Redwood Materials, the electric vehicle battery recycling startup founded by former Tesla CTO JB Straubel, has appointed Deepak Ahuja, a former Tesla CFO, as its new Chief Financial Officer. Ahuja, who has a long history with Tesla, expressed that his relationship with Straubel and familiarity with the leadership team influenced his decision to join the venture. Redwood has raised over $2.3 billion in funding and boasts a valuation exceeding $6 billion, positioning itself as a key player in the critical minerals market essential for battery production.

The appointment comes as Redwood Materials is pivoting its focus toward energy storage solutions, leveraging its expertise in battery recycling. The company recently underwent a restructuring, cutting its workforce by 10% to streamline operations and enhance its energy division. Ahuja’s experience in navigating high-growth environments at Tesla and other tech firms could be pivotal as Redwood seeks to capitalize on the growing demand for sustainable energy solutions amid the U.S. data center boom.

For market professionals, Ahuja’s leadership may signal a renewed focus on profitability and strategic partnerships, particularly as Redwood continues to engage with major automakers like Ford and Rivian in the energy storage space.

Source: cnbc.com