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    6752   JP3866800000

PANASONIC CORPORATION

(6752)
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Battery recycling firm Redwood raises $700 million from big fund managers

07/28/2021 | 10:15am EDT
FILE PHOTO: Attendees look at a Tesla Model X powered by Panasonic batteries during the 2018 CES in Las Vegas

(Reuters) - Battery recycling startup Redwood Materials has raised $700 million from a group of high-profile fund managers, including T. Rowe Price, Baillie Gifford and Fidelity, the company said on Wednesday.

The four-year-old Nevada firm aims to recover and refine critical materials such as nickel, cobalt and lithium to slash the cost and carbon footprint of battery production while reducing mining of those raw materials, Redwood Chief Executive J.B. Straubel said.

"An important part of our mission is to get these materials back as quickly and efficiently as possible into the battery supply chain -- that's easier said than done," said Straubel, a co-founder of Tesla.

T. Rowe Price, Baillie Gifford and Fidelity all were investors in Tesla, according to investor website PitchBook.

Since 2017, Straubel and his team have raised nearly $800 million, giving the company a valuation of around $3.7 billion, according to a source familiar with Redwood.

The latest funding round included Goldman Sachs, Franklin Templeton, Emerson Collective and Valor Equity Partners, as well as prior investors Amazon, Capricorn and Breakthrough Energy Ventures, whose backers include Microsoft co-founder Bill Gates and Amazon founder Jeff Bezos.

Redwood has partnerships with battery makers Panasonic in Nevada and Envision AESC in Tennessee, as well as Amazon.

The new investment "lets us expand the business dramatically and step our way further up the value chain," Straubel said.

The company is tripling the size of its Carson City, Nevada, facilities and hiring more than 500 people.

"I am very confident that recycling can be a huge lever to improve the emissions footprint of battery manufacturing," Straubel said: "We're hell-bent on making the recycling process absolutely sustainable."

(Reporting by Paul Lienert in Detroit; Editing by Dan Grebler)

By Paul Lienert


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -2.64% 3315.96 Delayed Quote.4.57%
BAILLIE GIFFORD SHIN NIPPON PLC -2.33% 251.5 Delayed Quote.-5.81%
CAPRICORN METALS LTD 0.47% 2.13 End-of-day quote.19.33%
MICROSOFT CORPORATION -3.62% 283.52 Delayed Quote.27.47%
PANASONIC CORPORATION 1.19% 1443 End-of-day quote.21.21%
T. ROWE PRICE GROUP, INC. -4.68% 201.97 Delayed Quote.39.96%
TESLA, INC. -1.74% 777.56 Delayed Quote.10.19%
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Financials
Sales 2022 7 198 B 64 497 M 64 497 M
Net income 2022 238 B 2 137 M 2 137 M
Net cash 2022 364 B 3 263 M 3 263 M
P/E ratio 2022 14,1x
Yield 2022 2,08%
Capitalization 3 367 B 30 248 M 30 175 M
EV / Sales 2022 0,42x
EV / Sales 2023 0,38x
Nbr of Employees 240 202
Free-Float 90,9%
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 1 443,00 JPY
Average target price 1 593,41 JPY
Spread / Average Target 10,4%
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Managers and Directors
Yuki Kusumi President, CEO & Representative Director
Hirokazu Umeda CFO, Director & Managing Executive Officer
Kazuhiro Tsuga Chairman
Yoshiyuki Miyabe Chief Technology & Information Officer
Laurence William Bates Director & Chief Compliance Officer
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