Redwood Materials Taps Ex-Tesla CFO Deepak Ahuja

Redwood Materials has appointed former Tesla finance chief Deepak Ahuja as its new Chief Financial Officer, marking a significant leadership addition approximately 1.5 years after the previous CFO's departure.

Ahuja joins an executive team that notably includes Redwood's founder and CEO, JB Straubel, and CTO Colin Campbell, both former Tesla executives, alongside numerous other former Tesla employees.

Despite the current favorable IPO market for AI-related ventures, Ahuja stated it is "too early" to discuss public offerings. He cited Redwood's consistent success in securing funding from prominent investors as a reason for not rushing an IPO.

The company has amassed over $2 billion in capital, achieving a valuation exceeding $6 billion. Investors like Google and Nvidia's venture arms have recently joined Redwood's cap table.

This appointment occurs during a period of restructuring for Redwood Materials, which recently saw its chief operating officer retire and a 10% workforce reduction. The company is redirecting resources toward its expanding energy storage business.

Ahuja expressed enthusiasm for Redwood's innovative technology solutions addressing climate change and energy needs, highlighting his continued close relationship with JB Straubel since their departure from Tesla in 2019. He also revealed he is a "small investor" in Redwood.

Addressing the hype surrounding AI, Ahuja, alongside Straubel, aims to manage the company mindfully, recognizing the "sanity" that hardware-focused businesses bring compared to software-centric AI companies.