Breaking: Deepak Ahuja Named CFO of Redwood Materials
Deepak Ahuja, Tesla’s former chief financial officer for 11 years across two stints, has been appointed CFO of Redwood Materials, the battery recycling and energy storage company founded by Tesla co-founder JB Straubel. The hire reunites two of Tesla’s early financial and engineering leaders at a critical juncture for the startup.
Redwood Materials recently laid off 10% of its workforce and lost several senior executives as it pivots toward a fast-growing energy storage business. Ahuja’s arrival signals a push for financial discipline and strategic growth.
Quotes from Analysts and Insiders
“This is a massive vote of confidence for Redwood,” said Samir Khanna, a clean energy analyst at GreenTech Capital. “Ahuja has the pedigree to navigate a company through scaling pains.”
An anonymous source close to Redwood noted: “Deepak’s deep understanding of capital markets and manufacturing finance is exactly what Redwood needs as it shifts focus from recycling to energy storage.”
Background
Deepak Ahuja served as Tesla’s CFO from 2008 to 2015, overseeing the automaker’s IPO and its ramp to profitability. He returned in 2017 to guide Tesla through the Model 3 production hell before retiring again in 2019.
Redwood Materials, founded in 2017 by JB Straubel, initially focused on recycling lithium-ion batteries. In 2023, the company began pivoting toward manufacturing battery components for stationary energy storage systems, leading to the recent layoffs and executive departures.
What This Means
Ahuja’s appointment likely accelerates Redwood’s transition into a dedicated energy storage player. His experience raising capital for Tesla could help Redwood secure additional funding or even prepare for a public listing.
The departure of senior executives and workforce reduction suggest the company is cutting legacy operations to invest in higher-margin storage products. Investors will watch for signs of profitability and market share gains.
Internal Anchor Links
Learn more about the restructuring in our Background section and its implications in What This Means.