Key Partners
- Ultium Cells (GM + LG Energy Solution) — Redwood recycles scrap from its Ohio and Tennessee plants; over 28,000 metric tons received from GM and Ultium to date (FACT).
- Panasonic and Toyota — agreed to source Redwood cathode material and copper foil (FACT).
- Crusoe — 12 MW / 63 MWh microgrid and 20 more modules (FACT).
- GM and Rivian — second-life pack deployments at their own plants (FACT).
- Google, NVentures, Eclipse, Capricorn, Goldman Sachs Alternatives — Series E investors (FACT).
Key Activities
- Collect — nationwide logistics, with Redwood saying it recovers more than 70% of battery packs in North America (FACT, company statement).
- Test — every battery is evaluated to decide reuse versus recycling (FACT).
- Repurpose — qualified packs go into modular Redwood Energy systems (FACT).
- Recycle and refine — Nevada made 60,000+ metric tons of materials in 2025 (FACT).
- Build — South Carolina campus opened Nov 2025 with 20,000 metric tons a year initially (FACT).
Key Resources
- Campuses — Nevada (900 acres) and South Carolina (600 acres, 1,500+ planned jobs over a decade) (FACT).
- Feedstock — over 20 GWh a year received; 10,000 GM EV packs in the pipeline (FACT).
- Pack Manager — universal integration layer for 100+ EV models sold in the U.S. (FACT).
- Capital — $425M Series E plus earlier rounds, about $2.3B total (FACT / SECONDARY).
- Team — CEO JB Straubel (ex-Tesla CTO); CFO Deepak Ahuja joined May 2026 (FACT).
Value Propositions
- Closed loop — scrap and old packs return as materials for new batteries (FACT, Toyota and Ford announcements).
- Domestic critical minerals — only domestic source of cobalt at scale, per the company (FACT, company claim).
- Speed — Crusoe microgrid built in just under four months (FACT).
- Cost — storage "substantially less" than new lithium-ion projects; about half, per Redwood (company claim).
- Two lives per battery — storage first, then recycling (FACT).
Customer Relationships
- Ford — started as a strategic recycling relationship (FACT).
- GM — scrap, then end-of-life packs, then storage at a Michigan plant (FACT).
- Crusoe — 99.2% availability led to a roughly 7x compute expansion (FACT).
- Rivian — 100+ second-life packs for its Normal, Illinois plant (FACT).
- Consumers — Battery Bin launched Dec 2025 (FACT).
Channels
- Direct partnerships — Ford, GM, Toyota, BMW, Panasonic and others (FACT).
- National logistics network — recovers 70%+ of NA battery packs per Redwood (FACT, company claim).
- Battery Bin — mixed batteries and devices up to 300 Wh (FACT).
- California program — started with Ford and Volvo, accepts all lithium-ion and NiMH batteries (FACT).
- Direct project sales — Crusoe, Rivian, GM storage sites (FACT).
Customer Segments
- Automakers and cell makers — Ford, GM, Toyota, BMW, Ultium Cells, Panasonic (FACT).
- Industrial buyers of metals — nickel, cobalt, copper, lithium (FACT that materials are produced; buyers not itemized).
- AI data centers — Crusoe (FACT).
- Factories — Rivian and a GM Michigan plant (FACT).
- Consumers and fleets — drop-off bins, Lime and Caterpillar loaders (FACT).
Cost Structure
- Campuses — South Carolina was publicly framed as a $3.5B plan in 2022 coverage (SECONDARY; amount spent not disclosed).
- Logistics and safety — nationwide collection, fire-safe storage, ISO 45001 and 14001 certified (FACT).
- Engineering — San Francisco R&D footprint quadrupled in Feb 2026 (FACT).
- Restructuring — about 135 layoffs, roughly 10%, in Apr 2026 (SECONDARY).
- Profit status — not disclosed; CEO says materials "well on its way to profitability" (SECONDARY).
Revenue Streams
- Recovered metals and refining — "nearly a quarter billion dollars" a year per Redwood, period unstated (FACT as a company statement).
- Cathode and copper foil — Panasonic and Toyota agreed to source; volumes and revenue not disclosed (FACT).
- Recycling services — contracts with most North American cell makers, per Redwood (FACT, company claim).
- Redwood Energy storage — 12 MW / 63 MWh Crusoe, 10 MWh Rivian, 7.2 MWh GM; pricing not stated (FACT).
- Not used here: a third-party estimate of about $200M for 2024 (Sacra) — not a company figure.