‘Too early’ to talk IPO, Redwood Materials’ incoming CFO says

Redwood Materials has appointed a new chief financial officer after a year and a half without one. The company has hired former Tesla finance chief Deepak Ahuja for the role. Ahuja joins a team of former Tesla executives at Redwood, including founder and CEO JB Straubel and CTO Colin Campbell. Ahuja most recently served as chief finance and business officer at Zipline.

Despite Ahuja’s extensive experience in managing Tesla’s finances and the current favorable IPO market for AI data centers, he stated that it is too early to discuss the possibility of taking Redwood Materials public. The company has successfully raised funds from major investors, closing a $425 million Series E funding round in January, bringing its total capital raised to over $2 billion and its valuation to $6 billion. Google’s and Nvidia’s venture arms have also joined as investors.

Ahuja emphasized that Redwood already has strong support from investors and is not in immediate need of funding. However, he expressed confidence that new investors would be attracted to the company’s innovative technology solutions and energy initiatives.

Ahuja’s appointment comes at a crucial time for Redwood Materials, as the company undergoes a restructuring and focuses on its energy storage business. Despite recent executive departures, Ahuja remains optimistic about the company’s future and its impact on climate and energy needs.

Ahuja’s interest in Redwood Materials stems from its focus on critical needs such as energy storage and recycling. He believes the company is well-positioned to address societal challenges and contribute to a sustainable future.

While there is significant hype around AI companies and data centers, Ahuja remains grounded in the hardware-focused nature of Redwood’s business. He and JB Straubel are committed to managing the company responsibly and avoiding the hype cycles that often characterize the industry.