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

Redwood Materials has laid off around 10% of its workforce, roughly 135 employees, as it restructures to accommodate its growing energy storage business. The company has recently closed a significant funding round and announced deals with several companies, including Rivian, to provide recycled batteries. Redwood's founder and CEO stated that the company is well on its way to profitability and continues to dominate the US battery recycling market.