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4w ago

Redwood Materials Names Deepak Ahuja CFO

The Tesla veteran steps in during a pivot to energy storage following recent layoffs.

Lithium powder from recycled batteries at the Redwood Materials recycling and manufacturing facility in McCarran, Nevada, US, on Friday, March 22, 2024. Redwood plans to manufacture enough of cathode active material, responsible for a third of the cost of a battery, to build more than 1.3 million EVs a year by 2028, in addition to other battery components that have never been made in the US before. Photographer: Emily Najera/Bloomberg
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Overview

  • Redwood Materials, which announced the hire Monday, appointed former Tesla finance chief Deepak Ahuja as chief financial officer.
  • Ahuja said it is too early to discuss an IPO, pointing to strong support from current backers.
  • The appointment follows a restructuring last month that cut about 10% of jobs as the company shifts resources to its energy storage unit.
  • Redwood has raised more than $2.3 billion, holds a valuation above $6 billion, and secured a $2 billion Department of Energy loan commitment.
  • The company is scaling second-life battery systems, including a 12 MW, 63 MWh microgrid in Abilene, Texas for Crusoe to help meet data center power needs.