(Reuters) -Battery recycling firm Redwood Materials said on Thursday it has closed a $350 million funding round led by venture capital firm Eclipse Ventures, with participation from new investors including Nvidia’s investment arm, NVentures.

The fundraise for Redwood comes at a time when boosting domestic supply of critical materials has become a priority for several countries around the world, while growing use of artificial intelligence technologies have resulted in massive energy demand.

Nevada-based Redwood operates in both those areas – it recovers critical elements including lithium, cobalt, nickel, and copper by recycling batteries, and deploys energy storage systems that provide grid services and power data centers.

“This is a pivotal time for both Redwood and the United States,

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