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‘Too early’ to talk IPO, Redwood Materials’ incoming CFO says

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Redwood Materials has finally found a new chief financial officer roughly a year and a half after its last one departed. He’s a familiar face to the former Tesla executives running the battery recycling and energy storage company.

On Monday, Redwood Materials said it has hired former Tesla finance chief Deepak Ahuja as its new CFO. Ahuja joins an executive team that includes Tesla’s former CTO (JB Straubel, Redwood’s founder and CEO) and former Tesla powertrain vice president Colin Campbell (Redwood’s CTO), among a number of other Tesla expats throughout the ranks. Most recently, Ahuja was chief finance and business officer at drone company Zipline.

But despite Ahuja’s many years running Tesla’s finances, and a hot IPO market for anything remotely related to AI data centers, he tells TechCrunch that it’s “too early” to talk about going public.

“Naturally, an IPO is a potential outcome for any private company, and we’ll talk about it when the time is right,” he said. Part of his caution, he said, was because Redwood Materials has so far had no trouble raising money from blue-chip investors. The company in January closed a $425 million Series E funding round that brought its total capital raised to more than $2 billion and its valuation to over $6 billion. It also added Google’s and Nvidia’s venture arm to its cap table.

“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. But I also expect that new investors will see what Redwood is doing, and they’ll get equally excited, and will want to come in and invest and offer us, perhaps, good terms as well.”

Ahuja’s appointment comes at a pivotal moment for Redwood Materials. The company recently lost its chief operating officer (another former Tesla exec) to retirement, along with at least three other vice presidents. Those executives left amidst a restructuring that affected 10% of its workforce (or around 135 employees), as TechCrunch first reported last month, while the company shifts resources toward its rapidly growing energy storage business.

Ahuja told TechCrunch he is “excited by very innovative technology solutions that impact our climate [and] that address our energy needs,” and he’s stayed close with Straubel since the pair left Tesla in 2019. In fact, Ahuja told TechCrunch that he’s a “small investor” in Redwood Materials.

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“In so many ways, it felt like a natural fit, in terms of the energy storage business, the recycling business — all of these are such critical needs for our country and our society that it felt like the right place to be,” he said.

There is an undeniable amount of hype around AI, with SpaceX about to go public, OpenAI and Anthropic rumored to be considering IPOs, and billions of dollars being raised to build data centers. Redwood’s energy storage business is initially targeted at helping AI data centers manage their power loads, though Ahuja said he’s not worried about getting swept up in the exuberance.

“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. “We’re dealing with hardware here, which, by definition, brings a certain degree of sanity” compared to what’s happening at the software-focused AI companies, he added.

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Party Deregistration: ADC youth wing petitions NJC, demands Lifu’s removal

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The National Youth Wing of the opposition African Democratic Congress, ADC) has written a formal petition against Justice Peter Odo Lifu, demanding his removal “from any and all adjudicatory matters, reviews, or decision-making roles concerning the ADC.”

The petition, dated June 18, 2026, was addressed to the Executive Secretary, National Judicial Council (NJC), and signed by the ADC’s national youth leader, Comrade Balarabe Rufai. 

While reading the content of the petition to media in front of the ADC National Secretariat, Comrade Rufai, who was represented by Comrade Ibrahim Garba Wala, alleged that there were attempts to prevent them from submitting the petition at the NJC. 

According to him, all roads leading to the NJC, on Thursday were barricaded by heavily armed security agents; hence, the need to present the petition to the public. 

The petition reads, “We demand the immediate, total removal of Hon. Justice Peter Odo Lifu from any and all adjudicatory matters, reviews, or decision-making roles concerning the ADC. Furthermore, given his pattern of flagrant judicial rascality, we explicitly demand that the National Judicial Council recommend his absolute dismissal from the Nigerian judiciary to preserve the fading credibility of the bench.

“Our democratic architecture is under a coordinated assault by compromised custodians of the law. Under suit number FHC/ABJ/CS/2637/2026, Hon. Justice Peter Odo Lifu delivered a highly controversial ruling ordering the Independent National Electoral Commission (INEC) to deregister the ADC and four other political parties. This judgment is not an honest legal error; it is a calculated, politically motivated act designed to shrink the democratic space in Nigeria and artificially consolidate a two-party monopoly.”

While lamenting what he described as “legal distortions and judicial rascality tying Justice Lifu to this systemic compromise,” the ADC Youth leader said, “Justice Lifu brazenly proceeded with this judgment despite a binding Court of Appeal order that explicitly stayed proceedings on this matter, a move that subverts the sacred doctrine of stare decisis and constitutes gross misconduct.”

“The bench looked away as the plaintiffs, the Incorporated Trustees of the National Forum of Former Legislators, clandestinely altered their legal personality midway through the process without a valid court order.

“While the NJC has previously dismissed certain claims due to standard procedural hurdles, the persistence of these identical accusations across multiple petitions—including those by the Chairman of the Boot Party—proves a systemic erosion of public trust.

“We cannot watch the political rights of millions of young Nigerians be auctioned off by compromised benches. The continuous involvement of Justice Lifu in ADC affairs completely destroys public trust and makes a mockery of fair hearings. As the protectors of our nation’s future, we declare that when the bench compromises its integrity, the youth will become the courtroom of public conscience. The ballot box belongs to us, and we will not allow any court to rob us of our political expression.”

“Until the Council acts to protect institutional integrity, enforces discipline, completely recuses this individual from our affairs, and begins the process for his immediate sack from the bench. Respectfully submitted on behalf of the Nigerian youth during a live protest.”

This comes as Lifu, in a judgment, ordered the Independent National Electoral Commission to deregister five opposition parties, including ADC. 

However, following widespread condemnation, the appeal court ordered a stay of execution of the judgment. 

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IPCR, SFCG urge action to save democracy from conflict drivers

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The Institute for Peace and Conflict Resolution (IPCR) and Search for Common Ground (SFCG) have called for efforts to address conflict drivers threatening democracy.

The organisations made the call on Thursday in Abuja at a joint news conference to commemorate the 2026 Democracy Day.

The Director-General of IPCR, Dr Joseph Ochogwu, said democracy remained the best form of government and depended on active citizen participation.

According to him, weak civic engagement, voter apathy and poor democratic culture continue to challenge democratic consolidation in Nigeria.

Mr Ochogwu said IPCR’s conflict assessments showed that many pressures on democracy stemmed from citizen disengagement rather than democracy itself.

He urged Nigerians, especially youths, to participate actively in elections and governance processes to strengthen democratic institutions.

The IPCR boss described electoral violence, intimidation and coercive political practices as serious threats to democratic development.

He called on political actors, electoral institutions, security agencies, media organisations and civil society groups to promote peaceful political engagement.

Mr Ochogwu also expressed concern over the increasing monetisation of politics, saying it excluded ordinary citizens from meaningful participation.

He identified terrorism, banditry, organised crime and violent extremism as major threats undermining governance and public confidence in institutions.

Responding to questions, Mr Ochogwu said insecurity would not prevent the conduct of elections in 2027.

He urged Nigerians not to lose hope in the country and to continue supporting democratic processes.

The Director of Programmes, Search for Common Ground,  Gift Omoniwa, said protecting democracy required addressing insecurity and conflict drivers.

Mrs Omoniwa said banditry, kidnapping and violent extremism continued to threaten peace, stability and democratic governance across Nigeria.

She stressed the need for inclusive approaches that address root causes of conflict and promote peaceful coexistence.

According to her, vulnerable youths remain targets for recruitment by violent groups, posing risks to national security and democracy.

She advocated greater youth empowerment, economic opportunities and meaningful participation in governance processes.

Mrs Omoniwa disclosed that SFCG and IPCR recently conducted conflict assessments in Benue, Nasarawa, Plateau and Taraba states.

She said the findings were being shared with stakeholders to support evidence-based interventions and conflict prevention efforts.

The interventions include strengthening early warning systems, peace committees and livelihood programmes in affected communities.

Mrs Omoniwa expressed confidence that the measures would support peaceful and credible elections in 2027.

She reaffirmed SFCG’s commitment to working with government institutions, civil society groups and communities to promote peace and democratic governance. 

(NAN)

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