Redwood Materials has appointed Deepak Ahuja as its new CFO, bringing a familiar Tesla pedigree to the battery recycling and energy storage firm. However, while the tech world buzzes with IPO talk, Ahuja is keeping his feet on the ground, stating that an IPO is 'too early' to discuss.

Despite Redwood’s impressive recent funding round, valued at over $6 billion, Ahuja is cautious due to the company’s strong current investor base. ‘The crème de la crème of investors’ already supports the firm, and new ones are expected to join in, he says.

The appointment comes amid a restructuring that has seen key executives leave Redwood Materials. The company is pivoting towards its energy storage business as it continues to manage its workforce reductions from 135 employees due to the restructure.

Ahuja’s background in finance and his close relationship with Redwood’s founder, JB Straubel, make him an ideal fit for the role. He’s excited by the potential impact of Redwood’s technology on climate solutions and energy needs but remains pragmatic about public market expectations.