EV battery provider Redwood Fabrics raises greater than $1 billion to increase U.S. operations

BE desk

Redwood Fabrics mentioned on Tuesday it had raised greater than $1 billion in brandnew investment because the battery fabrics company, based by way of Tesla board member JB Straubel, seeks to increase its operations within the U.S.

The corporate in February gained a conditional loyalty for a $2 billion mortgage from the U.S. Power Segment to develop a $3.5-billion recycling and re-manufacturing complicated in Nevada for electric-vehicle battery fabrics.

The unedited investment spherical for Redwood, based in 2017 by way of Straubel, used to be co-led by way of Goldman Sachs Asset Control, Capricorn’s Generation Have an effect on Capitaltreasury and finances urged by way of T. Rowe Value Mates.

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