco will work on engineering innovations that could help Redwood bring down the costs of its facilities for recycling and cathode material production.

Redwood Materials eyes up to 50% growth in 2025

Demand could bring the company back to market to fuel growth.

Redwood Materials workers decommissioning and recycling batteries

Redwood Materials workers decommissioning and recycling batteries. Photo courtesy of Redwood Materials.

Battery recycling startup Redwood Materials could see up to 50% growth in revenue and batteries recycled this year, CTO Colin Campbell tells Axios.Why it matters: Despite policy and market headwinds, Redwood is seeing major demand for battery recycling, and that growth means it will likely need to raise more funds.

Redwood Materials eyes up to 50% growth in 2025

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