Redwood Materials announced a more than $700 million external investment from a selected group of investors who understand Redwood’s mission.

The round was led by funds and accounts advised by T. Rowe Price Associates, Inc. and includes Goldman Sachs Asset Management, Baillie Gifford, Canada Pension Plan Investment Board and Fidelity. In addition, all Series B investors, Capricorn’s Technology Impact Fund, Breakthrough Energy Ventures and Amazon’s Climate Pledge Fund, returned for this round and Valor Equity Partners, Emerson Collective, and Franklin Templeton also participated.

Redwood is creating a closed-loop supply chain for electric vehicles and energy products, making them truly sustainable and continuing to drive down the costs for batteries.

“With this capital, Redwood will be able to accelerate our mission to make battery materials sustainable and affordable, accomplishing the change we need in the world with a circular economy,” said JB Straubel, chief executive officer, Redwood Materials.

Redwood is currently developing processes to produce battery materials to resell into the battery supply chain.

Last month, Redwood announced plans to triple the size of their Carson City facilities to 550,000 sq.ft. and to build another site on 100 acres in the Tahoe-Reno Industrial Center.