Redwood Materials

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Battery materials company focused on recycling lithium-ion batteries and producing sustainable battery components for electric vehicles and energy storage.

Redwood Materialsis private — you can’t buy shares. This map shows what you can buy that moves with it, and what moves against it, with dated evidence on every connection.

www.redwoodmaterials.comUpdated 2026-07-16research currentmethodology 2026.07.2Relationship mapping, not a recommendation.

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Decisive takeaway

Strongest public comparable: VanEck Rare Earth/Strategic Metals ETF (REMX) — commodity input. Mining and processing companies for critical battery metals including cobalt, nickel, and lithium that Redwood extracts from recycled batteries.

What just changed

recentMay 11, 2026 Welcoming Deepak Ahuja as Redwood's Chief Financial Officer Read post funding · www.redwoodmaterials.com
recentJun 9, 2026 General Motors becomes first automaker to partner with Redwood across the full battery lifecycle Read post partnership · www.redwoodmaterials.com

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Broader market connections9

Similar public companies, funds, commodities and bonds tied to the same market — a looser connection, clearly labeled.

VanEck Rare Earth/Strategic Metals ETFREMX · NYSE Arca

Commodity inputetfPrice could rise as a substituteDiversified equity fundindirectsource 2026-06-09

26conn

What it captures: Mining and processing companies for critical battery metals including cobalt, nickel, and lithium that Redwood extracts from recycled batteries.
What it misses: Copper is not a rare earth; recycling companies themselves are private; focus on rare earths (lanthanides) with only partial battery metal exposure.
Why the price could rise: May benefit if virgin cobalt and nickel prices rise due to mine supply constraints or geopolitical disruptions — the same scarcity driving automakers toward recycled material suppliers like Redwood.
Why the price could fall: May be harmed if battery recycling achieves 30%+ cobalt supply share by 2030 depressing virgin cobalt prices and mining company margins.

Materiality: medium · Confidence: medium · Medium term (1–3 years)

Expense ratio 0.59% Holding weights are shown only when published by the issuer — the exposure may be material or incidental; check the fund’s current holdings.

View in IBKRverified 2026-07-16

Lithium Carbonate Futures (CME)LITC · CME

Commodity inputfuturePrice could fall as input costs risehigh riskLeveraged derivativedirectsource 2026-06-09inference

25conn

What it captures: Exposure to lithium carbonate price movements that determine input costs for cathode production and competitive positioning of recycled versus virgin lithium.
What it misses: Does not capture lithium hydroxide pricing (different chemistry), battery-grade conversion premiums, or recycling yield rates for lithium recovery.
Why the price could rise: May benefit if lithium prices rise — higher virgin lithium costs increase the value proposition and competitive advantage of Redwood's recycled lithium cathode materials, the same driver that shapes customer economics and sourcing decisions.
Why the price could fall: May be harmed if lithium prices collapse — lower lithium costs reduce the economic advantage of recycled material and may require Redwood to lower cathode material pricing to remain competitive with virgin-sourced suppliers.

Materiality: high · Confidence: high · Medium term (1–3 years)

Advanced instrument — structure-specific risks apply. Disclosures

Root LITC · months Monthly contracts (F,G,H,J,K,M,N,Q,U,V,X,Z) · multiplier 1000

View in IBKRverified 2026-07-16

COMEX Copper Futures (representative)HG · COMEX

Derivative exposurefutureTracks the commodity pricehigh riskLeveraged derivativedirectsource 2026-06-09inference

24conn

What it captures: Direct exposure to copper price movements that determine both input value of recycled copper and output pricing power for anode copper foil.
What it misses: Does not capture refining margins, foil manufacturing costs, or battery-grade purity premiums specific to ultra-thin foil specifications.
Why the price could rise: May benefit if copper prices rise — higher copper values improve the economics of recovery from end-of-life batteries and increase the value proposition of recycled versus virgin material, the same driver that shapes Redwood's copper recovery margins.
Why the price could fall: May be harmed if copper prices fall sharply — lower copper values reduce recycling economics and margins on recovered copper feedstock, potentially making virgin copper foil more cost-competitive against recycled material.

Materiality: high · Confidence: high · Medium term (1–3 years)

Advanced instrument — structure-specific risks apply. Disclosures

multiplier 25000 · physical delivery

View in IBKRverified 2026-07-16

Global X Lithium & Battery Tech ETFLIT · NYSE Arca

Thematic fundetfDiluted — small moves either wayDiversified equity fundindirectsource 2026-06-09inference

17conn

What it captures: Exposure to publicly-traded battery materials, lithium mining, and EV battery supply chain companies that are Redwood's customers and feedstock suppliers.
What it misses: Redwood itself as a private company; recycling-specific exposure is minimal as LIT focuses on upstream mining and downstream cell manufacturers.
Why the price could rise: May benefit if lithium and battery material prices rise due to EV adoption outpacing both virgin mining and recycling supply — the same demand-supply imbalance driving Redwood's feedstock value and customer urgency.
Why the price could fall: May be harmed if successful battery recycling at scale depresses virgin lithium and cobalt prices, reducing mining company revenues that comprise significant fund weight.

Materiality: medium · Confidence: high · Medium term (1–3 years)

Expense ratio 0.75% Holding weights are shown only when published by the issuer — the exposure may be material or incidental; check the fund’s current holdings.

View in IBKRverified 2026-07-16

iShares MSCI Global Metals & Mining Producers ETFPICK · NASDAQ

Commodity inputetfTracks the commodity priceDiversified equity fundindirectinference

16conn

What it captures: Diversified mining companies producing copper and other metals that Redwood recovers from batteries and manufactures into anode foil.
What it misses: Copper represents minority of PICK holdings versus iron ore and bulk commodities; no exposure to specialized copper foil manufacturing.
Why the price could rise: May benefit if copper prices rise due to electrification and grid infrastructure demand — the same copper scarcity making Redwood's recycled copper foil production economically advantageous versus virgin material.
Why the price could fall: May be harmed if recession reduces industrial copper demand or mine supply expansions exceed demand growth, depressing copper prices that underpin Redwood's copper recovery economics.

Materiality: low · Confidence: medium · Long term (3+ years)

Expense ratio 0.39% Holding weights are shown only when published by the issuer — the exposure may be material or incidental; check the fund’s current holdings.

View in IBKRverified 2026-07-16

First Trust NASDAQ Clean Edge Smart Grid Infrastructure ETFGRID · NASDAQ

Thematic fundetfPrice could rise on disruptionDiversified equity fundindirectsource 2026-06-09inference

7conn

What it captures: Renewable energy generation and electric grid infrastructure companies whose growth drives battery storage demand and clean electricity for manufacturing.
What it misses: No direct exposure to battery materials or recycling; energy storage is incidental to renewable generation assets in portfolio.
Why the price could rise: May benefit if renewable energy deployment accelerates requiring grid-scale battery storage systems — the same energy transition driving EV battery demand and Redwood's feedstock volumes.
Why the price could fall: May be harmed if fossil fuel price declines or policy changes slow renewable buildout, reducing long-term battery storage demand and EV adoption rates.

Materiality: low · Confidence: medium · Long term (3+ years)

Expense ratio 0.7% Holding weights are shown only when published by the issuer — the exposure may be material or incidental; check the fund’s current holdings.

View in IBKRverified 2026-07-16

Albemarle CorporationALB · NYSE

SupplierstockPrice could riseEquity growthindirectinference

7conn

What it captures: World's largest lithium producer supplying lithium hydroxide and carbonate that Redwood requires to supplement recycled lithium until end-of-life battery volumes scale.
What it misses: Albemarle is virgin lithium miner and processor, not recycler; business models are complementary in near-term but potentially competitive long-term as recycled volumes grow.
Why the price could rise: May benefit if lithium prices rise from battery demand growth—the same market expansion increasing Redwood's cathode material sales and creating interim need for virgin lithium supplementation.
Why the price could fall: May be harmed if recycled lithium supply scales faster than expected—reducing demand for virgin lithium that currently supplements Redwood's recovered material in cathode production.

Materiality: medium · Confidence: medium · Short term (0–12 months)

View in IBKRverified 2026-07-16

SPDR S&P Kensho Clean Power ETFCNRG · NYSE Arca

Thematic fundetfDiluted — small moves either wayDiversified equity fundspeculativesource 2026-06-09inference

6conn

What it captures: Broad clean energy technology companies including EV manufacturers, solar, wind, and battery technology firms overlapping with Redwood's customer and feedstock supplier base.
What it misses: No direct battery materials or recycling exposure; EV manufacturers are small portion of clean power theme dominated by utilities and renewable generators.
Why the price could rise: May benefit if clean energy policy support and EV adoption accelerate — the same regulatory and demand tailwinds driving battery production volumes and Redwood's feedstock growth.
Why the price could fall: May be harmed if fossil fuel price competition or policy reversals slow clean energy transition, reducing EV sales and long-term battery recycling feedstock availability.

Materiality: low · Confidence: low · Long term (3+ years)

Expense ratio 0.45% Holding weights are shown only when published by the issuer — the exposure may be material or incidental; check the fund’s current holdings.

View in IBKRverified 2026-07-16

VanEck Green Bond ETFGRNB · CBOE

Bond / creditetfBond — income and credit risk, not equity upsideDiversified equity fundindirectinference

2conn

What it captures: Diversified exposure to investment-grade corporate green bonds from issuers funding sustainable projects including battery manufacturing, EV infrastructure, and clean energy — the debt capital ecosystem financing Redwood's customers and partners.
What it misses: Captures sector credit exposure not Redwood-specific relationships; Redwood itself has no public bonds in this ETF; provides no equity upside or direct material supply chain linkage.
Why the price could rise: May benefit if corporate green bond issuance accelerates for EV and battery manufacturing projects — the same capital formation trend that finances Redwood's customer ecosystem and validates circular economy business models.
Why the price could fall: May be harmed if green bond market experiences credit stress or greenwashing backlash reduces institutional allocations — regardless of Redwood's operational success.

Materiality: low · Confidence: medium · Medium term (1–3 years)

Expense ratio 0.2% Holding weights are shown only when published by the issuer — the exposure may be material or incidental; check the fund’s current holdings.

View in IBKRverified 2026-07-16

Long / short mechanisms

Relationship mapping, not a recommendation.

Industrial Electricity Price Surge in Nevada/Southeast US

Energy-price spikeconfidence: mediuminference

Regional power grid strain from competing datacenter and manufacturing loads drives industrial electricity rates up 40-60% in battery belt states. Hydrometallurgical refining and copper foil electrodeposition processes become significantly more expensive per ton of material processed.

COMEX Copper Futures (representative) (HG)price could riseindirect · short term · materiality medium
Higher energy costs raise electrowinning and refining expenses for all copper producers, supporting futures prices through marginal cost floor effects.
Caveats: Copper price driven primarily by global demand, energy is secondary input Futures reflect marginal production costs globally, not US-specific regional power rates
First Trust NASDAQ Clean Edge Smart Grid Infrastructure ETF (GRID)price could riseindirect · medium term · materiality medium
Industrial power price volatility accelerates demand for grid modernization, storage integration, and demand response infrastructure that portfolio companies provide.
Caveats: ETF holdings span diverse grid technologies with varying revenue sensitivity to power pricing Regulatory lag may delay capital deployment despite clear economic signals
SPDR S&P Kensho Clean Power ETF (CNRG)price could riseindirect · medium term · materiality medium
Higher industrial power costs improve economic competitiveness of renewable PPAs and behind-the-meter solar/wind projects that portfolio companies develop.
Caveats: Portfolio includes utilities with mixed exposure to wholesale vs retail pricing Benefit timing depends on contract structures and interconnection queue delays

Redwood may have locked-in power purchase agreements that partially hedge exposure Energy storage deployment experience (per newsroom articles) may enable on-site load management Regional variation: Nevada vs Southeast grid dynamics differ substantially

Virgin Lithium Carbonate Supply Disruption

Key commodity shortageconfidence: mediuminference

Chilean drought constrains brine lithium production while Australian hard-rock capacity lags EV demand growth, creating 18-24 month tightness in battery-grade lithium compounds. Redwood's recycled lithium capacity becomes strategically premium-priced relative to virgin material.

Lithium Carbonate Futures (CME) (LITC)price could risedirect · short term · materiality high
Supply shortfall from primary producing regions drives spot and futures prices higher as cell manufacturers compete for limited battery-grade lithium inventories.
Caveats: CME contract is cash-settled and relatively illiquid, may not perfectly track physical markets Chinese domestic market (largest) operates separately with different pricing dynamics
Albemarle Corporation (ALB)price could risedirect · short term · materiality high
Albemarle's lithium hydroxide and carbonate production benefits from higher realized prices if Chilean/Australian supply tightens globally.
Caveats: ALB also produces bromine and catalysts, lithium is ~60% of revenue Company has Chilean operations that may face same drought constraints in scenario
Global X Lithium & Battery Tech ETF (LIT)price could riseindirect · short term · materiality high
Portfolio miners and lithium processors capture margin expansion from higher lithium prices, offsetting potential headwinds to battery manufacturers also in the ETF.
Caveats: ETF holds both upstream (miners) and downstream (battery makers) with opposite price sensitivities Net exposure depends on portfolio weights between producers and consumers at time of shock

Recycled volumes still small fraction of total market, limiting Redwood's pricing power Customer contracts may have existing price floors/ceilings that cap upside Scenario assumes recycling cost structure remains favorable vs spiking virgin prices

Federal EV Mandate & Recycling Content Requirement

Demand accelerationconfidence: mediuminference

New US regulation mandates 30% recycled content in EV batteries sold domestically by 2028, with accelerated federal fleet electrification targets. Domestic recycling capacity becomes bottleneck as OEMs compete to secure Redwood and competitors' output for regulatory compliance.

VanEck Rare Earth/Strategic Metals ETF (REMX)price could fallindirect · long term · materiality low
Increased recycling penetration reduces marginal demand growth for virgin cobalt and nickel mining, pressuring long-term growth outlook for primary producers in portfolio.
Caveats: REMX focused on rare earths (not cobalt/nickel), substitution effect is indirect Total EV demand growth likely outpaces recycling supply for decade+, keeping virgin demand positive Portfolio includes diverse metals with different recycling displacement risk
iShares MSCI Global Metals & Mining Producers ETF (PICK)price could fallindirect · long term · materiality low
Recycled content mandates shift incremental battery material demand from mined supply (portfolio companies) to secondary/circular sources over multi-year horizon.
Caveats: PICK is diversified across base/precious metals, battery metals are minority exposure Global EV growth likely drives net positive demand for mining sector despite recycling share gains Major miners (BHP, Rio) in ETF have diversification across commodities limiting battery-specific impact
VanEck Green Bond ETF (GRNB)price could riseindirect · medium term · materiality medium
Mandate-driven capacity buildouts accelerate green bond issuance by battery recyclers and EV manufacturers financing domestic circular economy infrastructure.
Caveats: ETF holds diverse green bonds across sectors, battery/auto portion is subset Credit spreads and duration exposure may dominate sector-specific issuance benefits

Regulatory timeline and enforcement mechanisms uncertain Competitors (Li-Cycle, Ascend Elements) may also scale to meet demand, limiting Redwood's market power International trade provisions could allow imported recycled content to qualify

Catalysts

HGAnnouncement of copper foil production capacity expansion or multi-year supply agreements with cell manufacturers that would clarify volume and pricing structure exposure to copper markets
GRNBMajor Redwood customer or battery sector peer issues green bonds for North American battery manufacturing facility financing, expanding ETF exposure to ecosystem.
LITMajor EV OEM announcement of multi-billion dollar battery supply agreement requiring both virgin and recycled materials would validate thesis that ecosystem growth benefits all participants.
GRIDFederal energy storage tax credits or mandates requiring 50+ GWh annual US deployments by 2030 would materially increase second-life battery demand and new cell manufacturing.
CNRGFederal EV tax credit expansion to $12,500 and 50% US market share by 2030 target would validate clean energy policy support strengthening entire ecosystem including battery recycling.
REMXUS or EU critical minerals stockpiling program announcing multi-year purchase agreements for battery-grade cobalt and nickel would validate virgin supply scarcity thesis benefiting miners.
PICKCopper supply deficit exceeding 500kt annually by 2027 due to underinvestment in new mines would validate virgin copper scarcity supporting Redwood's recycled copper value proposition.
LITCAnnouncement of lithium supply agreements with mining companies or disclosure of self-sufficient recycled lithium production capacity that would reduce virgin material dependence

What breaks the thesis

HGDisclosure that all copper foil sales are under long-term fixed-price contracts with no commodity price adjustment mechanisms, fully isolating Redwood from copper price movements
GRNBGreen bond market shifts allocation away from industrial/manufacturing toward renewable generation, reducing battery supply chain credit exposure.
LITBattery recycling achieving >20% global lithium supply share by 2028 causing sustained virgin lithium price depression that hammers mining stocks comprising 40%+ of LIT.
GRIDLong-duration energy storage technologies (flow batteries, compressed air) displacing lithium-ion in grid applications by 2028, eliminating Redwood's second-life battery opportunity.
CNRGFederal EV incentives eliminated and gasoline prices sustained below $2.50/gallon through 2027 causing EV sales plateau and battery production slowdown.
REMXMajor automaker consortium announcing 50% recycled content mandate by 2028 causing virgin cobalt price collapse as mining output exceeds residual demand.
PICKMajor copper mine expansions (Quellaveco, Kamoa-Kakula Phase 3) adding 1Mt+ annual capacity by 2027 creating copper surplus and price collapse below $3.50/lb.
LITCPublic statement that recycled lithium volumes already meet 100% of cathode production needs with no virgin lithium procurement required

Business definition

Redwood Materials operates a circular supply chain for battery materials, recycling end-of-life lithium-ion batteries and manufacturing scrap to recover critical materials like lithium, cobalt, nickel, and copper. The company processes these recovered materials to produce battery-grade anode copper foil and cathode active materials for new battery production. Founded by former Tesla CTO JB Straubel in 2017, Redwood aims to create a closed-loop domestic supply chain that reduces dependence on foreign mining and processing while lowering the environmental impact and cost of battery production for electric vehicles and energy storage systems.

Industries: Battery RecyclingBattery Materials ManufacturingClean TechnologyCircular EconomyElectric Vehicle Supply Chain
Products & services: Lithium-ion battery recyclingAnode copper foil productionCathode active materials manufacturingBattery material refiningManufacturing scrap recovery
Customers: Electric vehicle manufacturersBattery cell manufacturersEnergy storage system providersConsumer electronics companiesAutomotive OEMs
Business model: B2B battery materials recycling and manufacturing

Value-chain decomposition

01
End-of-Life Battery Collection
Sourcing and logistics network for acquiring spent lithium-ion batteries from EVs, consumer electronics, manufacturing scrap, and energy storage systems for recycling input.
02
Battery Disassembly & Sorting
Physical breakdown of battery packs and cells into component parts, separation by chemistry type, and preparation of feedstock for hydrometallurgical processing.
03
Hydrometallurgical Refining
Chemical processing to extract and purify critical battery metals (lithium, cobalt, nickel, copper) from recycled feedstock to battery-grade specifications.
04
Anode Copper Foil Production
Manufacturing ultra-thin copper foil from recycled copper for use as anode current collectors in lithium-ion battery cells.
05
Cathode Active Materials Manufacturing
Production of battery-grade cathode materials (NCM, NCA, LFP precursors) from refined lithium, cobalt, and nickel for cell manufacturing.
06
Battery Cell Manufacturers
Companies that purchase anode foil and cathode materials to assemble lithium-ion battery cells for integration into battery packs.
07
EV & Energy Storage OEMs
Electric vehicle manufacturers and energy storage system providers who integrate battery packs into final products and eventually return end-of-life batteries.
08
Renewable Energy & Grid Infrastructure
Clean electricity generation and transmission systems that power recycling facilities and manufacturing operations with low-carbon energy sources.

Strategic dependencies

What this business materially depends on, upstream and downstream. Inferred dependencies are labeled — they are analytical hypotheses, not confirmed disclosures.

Upstream (inputs & infrastructure)

End-of-life lithium-ion batteriescommodity input · materiality high
Feedstock for recycling operations to recover lithium, cobalt, nickel, and copper that form the basis of Redwood's business model. Known constraint: Limited collection infrastructure and battery retirement volumes currently constrained by EV fleet age.
Manufacturing scrap from battery productioncomponent · materiality high
Critical secondary feedstock from cell manufacturing that provides immediate material recovery volumes before end-of-life batteries scale. Concentrated in battery megafactory locations (Nevada, Southeast US).
Industrial electricity for smelting and refiningenergy · materiality high · inference
Hydrometallurgical and pyrometallurgical processing requires substantial energy input for material recovery and purification to battery grade.
Capital for gigafactory-scale manufacturing facilitiesfinancing · materiality high
Building domestic anode foil and cathode material production capacity requires multi-billion dollar investments in processing infrastructure.
Supplemental virgin lithium compoundscommodity input · materiality medium · inference
Virgin lithium hydroxide or carbonate needed to supplement recycled material until end-of-life battery volumes reach scale. Lithium processing concentrated in China, Chile, Australia. Known constraint: Global lithium supply tightness and price volatility.
Battery recycling regulations and Extended Producer Responsibilityregulatory · materiality medium · inference
Evolving state and federal regulations on battery disposal and recycling mandates determine material flow and competitive positioning.
Specialized metallurgical processing equipmentmanufacturing · materiality medium · inference
Hydrometallurgical reactors, furnaces, and purification systems required for battery-grade material recovery and production. Specialized equipment suppliers concentrated in Europe and Asia.
Reverse logistics for battery collectionlogistics · materiality medium · inference
Transportation network to aggregate end-of-life batteries from dispersed collection points to centralized recycling facilities. Known constraint: DOT hazmat transportation regulations for lithium-ion batteries.

Downstream (customers & demand)

Electric vehicle and battery manufacturerscustomer concentration · materiality high
Concentrated customer base of major OEMs and cell manufacturers represents both upstream feedstock suppliers and downstream material buyers. North American EV manufacturing hubs.
Domestic US battery supply chain developmentgeographic · materiality high · inference
Company strategy depends on localization of EV and battery production in North America creating demand for domestic material sourcing. Known constraint: US battery manufacturing capacity still ramping versus established Asian supply chains.

Omitted categories

closest analogue: The research sweep ran and found no exposure with a sufficiently material and evidenced connection.
competitor substitute: The research sweep ran and found no exposure with a sufficiently material and evidenced connection.
foreign listing: The research sweep ran and found no exposure with a sufficiently material and evidenced connection.
listed private market: The research sweep ran and found no exposure with a sufficiently material and evidenced connection.
partner customer: The research sweep ran and found no exposure with a sufficiently material and evidenced connection.
scenario exposure: No defensible company-specific exposure found — nothing was manufactured to fill it.
strategic investor: The research sweep ran and found no exposure with a sufficiently material and evidenced connection.

Sources

May 11, 2026 Welcoming Deepak Ahuja as Redwood's Chief Financial Officer Read post www.redwoodmaterials.com · undated
Jun 9, 2026 General Motors becomes first automaker to partner with Redwood across the full battery lifecycle Read post www.redwoodmaterials.com · undated

Research completed 2026-07-16 08:40 UTC

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Assumptions and limitations

Public-market exposure to a private company or theme is always indirect and partial.
Connection Scores measure relationship strength to the thesis — not expected return, quality, or a buy rating.
Directional labels describe possible economic transmission mechanisms ("may benefit if…") — they are not predictions or recommendations.
This page is impersonal research — it does not consider anyone's objectives or financial situation.

Change history

v1 · 2026-07-16Auto-published (met evidence-quality thresholds)

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