Redwood Materials - Recycle, Refine, & Re-Manufacture

Weekly Report

October 13, 2023

‍ApeVue50 Index & Sectors YTD Performance (% year-to-date)

‍

Returns for Private Markets (%YTD to 09-Oct-23):

Data = +16.54%

Analytics = +10.89%

Financial = +8.98%

ApeVue50 = +9.56%

SaaS = +22.22%

‍‍

Most Active Names Performance

‍

ApeVue's observed most active names in the secondary market from a consortium of world-class broker-dealers.

‍

ApeVue50 Privates versus Public Benchmarks/ETFs

Public v. Private (12mo)

‍

‍The ApeVue50 tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted index, rebalanced on a monthly basis.

This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and in a more appropriate manner than static selections and weightings criteria.

‍

Stock Spotlight - Redwood Materials

Redwood Materials is pioneering a closed-loop domestic supply chain for lithium-ion batteries. They are doing more than just recycling; they are creating a system in which battery components are manufactured domestically and reused repeatedly.

**Redwood Material’s Closed-loop — Domestic Supply Chain for Lithium-ion Batteries**

‍

Redwood’s Billion Dollar Boost

Redwood recently secured over $1 billion in Series D funding in addition to $2B loan commitment from the Department of Energy.

This funding round, supported by major investors like Goldman Sachs and T. Rowe Price, underscores confidence in Redwood's vision.

‍

Key Insights:

Metal Recovery — Recover 95% of battery elements

✅ By 2025 — Redwood is set to produce sufficient anode and cathode for one million electric vehicles annually.

✅ By 2030 — Redwood is set to produce sufficient anode and cathode for five million electric vehicles annually.

‍

Redwood Materials Secondary Market & Funding Round Data

‍

Redwood Material's Series D Valuation, Current Implied Valuation, Bid:Ask Volume Ratio, and 90 Day Volatility based on ApeVue's Institutional-grade Secondary Market Data

‍

Key Highlights:

Redwood Material's secondary market activity indicates a composite price mid of about $46, or a $4.8B valuation.

Redwood Material's implied valuation is about 12.5% less than the valuation they raised at during their Series D.

The bid/ask ratio for Redwood Materials is currently heavily favoring Asks over the last few quarters, and their volatility is cooling off compared to earlier this year in April/May.