Former Tesla CFO Deepak Ahuja joins EV battery recycler Redwood Materials

Redwood Materials, a pioneering firm in electric vehicle battery recycling founded by Tesla board member JB Straubel, has appointed Deepak Ahuja as its new Chief Financial Officer. Ahuja's extensive background at Tesla, where he served as CFO twice from 2008 to 2019, positions him well to contribute to Redwood's ambitious vision. In an interview with CNBC, Ahuja emphasized that his long-standing relationship with Straubel was a significant factor in his decision to join the startup. 'I have great respect for JB as a leader and innovator,' he said. Ahuja's familiarity with Redwood's leadership team, many of whom hail from Tesla, gives him confidence as he embarks on this new journey. He acknowledged that while the transition will be a learning experience, he is motivated by the various growth avenues available to the company. Founded in 2017, Redwood Materials has achieved remarkable success, securing over $2.3 billion in funding from prominent investors including Google and Microsoft, and receiving a noteworthy $2 billion loan commitment from the Department of Energy. With a current valuation exceeding $6 billion, the company is making strides in the recycling of critical minerals essential for consumer electronics and electric vehicles. Ahuja praised Redwood's commitment to keeping vital resources like lithium and cobalt within the U.S., stating, 'The scale of this growth and the critical need for it in our country is incredibly motivating.' After leaving Tesla in 2019, Ahuja held CFO roles at Verily Life Sciences and Zipline, the latter being a leader in drone deliveries that recently raised $800 million, enhancing his expertise in the tech sector. Redwood Materials is revolutionizing the recycling industry by transforming end-of-life batteries from electric vehicles and electronic devices into raw materials for new battery production. They are also advancing energy storage solutions, utilizing repurposed batteries to store renewable energy. Ahuja pointed out that the increasing demand for energy storage systems, particularly amid the U.S. data center boom, underscores the importance of Redwood’s mission. Despite recent challenges, Ahuja remains optimistic about the future of electric vehicles in the U.S. market. Redwood is actively forming partnerships with major automakers like Ford and Rivian, and has established a significant microgrid project in Texas, touted as the world's largest deployment of second-life batteries. As Redwood Materials continues to navigate the evolving landscape of energy and recycling, the company is positioned for continued growth and innovation.