U.S.-based battery materials producer Redwood Materials has secured over $1 billion in its recent Series D equity funding round to support the expansion of its domestic battery supply chain in the U.S.

The company’s primary focus revolves around expanding its assortment of end-of-life batteries, augmenting refining capacities to recuperate greater volumes, and leveraging their inherent value to create environmentally responsible products.

The newly acquired Series D investment will be instrumental in advancing the company’s efforts to enhance production capabilities, extend the domestic battery supply network, and enable customers to procure battery components manufactured in the U.S. for the first time.

Supported by this additional financial influx, Redwood will assemble a preeminent technical team in the industry to ensure the execution of sustainable battery material manufacturing.

This funding round was jointly led by Goldman Sachs Asset Management, Capricorn’s Technology Impact Fund, and funds and accounts guided by T. Rowe Price Associates, Inc.

Speaking on the funding round, Sebastien Gagnon, Managing Director in Private Equity with Goldman Sachs Asset Management, said, “As the electrification megatrend continues to accelerate, building a local, sustainable battery materials supply chain is more important now than ever. We believe the Redwood team is well-positioned to become a leader in the battery materials industry. We look forward to working with the company in the coming years and leveraging our firm’s global platform to support Redwood’s growth, which we believe will play an important role in the ongoing energy transition.”

Redwood Materials has raised nearly $2 billion of equity capital to date.

In February this year, the company received a conditional commitment for a $2 billion loan from the U.S. Department of Energy (DOE) to commence the production of anode foil, one of the most crucial components in a battery. DOE released the commitment to Redwood as part of the Advanced Technology Vehicles Manufacturing Loan Program.

Earlier, Redwood Materials had announced that it would work with Toyota Motor North America to create a battery ecosystem across Toyota’s line-up of electrified vehicles that encompasses all steps for full circularity.