On August 29, 2023, Redwood Materials, a start-up recycling old lithium-ion batteries and making components for new ones, announced the completion of its most recent equity funding round, in which the company raised more than $1 billion in Series D shares. The round was co-led by Goldman Sachs Asset Management, Capricorn's Technology Impact Fund, and funds and accounts advised by T. Rowe Price Associates. The company, founded in 2017 by former Tesla executive JB Straubel, will use the Series D funding to continue to build their capacity, expand the domestic battery supply chain, and allow customers to purchase battery materials made in the U.S.

Wilson Sonsini Goodrich & Rosati advised Redwood Materials on the transaction. The Wilson Sonsini team was led by Bob O’Connor, Melissa Rick, Steve Bernard, Virginia Harris, Ben Armuth, Imani Ivery, and Nicole Morris.

For more information, please see Redwood Materials' press release. Further coverage can be found at Forbes, TechCrunch, CNBC, and Reuters.