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Home/News Feed/Redwood Materials cuts 10% of staff to focus on energy storage amid industry challenges.
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Redwood Materials cuts 10% of staff to focus on energy storage amid industry challenges.

Market News
21 Apr 2026
TechCrunch
View Source
Neutral
pluang ai news

Redwood Materials laid off about 135 employees, roughly 10% of its workforce, to restructure and better support its growing energy storage business. This follows a previous 5% cut and comes despite a recent $425 million funding round valuing the company over $6 billion. CEO JB Straubel emphasized the company remains strong and profitable in battery recycling, with new momentum in energy storage, including deals with Rivian and Crusoe AI. The layoffs aim to sharpen focus and efficiency amid a tough battery industry landscape, with severance and career support provided to affected workers.

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