Redwood Materials, a Nevada-based e-waste recycling startup, has raised over USD 1 billion in a Series D funding round co-led by Goldman Sachs Asset Management, Capricorn's Technology Impact Fund, and funds and accounts advised by T. Rowe Price Associates. New investors, including OMERS, Microsoft Climate Innovation Fund, and Deepwater Asset Management, also participated in the round. This round brings the company's total equity to USD 2 billion.

The company intends to use the funds to build its capacity, expand the domestic battery supply chain, and enable its customers to purchase battery materials made in the US for the first time.

Analyst QuickTake: The company's focus lies in the expansion of its battery material production capacity by expanding its collection of end-of-life batteries and increasing its refining capacity to recover higher volumes. Redwood Materials’ Series D funding round comes on the heels of securing a USD 2 billion conditional loan from the US Department of Energy in February of this year under the Advanced Technology Vehicle Manufacturing Loan Program.