Redwood Materials lays off 10% in restructuring to chase energy storage business
Redwood Materials has laid off 10% of its workforce as it restructures to focus on its growing energy storage business. The company has recently announced deals with Crusoe AI and Rivian to provide recycled batteries.
Redwood Materials has laid off around 135 employees, or 10% of its workforce, as it restructures to accommodate its growing energy storage business. The cuts come after the company closed a $425 million funding round that boosted its valuation to over $6 billion. Redwood's founder and CEO, JB Straubel, told employees that the company is the strongest it's ever been and that the materials business is on its way to profitability. The company has announced deals with Crusoe AI and Rivian to provide recycled batteries. Straubel said the layoffs were made to sharpen the company's focus and support its future direction. Redwood is adapting to changes in the market and is confident in its ability to deliver on critical projects with a smaller team.
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