Redwood Materials has named former Tesla finance chief Deepak Ahuja as its new chief financial officer, filling a role that had been vacant for roughly a year and a half. Ahuja joins a leadership team already packed with Tesla alumni, including founder and CEO JB Straubel (Tesla’s former CTO) and CTO Colin Campbell (former Tesla powertrain vice president). Despite Ahuja’s deep experience taking Tesla through its own public listing and a frothy IPO market for AI-adjacent companies, he told TechCrunch it is “too early” to discuss Redwood going public.
A familiar face returns to a Tesla-heavy executive team
Ahuja previously served as Tesla’s CFO from 2008 to 2015 and again from 2017 to 2019, overseeing the company’s finances during its early growth and eventual IPO. Most recently, he was chief finance and business officer at drone delivery company Zipline. His return to work with Straubel comes as Redwood Materials undergoes a strategic shift. The company laid off roughly 10% of its workforce (about 135 employees) last month as part of a restructuring that redirected resources toward its rapidly expanding energy storage business. The company also lost its COO, another former Tesla executive, to retirement, along with at least three vice presidents.
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Why an IPO isn’t imminent despite market conditions
Ahuja’s caution around an IPO is notable given the current market environment. SpaceX is preparing to go public, and AI companies like OpenAI and Anthropic are reportedly considering listings. Redwood’s energy storage business is initially targeting AI data centers to help manage power loads, placing it in a sector attracting massive investor interest. But Ahuja emphasized that Redwood has not needed to rush. The company closed a $425 million Series E round in January, bringing total capital raised to more than $2 billion and its valuation to over $6 billion. New investors include Google and Nvidia’s venture arm.
“Redwood has, I’d say, the crème de la crème of investors already, who do have deep pockets,” Ahuja said. “If they’re excited, they’ll fund.” He added that he is a small personal investor in the company.
Working through hype cycles with hardware-level caution
Ahuja and Straubel both lived through multiple boom-and-bust cycles at Tesla, and Ahuja said that experience shapes how they plan to manage Redwood’s growth and messaging. “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,” he said. He contrasted Redwood’s hardware-focused business with the software-driven AI companies generating much of the current IPO excitement, noting that “by definition, [hardware] brings a certain degree of sanity.”
What this means for Redwood’s energy storage push
Ahuja’s appointment signals that Redwood is preparing for a more capital-intensive phase as it scales its energy storage operations. The company’s core business remains battery recycling, but its energy storage arm is now a key growth driver. With Ahuja’s fundraising experience and blue-chip investor relationships, Redwood appears well-positioned to continue raising private capital rather than rushing to public markets. The decision to hold off on an IPO also suggests management believes the company can achieve better terms and valuation by waiting.
Conclusion
Deepak Ahuja’s return to work with JB Straubel at Redwood Materials brings deep financial and IPO experience to a company at a decisive moment. While the market is hungry for AI and energy-related listings, Ahuja is signaling patience. Redwood has ample private capital, blue-chip investors, and a leadership team that has learned from past hype cycles. For now, the focus remains on execution — not on an IPO.
FAQs
Q1: Who is Deepak Ahuja?
Deepak Ahuja is a veteran finance executive who served as Tesla’s CFO from 2008 to 2015 and again from 2017 to 2019. He most recently was CFO and chief business officer at drone company Zipline.
Q2: Why is Redwood Materials not going public now?
Ahuja said it is “too early” to discuss an IPO. The company has raised over $2 billion from top-tier investors and believes it can continue to raise private capital on favorable terms without rushing to public markets.
Q3: What does Redwood Materials do?
Redwood Materials is a battery recycling and energy storage company founded by former Tesla CTO JB Straubel. It recycles lithium-ion batteries and is expanding into stationary energy storage systems, initially targeting AI data centers.
