Redwood Materials is a leading energy storage company that is growing its new business to power the AI data center boom. The company focuses on developing and scaling energy storage solutions designed to support the significant power requirements of artificial intelligence infrastructure. This new business is designed to provide reliable and scalable power solutions essential for the rapidly expanding AI sector.
Redwood Materials has raised a $350 million Series E funding round, bringing its valuation to over $6 billion. The round was led by venture firm Eclipse and included a new strategic investment by Nvidia’s venture capital arm, NVentures.
Redwood Materials, headquartered in Carson City, Nevada, United States, was founded in 2017 by JB Straubel. In 2021, the company joined the unicorn club. “With this new capital, Redwood will accelerate the expansion of our energy storage deployments, refining and materials production capacity, and our world-class engineering and operations teams,” the company wrote in their blog post.
