Redwood Materials has laid off around 135 employees, or roughly 10% of its workforce, in restructuring to focus on its growing energy storage business. This comes just five months after Redwood cut a 5% workforce and three months after it closed a $425 million funding round that boosted the company's valuation to $6 billion. The company's CEO, JB Straubel, stated that the layoffs were made to align with Redwood's focus and size of its teams to support its future. He also highlighted the company’s strong position in the US battery recycling market and its momentum in its new energy storage businesses. Employees are receiving severance and health benefits, as well as "career transition assistance".