Redwood Materials lays off 10% in restructuring to chase energy storage business

Redwood Materials has laid off approximately 135 employees (10% of its workforce) as part of a restructuring to better align with its growing energy storage business. This follows a 5% cut five months prior and comes three months after a $425M Series E funding round valuing the company at over $6 billion. CEO JB Straubel framed the cuts as a strategic refocus rather than financial distress, noting the company dominates US battery recycling and has new energy storage deals with Crusoe AI and Rivian. The broader battery industry has been struggling, with competitor Ascend Elements recently filing for Chapter 11 bankruptcy.