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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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‘Security operatives connive with local militias to kill our people’ – Fulani youth leader alleges

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A Fulani youth leader in Bassa Local Government Area of Plateau State, Umar Yusuf, has accused security operatives of conniving with local militia gangs to kill herders, steal their cows and extort money from them to release the livestock.

Yusuf, who made the allegations during a town hall meeting convened by the Kautal Pulaaku Fulbe Association of Nigeria, KPFAN, on Saturday, said operatives of security agencies in the council go on raids alongside local Irigwe youths where they attack innocent herders, kill them and rustle their cattle.

While speaking during the meeting, Yusuf said the practice has been going on for years and has gotten worse in recent times.

“What has been happening in Bassa and other parts of Plateau State is a very worrisome situation.

“You will be surprised to hear that security personnel connive with local Irigwe militants to attack Fulani herdsmen during raids on Fulani communities,” he said. 

He further alleged that during such raids, some of which end up with casualties, cows are seized from the communities while the owners are later made to pay huge amounts of money to get them back.

“Our cattle are seized and stolen from us and taken to a military camp for days, weeks and sometimes months without an iota of reason for farm encroachment whatsoever.

“We will then have to pay huge sums of money to get them back from the security people. We, the Fulani herders, face severe economic backwardness as a result of this. We deserve protection as much as others,” Yusuf said.

He further alleged that on July 30th, some Fulani herders were attacked by armed Irigwe youths along with some security personnel, during which six cows were killed and others severely injured in an unprovoked attack at Ancha village in the LGA, while a herdsman identified as Muhammadu Rebo was killed while grazing peacefully without encroaching on any farmland.

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Osun Guber: Accord challenges police operations, alleges selective arrest 

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Osun State chapter of the Accord Party has accused the State Police Command of selective policing and targeting its members ahead of the August 15 governorship election.

The party’s position follows the police dismissal of allegations by the Imole Campaign Council that it had compiled a list of political figures for arrest before the governorship poll. 

In a statement signed by the Osun Accord Chairman, Pastor Victor Akande, the party rejected the police’s explanation for recent raids and arrests, alleging that security operations were being used to intimidate its leaders and members rather than tackle criminal activities.

According to the Accord, “the police had departed from their constitutional responsibility by allegedly focusing on members of the party while failing to act against individuals it claimed were linked to the All Progressives Congress (APC).”

The party alleged that individuals such as Kazeem Oyewale, popularly known as Asiri Eniba, and others allegedly connected to the APC had not been subjected to similar security operations despite facing criminal allegations. It further claimed that selective policing was undermining public confidence in the security agencies.

Referring to an incident in Ikire, Accord alleged that one of its members, Taofeeq Akinyemi, who was recently arrested and transferred to the State Criminal Investigation Department, had earlier been shot by an individual identified as Akinkunmi Alabi, also known as Ojuyobo. 

The party claimed Akinyemi survived after receiving medical treatment and questioned why the alleged attacker had not been arrested.

Akande said, “As a political party, we very much support any effort that will put criminals away so as to guarantee a peaceful and free poll, but we will not accept the subtle attempt by the Police to brand the membership of Accord as being criminal.”

The Accord chairman urged the police to review their operations, release what the party described as political detainees, including Akinyemi, and ensure that policing remained impartial throughout the election period.

The Osun State Police Command has also maintained that their operations are strictly aimed at combating crime across the state.

The command denied the existence of any such list and insisted that its operations were not politically motivated.

Responding to the allegations, the Police Public Relations Officer, DSP Abiodun Ojelabi, reiterated that the command had not drawn up any list of politicians for arrest and was not targeting any political party.

Ojelabi said, “We are raiding black spots and criminal hideouts every day to sanitise the environment for the forthcoming election, and this raid is not targeted at any individual, group of persons or political party. It is targeted at criminal hideouts. We don’t have any list anywhere; the police do not formulate any list.”

He added that the command would continue intelligence-led operations against criminal elements across the state and advised parents to discourage their children from late-night movements and association with individuals with criminal records. 

Ojelabi also noted that the proposed joint security task force announced by the state government had yet to commence operations.

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