The latest round of funding builds on a $2 billion federal loan and $1 billion in previous investments. | Redwood Materials

Battery recycler Redwood Materials is not slowing down its plans to keep building out its recycling capacity, and recently netted $1 billion in equity funding.

The money comes after the company received a $2 billion loan from the federal government to build a facility in Nevada and after previous rounds of funding raised a cumulative $1 billion. 

The funding round was led by Goldman Sachs Asset Management, Capricorn’s Technology Impact Fund and funds and accounts advised by T. Rowe Price Associates. New investors included OMERS, Caterpillar Venture Capital, Microsoft’s Climate Innovation Fund and Deepwater Asset Management. 

“We will use our Series D funding to continue building our capacity, expanding the domestic battery supply chain and allowing our customers to purchase battery materials made in the U.S. for the first time,” a press release noted. 

It added that the company is “relentlessly focused on expanding our collection of end-of-life batteries, increasing our refining capability to recover higher quantities and harnessing their value to make the most sustainable products.” 

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