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

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

The company is restructuring some teams to accommodate a booming energy storage business, according to emails viewed by TechCrunch.

Redwood Materials Cuts 10 Percent Of Workforce As Company Shifts Focus To Energy Storage Business

Redwood Materials has laid off around 135 employees, or roughly 10% of its workforce, as part of a restructuring effort aimed at aligning operations with its expanding energy storage business. Second Round Of Layoffs Follows Recent Funding The cuts come five months after a previous 5% workforce reduction and three months after Redwood raised $425 million in funding, which valued the company at more than $6 billion. The layoffs occur during a cha…

Redwood Materials lays off 10% workforce despite $6 billion valuation

Battery recycling firm Redwood Materials has cut about 135 jobs, roughly 10% of its workforce, as it reshapes its structure to support a rapidly expanding energy storage business, according to a report by TechCrunch. The move follows an earlier round of layoffs five months ago, when the company trimmed 5% of its staff. It also comes just three months after Redwood Materials raised $425 million in fresh funding, pushing its valuation past $6 bill…

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

The company is restructuring some teams to accommodate a booming energy storage business, according to emails viewed by TechCrunch.