SpaceX cuts a deal to maybe buy Cursor for $60 billion
SpaceX and Cursor are now working closely together to create the world’s best coding and knowledge work AI.
The combination of Cursor’s leading product and distribution to expert software engineers with SpaceX’s million H100 equivalent Colossus training supercomputer will allow us to build the world’s most useful models.
Cursor has also given SpaceX the right to acquire Cursor later this year for $60 billion or pay $10 billion for our work together.
SpaceX and Cursor are now working closely together to create the world’s best coding and knowledge work AI.
The combination of Cursor’s leading product and distribution to expert software engineers with SpaceX’s million H100 equivalent Colossus training supercomputer will allow us to build the world’s most useful models.
Cursor has also given SpaceX the right to acquire Cursor later this year for $60 billion or pay $10 billion for our work together.
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#SpaceX #cuts #deal #buy #Cursor #billion
It’s been a difficult time in the battery industry lately. Earlier this month, battery recycler Ascend Elements filed for Chapter 11 bankruptcy protection, citing “insurmountable” financial challenges. Some battery-makers have also restructured or gone out of business as the automotive industry in the U.S. has backed away from its most optimistic and ambitious plans to transition to electric vehicles.
But Redwood Materials founder and CEO JB Straubel told employees that this new round of cuts is not a sign that the company is heading down the same path.
“Redwood today is the strongest it’s ever been,” Straubel wrote in an email to the workers who weren’t laid off, according to a copy viewed by TechCrunch. “The materials business is well on its way to profitability and has an exciting roadmap ahead.”
Straubel noted that Redwood “continue[s] to dominate the US battery recycling market” but also touted the company’s “great momentum” in its new energy storage business. Redwood has recently announced deals with Crusoe AI and, most recently, electric automaker Rivian to provide recycled batteries that can be used to power those companies’ facilities. The company declined to comment beyond the contents of Straubel’s email.
In his message, Straubel wrote that “parts of the company have expanded faster than needed to support the direction” of Redwood. As a result, he said Redwood is making cuts across multiple divisions, including the engineering and operations organizations, according to an employee who was granted anonymity to discuss the layoffs.
Techcrunch event
San Francisco, CA|October 13-15, 2026
“We are confident that we can deliver on our critical projects with a smaller team that is more focused,” he wrote. “We have successfully adapted to changes in the market that have bankrupted many of our competitors.”
Straubel went on to write that he is “more excited than ever with our path ahead as we build the most integrated and cost-effective critical materials and energy storage business in the world.”
“This is a self-sustaining business and will continue to make this company more valuable over time. We have the team and the technology to do what no other company can,” he wrote.
Workers who were laid off were told by Redwood’s chief HR officer that the layoffs were made “to sharpen our focus, our work and the size of our teams to support the direction Redwood is going in the future,” according to a copy of her email, which was viewed by TechCrunch.
Employees who were laid off are receiving severance and paid health benefits, according to Straubel’s email, as well as “career transition assistance.”
“I am grateful to the approximately 135 employees who we say goodbye to today — they’ve all contributed to building Redwood,” he wrote.
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.
It’s been a difficult time in the battery industry lately. Earlier this month, battery recycler Ascend Elements filed for Chapter 11 bankruptcy protection, citing “insurmountable” financial challenges. Some battery-makers have also restructured or gone out of business as the automotive industry in the U.S. has backed away from its most optimistic and ambitious plans to transition to electric vehicles.
But Redwood Materials founder and CEO JB Straubel told employees that this new round of cuts is not a sign that the company is heading down the same path.
“Redwood today is the strongest it’s ever been,” Straubel wrote in an email to the workers who weren’t laid off, according to a copy viewed by TechCrunch. “The materials business is well on its way to profitability and has an exciting roadmap ahead.”
Straubel noted that Redwood “continue[s] to dominate the US battery recycling market” but also touted the company’s “great momentum” in its new energy storage business. Redwood has recently announced deals with Crusoe AI and, most recently, electric automaker Rivian to provide recycled batteries that can be used to power those companies’ facilities. The company declined to comment beyond the contents of Straubel’s email.
In his message, Straubel wrote that “parts of the company have expanded faster than needed to support the direction” of Redwood. As a result, he said Redwood is making cuts across multiple divisions, including the engineering and operations organizations, according to an employee who was granted anonymity to discuss the layoffs.
Techcrunch event
San Francisco, CA|October 13-15, 2026
“We are confident that we can deliver on our critical projects with a smaller team that is more focused,” he wrote. “We have successfully adapted to changes in the market that have bankrupted many of our competitors.”
Straubel went on to write that he is “more excited than ever with our path ahead as we build the most integrated and cost-effective critical materials and energy storage business in the world.”
“This is a self-sustaining business and will continue to make this company more valuable over time. We have the team and the technology to do what no other company can,” he wrote.
Workers who were laid off were told by Redwood’s chief HR officer that the layoffs were made “to sharpen our focus, our work and the size of our teams to support the direction Redwood is going in the future,” according to a copy of her email, which was viewed by TechCrunch.
Employees who were laid off are receiving severance and paid health benefits, according to Straubel’s email, as well as “career transition assistance.”
“I am grateful to the approximately 135 employees who we say goodbye to today — they’ve all contributed to building Redwood,” he wrote.
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.
#Exclusive #Redwood #Materials #lays #restructuring #chase #energy #storage #business #TechCrunchBatteries,battery recycling,electric vehicles,EVs,Exclusive,Redwood Materials">Exclusive: Redwood Materials lays off 10% in restructuring to chase energy storage business | TechCrunch
Redwood Materials has laid off around 135 employees, or roughly 10% of its workforce, as it restructures to better accommodate its growing energy storage business, TechCrunch has learned.
The cuts come just five months after Redwood cut 5% of its workforce, and three months after it closed a $425 million funding round that boosted the battery recycling company’s valuation to north of $6 billion, as TechCrunch previously reported.
It’s been a difficult time in the battery industry lately. Earlier this month, battery recycler Ascend Elements filed for Chapter 11 bankruptcy protection, citing “insurmountable” financial challenges. Some battery-makers have also restructured or gone out of business as the automotive industry in the U.S. has backed away from its most optimistic and ambitious plans to transition to electric vehicles.
But Redwood Materials founder and CEO JB Straubel told employees that this new round of cuts is not a sign that the company is heading down the same path.
“Redwood today is the strongest it’s ever been,” Straubel wrote in an email to the workers who weren’t laid off, according to a copy viewed by TechCrunch. “The materials business is well on its way to profitability and has an exciting roadmap ahead.”
Straubel noted that Redwood “continue[s] to dominate the US battery recycling market” but also touted the company’s “great momentum” in its new energy storage business. Redwood has recently announced deals with Crusoe AI and, most recently, electric automaker Rivian to provide recycled batteries that can be used to power those companies’ facilities. The company declined to comment beyond the contents of Straubel’s email.
In his message, Straubel wrote that “parts of the company have expanded faster than needed to support the direction” of Redwood. As a result, he said Redwood is making cuts across multiple divisions, including the engineering and operations organizations, according to an employee who was granted anonymity to discuss the layoffs.
Techcrunch event
San Francisco, CA|October 13-15, 2026
“We are confident that we can deliver on our critical projects with a smaller team that is more focused,” he wrote. “We have successfully adapted to changes in the market that have bankrupted many of our competitors.”
Straubel went on to write that he is “more excited than ever with our path ahead as we build the most integrated and cost-effective critical materials and energy storage business in the world.”
“This is a self-sustaining business and will continue to make this company more valuable over time. We have the team and the technology to do what no other company can,” he wrote.
Workers who were laid off were told by Redwood’s chief HR officer that the layoffs were made “to sharpen our focus, our work and the size of our teams to support the direction Redwood is going in the future,” according to a copy of her email, which was viewed by TechCrunch.
Employees who were laid off are receiving severance and paid health benefits, according to Straubel’s email, as well as “career transition assistance.”
“I am grateful to the approximately 135 employees who we say goodbye to today — they’ve all contributed to building Redwood,” he wrote.
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.
launch, Honor of Kings is now doubling down on the market with a two-pronged strategy. First, build a creator ecosystem, then strengthen its esports pathway. For this, the game has announced the rollout of HOK Studio, alongside the King’s Arise India: KWC at EWC26 Qualifier. Here’s everything you need to know.
HOK Studio to Boost Creator Ecosystem
At the center of this push is HOK Studio, the game’s official creator platform designed to support content creators across formats. This includes short videos, livestreams, tutorials, esports coverage, and more. As part of its initial phase in India, HOK Studio will introduce a Content Creator Incentive Program with rewards exceeding ₹1 crore (₹10 million). Creators can also get access to in-game tokens, exclusive rewards, official promotional support, and even early access to new content.
Dean Huang, the game’s producer, said:
India is a key market for Honor of Kings, and our focus is on building a strong, localised ecosystem that goes beyond gameplay. With HOK Studio, we are committed to developing a program worth an initial ₹10 million, to empower creators who play a critical role in shaping how the game is experienced and shared. At the same time, through initiatives like the KWC at EWC26 Qualifier, we are creating opportunities for Indian players to compete at the highest global level. Together, these efforts reflect our long-term commitment to growing both the creator and competitive ecosystems in India.
EWC Qualifier
Alongside creators, the game is also focusing heavily on competitive play. The King’s Arise India: KWC at EWC26 Qualifier will act as a structured pathway for Indian teams to reach the global stage. Registration for the tournament will run from April 19 to April 26, followed by open qualifiers, playoffs, and offline finals on May 17. The tournament features a prize pool of ₹5 lakh and will eventually select two teams to represent India at the global KWC event, where the total prize pool stands at $3 million.
The competition will follow global formats like Global Ban & Pick, which prevents teams from reusing heroes across matches, and a Bo7 Grand Final with an “Ultimate Battle” tiebreaker. These formats are designed to test strategy, adaptability, and team coordination at the highest level.
launch, Honor of Kings is now doubling down on the market with a two-pronged strategy. First, build a creator ecosystem, then strengthen its esports pathway. For this, the game has announced the rollout of HOK Studio, alongside the King’s Arise India: KWC at EWC26 Qualifier. Here’s everything you need to know.
HOK Studio to Boost Creator Ecosystem
At the center of this push is HOK Studio, the game’s official creator platform designed to support content creators across formats. This includes short videos, livestreams, tutorials, esports coverage, and more. As part of its initial phase in India, HOK Studio will introduce a Content Creator Incentive Program with rewards exceeding ₹1 crore (₹10 million). Creators can also get access to in-game tokens, exclusive rewards, official promotional support, and even early access to new content.
Dean Huang, the game’s producer, said:
India is a key market for Honor of Kings, and our focus is on building a strong, localised ecosystem that goes beyond gameplay. With HOK Studio, we are committed to developing a program worth an initial ₹10 million, to empower creators who play a critical role in shaping how the game is experienced and shared. At the same time, through initiatives like the KWC at EWC26 Qualifier, we are creating opportunities for Indian players to compete at the highest global level. Together, these efforts reflect our long-term commitment to growing both the creator and competitive ecosystems in India.
EWC Qualifier
Alongside creators, the game is also focusing heavily on competitive play. The King’s Arise India: KWC at EWC26 Qualifier will act as a structured pathway for Indian teams to reach the global stage. Registration for the tournament will run from April 19 to April 26, followed by open qualifiers, playoffs, and offline finals on May 17. The tournament features a prize pool of ₹5 lakh and will eventually select two teams to represent India at the global KWC event, where the total prize pool stands at $3 million.
The competition will follow global formats like Global Ban & Pick, which prevents teams from reusing heroes across matches, and a Bo7 Grand Final with an “Ultimate Battle” tiebreaker. These formats are designed to test strategy, adaptability, and team coordination at the highest level.
#Honor #Kings #Launches #HOK #Studio #Esports #Qualifier #IndiaKrafton">Honor of Kings Launches HOK Studio and Esports Qualifier in India
After its recent launch, Honor of Kings is now doubling down on the market with a two-pronged strategy. First, build a creator ecosystem, then strengthen its esports pathway. For this, the game has announced the rollout of HOK Studio, alongside the King’s Arise India: KWC at EWC26 Qualifier. Here’s everything you need to know.
HOK Studio to Boost Creator Ecosystem
At the center of this push is HOK Studio, the game’s official creator platform designed to support content creators across formats. This includes short videos, livestreams, tutorials, esports coverage, and more. As part of its initial phase in India, HOK Studio will introduce a Content Creator Incentive Program with rewards exceeding ₹1 crore (₹10 million). Creators can also get access to in-game tokens, exclusive rewards, official promotional support, and even early access to new content.
Dean Huang, the game’s producer, said:
India is a key market for Honor of Kings, and our focus is on building a strong, localised ecosystem that goes beyond gameplay. With HOK Studio, we are committed to developing a program worth an initial ₹10 million, to empower creators who play a critical role in shaping how the game is experienced and shared. At the same time, through initiatives like the KWC at EWC26 Qualifier, we are creating opportunities for Indian players to compete at the highest global level. Together, these efforts reflect our long-term commitment to growing both the creator and competitive ecosystems in India.
EWC Qualifier
Alongside creators, the game is also focusing heavily on competitive play. The King’s Arise India: KWC at EWC26 Qualifier will act as a structured pathway for Indian teams to reach the global stage. Registration for the tournament will run from April 19 to April 26, followed by open qualifiers, playoffs, and offline finals on May 17. The tournament features a prize pool of ₹5 lakh and will eventually select two teams to represent India at the global KWC event, where the total prize pool stands at $3 million.
The competition will follow global formats like Global Ban & Pick, which prevents teams from reusing heroes across matches, and a Bo7 Grand Final with an “Ultimate Battle” tiebreaker. These formats are designed to test strategy, adaptability, and team coordination at the highest level.
MacBook Neo, proved ludicrously successful. Under Ternus, Apple has the chance to take the “Neo” name and revitalize all of Apple’s low-end products, from iPads to Apple Watches to iPhones.
Outgoing CEO Tim Cook is still at the helm until Sept. 1. That means this upcoming WWDC, taking place on June 8, will be his last hurrah and his final chance to share his vision for the $4 trillion tech monolith. But Cook was not a hardware guy. Ternus is. The new CEO started his time at Apple as an engineer and worked his way up through Apple’s external displays, AirPods, and iPads and finally to an executive position where he oversaw the Mac’s landmark transition from Intel’s x86 architecture to ARM-based M-series chips.
The M5 MacBook Air is a great value and the M5 Max MacBook Pro offers some of the best performance we’ve seen from a laptop of its size. Both still cost a tidy sum that many consumers still can’t afford. If there’s any one Mac that has Ternus’ stamp of approval, it’s the $600 MacBook Neo. It came with a new name that had never been used in Apple’s lexicon. It offered a suite of subtle, though still vibrant, colors we had not had on any Mac product before it. It broke with Apple’s penchant for premium and offered a build quality you can’t get from PCs at this price point.
The ‘Neo’ is a blueprint for a more affordable Apple
Ternus, as Apple’s hardware figurehead, propped up the MacBook Neo. He, not Cook, stood up on stage during the laptop’s New York City showcase back in March and extolled the merits of solid build quality and affordability. Bloomberg’s Mark Gurman wrote that Ternus “urged the company to sell a cheaper laptop that could appeal to a younger generation.” And people loved it. The laptop continues to sell so well that shipping times for either the $600 or $700 version with extra storage space have slipped all the way into May.
The next Apple products may similarly look downstream for a new customer base. Apple’s cheaper products, like the base iPad and Apple Watch SE 3, are still good for what they are. They just don’t spark the imagination. The Neo name could become the term for all of Apple’s lower-end products. Instead of an iPad that receives an iPhone chip and the leftovers of the iPad Air or iPad Pro, Apple could offer some new features that will entice lingering tablet users to upgrade.
The $600 iPhone 17e addressed most of our complaints about the iPhone 16e, but it still lacks many defining iPhone features, like the Dynamic Island and multiple cameras. I could see the next generation of cheap(er) iPhones drop the “e,” add “Neo” in the name, and offer more than just the scraps of the next-generation iPhone 18. Perhaps we could use more colors than just black, white, and a subtle pink.
Apple doesn’t have to abandon premium products. Its next MacBook Pro with the rumored M6 chip could add an OLED display and a touchscreen, and it will likely cost even more than today’s M5 MacBook Pros do should it see the light of day. The supposed foldable iPhone will certainly cost a pretty penny. Apple’s Mac sales slowed down for the past few years until the Neo came along. Ternus has witnessed firsthand how angling products to the cash-strapped masses is enough to turn things around.
MacBook Neo, proved ludicrously successful. Under Ternus, Apple has the chance to take the “Neo” name and revitalize all of Apple’s low-end products, from iPads to Apple Watches to iPhones.
Outgoing CEO Tim Cook is still at the helm until Sept. 1. That means this upcoming WWDC, taking place on June 8, will be his last hurrah and his final chance to share his vision for the $4 trillion tech monolith. But Cook was not a hardware guy. Ternus is. The new CEO started his time at Apple as an engineer and worked his way up through Apple’s external displays, AirPods, and iPads and finally to an executive position where he oversaw the Mac’s landmark transition from Intel’s x86 architecture to ARM-based M-series chips.
The M5 MacBook Air is a great value and the M5 Max MacBook Pro offers some of the best performance we’ve seen from a laptop of its size. Both still cost a tidy sum that many consumers still can’t afford. If there’s any one Mac that has Ternus’ stamp of approval, it’s the $600 MacBook Neo. It came with a new name that had never been used in Apple’s lexicon. It offered a suite of subtle, though still vibrant, colors we had not had on any Mac product before it. It broke with Apple’s penchant for premium and offered a build quality you can’t get from PCs at this price point.
The ‘Neo’ is a blueprint for a more affordable Apple
Ternus, as Apple’s hardware figurehead, propped up the MacBook Neo. He, not Cook, stood up on stage during the laptop’s New York City showcase back in March and extolled the merits of solid build quality and affordability. Bloomberg’s Mark Gurman wrote that Ternus “urged the company to sell a cheaper laptop that could appeal to a younger generation.” And people loved it. The laptop continues to sell so well that shipping times for either the $600 or $700 version with extra storage space have slipped all the way into May.
The next Apple products may similarly look downstream for a new customer base. Apple’s cheaper products, like the base iPad and Apple Watch SE 3, are still good for what they are. They just don’t spark the imagination. The Neo name could become the term for all of Apple’s lower-end products. Instead of an iPad that receives an iPhone chip and the leftovers of the iPad Air or iPad Pro, Apple could offer some new features that will entice lingering tablet users to upgrade.
The $600 iPhone 17e addressed most of our complaints about the iPhone 16e, but it still lacks many defining iPhone features, like the Dynamic Island and multiple cameras. I could see the next generation of cheap(er) iPhones drop the “e,” add “Neo” in the name, and offer more than just the scraps of the next-generation iPhone 18. Perhaps we could use more colors than just black, white, and a subtle pink.
Apple doesn’t have to abandon premium products. Its next MacBook Pro with the rumored M6 chip could add an OLED display and a touchscreen, and it will likely cost even more than today’s M5 MacBook Pros do should it see the light of day. The supposed foldable iPhone will certainly cost a pretty penny. Apple’s Mac sales slowed down for the past few years until the Neo came along. Ternus has witnessed firsthand how angling products to the cash-strapped masses is enough to turn things around.
#Apples #CEO #Bring #Pro #NeoApple,iPad,iPhone,john ternus,MacBook">Apple’s New CEO Could Bring Us Less Pro, More ‘Neo’
Apple’s new chief, John Ternus, is set to bring hardware back to the fore. The first instance of a true Ternus brainchild, the cheap and vibrant MacBook Neo, proved ludicrously successful. Under Ternus, Apple has the chance to take the “Neo” name and revitalize all of Apple’s low-end products, from iPads to Apple Watches to iPhones.
Outgoing CEO Tim Cook is still at the helm until Sept. 1. That means this upcoming WWDC, taking place on June 8, will be his last hurrah and his final chance to share his vision for the $4 trillion tech monolith. But Cook was not a hardware guy. Ternus is. The new CEO started his time at Apple as an engineer and worked his way up through Apple’s external displays, AirPods, and iPads and finally to an executive position where he oversaw the Mac’s landmark transition from Intel’s x86 architecture to ARM-based M-series chips.
The M5 MacBook Air is a great value and the M5 Max MacBook Pro offers some of the best performance we’ve seen from a laptop of its size. Both still cost a tidy sum that many consumers still can’t afford. If there’s any one Mac that has Ternus’ stamp of approval, it’s the $600 MacBook Neo. It came with a new name that had never been used in Apple’s lexicon. It offered a suite of subtle, though still vibrant, colors we had not had on any Mac product before it. It broke with Apple’s penchant for premium and offered a build quality you can’t get from PCs at this price point.
The ‘Neo’ is a blueprint for a more affordable Apple
Ternus, as Apple’s hardware figurehead, propped up the MacBook Neo. He, not Cook, stood up on stage during the laptop’s New York City showcase back in March and extolled the merits of solid build quality and affordability. Bloomberg’s Mark Gurman wrote that Ternus “urged the company to sell a cheaper laptop that could appeal to a younger generation.” And people loved it. The laptop continues to sell so well that shipping times for either the $600 or $700 version with extra storage space have slipped all the way into May.
The next Apple products may similarly look downstream for a new customer base. Apple’s cheaper products, like the base iPad and Apple Watch SE 3, are still good for what they are. They just don’t spark the imagination. The Neo name could become the term for all of Apple’s lower-end products. Instead of an iPad that receives an iPhone chip and the leftovers of the iPad Air or iPad Pro, Apple could offer some new features that will entice lingering tablet users to upgrade.
The $600 iPhone 17e addressed most of our complaints about the iPhone 16e, but it still lacks many defining iPhone features, like the Dynamic Island and multiple cameras. I could see the next generation of cheap(er) iPhones drop the “e,” add “Neo” in the name, and offer more than just the scraps of the next-generation iPhone 18. Perhaps we could use more colors than just black, white, and a subtle pink.
Apple doesn’t have to abandon premium products. Its next MacBook Pro with the rumored M6 chip could add an OLED display and a touchscreen, and it will likely cost even more than today’s M5 MacBook Pros do should it see the light of day. The supposed foldable iPhone will certainly cost a pretty penny. Apple’s Mac sales slowed down for the past few years until the Neo came along. Ternus has witnessed firsthand how angling products to the cash-strapped masses is enough to turn things around.
![Exclusive: Redwood Materials lays off 10% in restructuring to chase energy storage business | TechCrunch
Redwood Materials has laid off around 135 employees, or roughly 10% of its workforce, as it restructures to better accommodate its growing energy storage business, TechCrunch has learned.
The cuts come just five months after Redwood cut 5% of its workforce, and three months after it closed a 5 million funding round that boosted the battery recycling company’s valuation to north of billion, as TechCrunch previously reported.
It’s been a difficult time in the battery industry lately. Earlier this month, battery recycler Ascend Elements filed for Chapter 11 bankruptcy protection, citing “insurmountable” financial challenges. Some battery-makers have also restructured or gone out of business as the automotive industry in the U.S. has backed away from its most optimistic and ambitious plans to transition to electric vehicles.
But Redwood Materials founder and CEO JB Straubel told employees that this new round of cuts is not a sign that the company is heading down the same path.
“Redwood today is the strongest it’s ever been,” Straubel wrote in an email to the workers who weren’t laid off, according to a copy viewed by TechCrunch. “The materials business is well on its way to profitability and has an exciting roadmap ahead.”
Straubel noted that Redwood “continue[s] to dominate the US battery recycling market” but also touted the company’s “great momentum” in its new energy storage business. Redwood has recently announced deals with Crusoe AI and, most recently, electric automaker Rivian to provide recycled batteries that can be used to power those companies’ facilities. The company declined to comment beyond the contents of Straubel’s email.
In his message, Straubel wrote that “parts of the company have expanded faster than needed to support the direction” of Redwood. As a result, he said Redwood is making cuts across multiple divisions, including the engineering and operations organizations, according to an employee who was granted anonymity to discuss the layoffs.
Techcrunch event
San Francisco, CA
|
October 13-15, 2026
“We are confident that we can deliver on our critical projects with a smaller team that is more focused,” he wrote. “We have successfully adapted to changes in the market that have bankrupted many of our competitors.”
Straubel went on to write that he is “more excited than ever with our path ahead as we build the most integrated and cost-effective critical materials and energy storage business in the world.”
“This is a self-sustaining business and will continue to make this company more valuable over time. We have the team and the technology to do what no other company can,” he wrote.
Workers who were laid off were told by Redwood’s chief HR officer that the layoffs were made “to sharpen our focus, our work and the size of our teams to support the direction Redwood is going in the future,” according to a copy of her email, which was viewed by TechCrunch.
Employees who were laid off are receiving severance and paid health benefits, according to Straubel’s email, as well as “career transition assistance.”
“I am grateful to the approximately 135 employees who we say goodbye to today — they’ve all contributed to building Redwood,” he wrote.
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.#Exclusive #Redwood #Materials #lays #restructuring #chase #energy #storage #business #TechCrunchBatteries,battery recycling,electric vehicles,EVs,Exclusive,Redwood Materials](https://i1.wp.com/techcrunch.com/wp-content/uploads/2023/09/53200897797_87d290a75e_o.jpg?resize=1200%2C800&ssl=1 "Exclusive: Redwood Materials lays off 10% in restructuring to chase energy storage business | TechCrunch
Redwood Materials has laid off around 135 employees, or roughly 10% of its workforce, as it restructures to better accommodate its growing energy storage business, TechCrunch has learned.
The cuts come just five months after Redwood cut 5% of its workforce, and three months after it closed a 5 million funding round that boosted the battery recycling company’s valuation to north of billion, as TechCrunch previously reported.
It’s been a difficult time in the battery industry lately. Earlier this month, battery recycler Ascend Elements filed for Chapter 11 bankruptcy protection, citing “insurmountable” financial challenges. Some battery-makers have also restructured or gone out of business as the automotive industry in the U.S. has backed away from its most optimistic and ambitious plans to transition to electric vehicles.
But Redwood Materials founder and CEO JB Straubel told employees that this new round of cuts is not a sign that the company is heading down the same path.
“Redwood today is the strongest it’s ever been,” Straubel wrote in an email to the workers who weren’t laid off, according to a copy viewed by TechCrunch. “The materials business is well on its way to profitability and has an exciting roadmap ahead.”
Straubel noted that Redwood “continue[s] to dominate the US battery recycling market” but also touted the company’s “great momentum” in its new energy storage business. Redwood has recently announced deals with Crusoe AI and, most recently, electric automaker Rivian to provide recycled batteries that can be used to power those companies’ facilities. The company declined to comment beyond the contents of Straubel’s email.
In his message, Straubel wrote that “parts of the company have expanded faster than needed to support the direction” of Redwood. As a result, he said Redwood is making cuts across multiple divisions, including the engineering and operations organizations, according to an employee who was granted anonymity to discuss the layoffs.
Techcrunch event
San Francisco, CA
|
October 13-15, 2026
“We are confident that we can deliver on our critical projects with a smaller team that is more focused,” he wrote. “We have successfully adapted to changes in the market that have bankrupted many of our competitors.”
Straubel went on to write that he is “more excited than ever with our path ahead as we build the most integrated and cost-effective critical materials and energy storage business in the world.”
“This is a self-sustaining business and will continue to make this company more valuable over time. We have the team and the technology to do what no other company can,” he wrote.
Workers who were laid off were told by Redwood’s chief HR officer that the layoffs were made “to sharpen our focus, our work and the size of our teams to support the direction Redwood is going in the future,” according to a copy of her email, which was viewed by TechCrunch.
Employees who were laid off are receiving severance and paid health benefits, according to Straubel’s email, as well as “career transition assistance.”
“I am grateful to the approximately 135 employees who we say goodbye to today — they’ve all contributed to building Redwood,” he wrote.
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.#Exclusive #Redwood #Materials #lays #restructuring #chase #energy #storage #business #TechCrunchBatteries,battery recycling,electric vehicles,EVs,Exclusive,Redwood Materials")
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