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

What Happened

Redwood Materials laid off approximately 135 employees, representing 10% of its workforce, to restructure and expand its energy storage business. The cuts occur five months after a 5% reduction and three months following a $425 million funding round that valued the battery recycling company above $6 billion. CEO JB Straubel stated the company remains strongest and profitable.

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