Redwood Materials Welcomes Former Tesla CFO as IPO Talks Remain on Hold

TL;DR

• Redwood Materials has hired Deepak Ahuja, former Tesla CFO, as its new chief financial officer, reuniting him with founder JB Straubel.
• The appointment comes amid company restructuring, including recent layoffs, as it focuses on expanding its energy storage business.
• Ahuja dismisses IPO speculation, stating it's "too early" to discuss going public despite a favorable market.

A Tesla Veteran Returns to Battery Tech

Redwood Materials, the battery recycling and energy storage powerhouse founded by Tesla co-founder JB Straubel, has bolstered its leadership with a high-profile hire. Deepak Ahuja, who served as Tesla's CFO for 11 years across two stints, is stepping in as the company's new chief financial officer. This move not only brings seasoned financial expertise but also reunites Ahuja with Straubel, his former colleague from Tesla's early days.

Ahuja's track record is impressive: he guided Tesla through its blockbuster 2010 IPO and navigated the company's explosive growth. His latest roles include CFO at Alphabet's Verily and chief business and financial officer at drone delivery firm Zipline. Now, at Redwood, he's poised to steer finances during a critical growth phase.

Leadership Shake-Up Amid Restructuring

The timing of Ahuja's arrival couldn't be more pivotal. Redwood Materials recently underwent a major overhaul, laying off about 135 employees—roughly 10% of its workforce—in late April. This restructuring is redirecting resources toward Redwood Energy, the company's fast-growing energy storage division, which is capitalizing on surging demand for grid-scale batteries.

The company has also seen several senior executives depart, prompting Straubel to rebuild the C-suite. Ahuja joins a team already stacked with Tesla alumni, including former Tesla powertrain VP Colin Campbell as CTO. This influx of ex-Tesla talent underscores Redwood's ambition to disrupt the battery supply chain through recycling and sustainable materials production, reducing reliance on mined resources.

IPO Buzz? Not So Fast

With Ahuja's IPO experience and a red-hot market for tech and AI-related stocks—especially those tied to data centers—speculation about Redwood going public has been rife. However, the incoming CFO is pouring cold water on the hype. In comments to TechCrunch, Ahuja said it's "too early" to talk about an initial public offering, signaling a focus on operational milestones over Wall Street fanfare.

Redwood, founded in 2017 after Straubel left Tesla, has raised hundreds of millions in private funding and counts major partners like Panasonic and Ford among its backers. Yet, with recent workforce cuts and executive churn, stabilizing the business appears to be priority one before any public debut.

What's Next for Redwood Materials

Ahuja's credentials send a strong signal: Redwood is gearing up for its "next phase of growth." The company's closed-loop battery recycling process—recovering up to 95% of critical materials like lithium, cobalt, and nickel—positions it as a key player in the EV and renewable energy boom. As energy storage demand skyrockets, Redwood Energy could become its crown jewel.

Straubel's vision remains clear: build a domestic battery materials ecosystem to power the clean energy transition. With Ahuja at the financial helm, investors will watch closely for signs of scaling success—and perhaps, one day, those IPO lights. For now, though, it's heads down, building mode.

AndroGuider Team

Articles written by the AndroGuider team. We try to make them thorough and informational while being easy to read.