Redwood Materials appointed Deepak Ahuja, a former Tesla finance chief, as its new Chief Financial Officer, yet he emphasizes it is "too early" to discuss an IPO.
Deepak Ahuja Joins Redwood Materials
The company announced on Monday that Ahuja would join the executive team, which already includes former Tesla CTO JB Straubel, the founder and CEO, and former Tesla powertrain VP Colin Campbell, now CTO at Redwood. Ahuja most recently served as chief finance and business officer at Zipline.
Despite the favorable IPO market, Ahuja told TechCrunch, "Naturally, an IPO is a potential outcome for any private company, and we'll talk about it when the time is right." He added that Redwood has successfully raised funds from high-profile investors without needing to go public. In January, Redwood closed a $425 million Series E funding round, elevating its total capital to over $2 billion and its valuation to above $6 billion. This funding round included investments from Google and Nvidia's venture arms.
Investor Confidence and Company Restructuring
Ahuja remarked, "Redwood has, I'd say, the crème de la crème of investors already, who do have deep pockets." He expects that new investors will also be drawn to the company's efforts and will invest under favorable terms.
The appointment of Ahuja comes during significant changes at Redwood. The company recently saw the retirement of its COO and at least three vice presidents amidst a restructuring that affected 10% of its workforce, around 135 employees. This move is part of a strategic shift towards expanding its energy storage business, as first reported by TechCrunch last month.
Focus on Innovation and Stability
Ahuja expressed enthusiasm for Redwood's innovative solutions impacting climate and energy needs, citing his long-standing relationship with Straubel since both left Tesla in 2019. Ahuja is also a "small investor" in Redwood Materials, which he believes is well-positioned in the critical areas of energy storage and recycling.
While the AI sector is buzzing with IPO activity, including SpaceX's upcoming public debut and rumors about OpenAI and Anthropic, Ahuja is cautious about following that trend. Redwood's energy storage solutions are designed to assist AI data centers in managing power loads, but Ahuja remains focused on steady growth and messaging.
Managing Hype and Growth
"I think JB and I both have seen so many cycles of hype and disillusion in our lives that we're going to be very mindful and conscious of how we message, how we manage, and how we grow the company," Ahuja stated. He emphasized that working with hardware naturally brings more stability compared to the volatile software-focused AI market.
Source: https://techcrunch.com/2026/05/11/too-early-to-talk-ipo-for-redwood-materials-incoming-cfo-says/
