According to the SEC filing, Redwood Materials secured $2 million in funding from a single undisclosed investor in April.
The Califronia-based firm describes itself as focused on "advanced technology and process development for materials recycling, remanufacturing, and reuse".
Nevertheless, a company like Redwood Materials could help the EV maker better control its supply chain and possibly boost production, considering that it will be "recycling materials to be manufactured into different parts", says CNBC.
That's what makes the fact that two Tesla executives are now in charge of a recycling company so interesting.
A bare-bones website also exists for the mysterious company. And speaking of Tesla, rumor has it that there's another new venture in the works.
Both were listed on a new Securities and Exchange Commission Form D filing by the Redwood Materials that was incorporated this year in Delaware.
Tesla could not be immediately reached for comment.
Over the past few years, Tesla has been moving beyond electric cars, and just last year, it acquired solar panel installer SolarCity. In a recent March 2017 keynote address, Stevenson mentioned "re-thinking the materials supply chain" as an area of innovation for the auto company.
Tesla is reportedly linked to Redwood Materials. CBInsights believe that materials efficiencies and innovation could be a focus area for the company, considering Tesla's plan to take its manufacturing for volume production.
But a report from The Verge suggests that it is very likely that Redwood Materials has no direct relationship with Tesla Inc (NASDAQ:TSLA). Though to be fair, Straubel has been known to invest in companies without necessarily any involvement with Tesla, like his backing of a new energy storage startup Axiom Exergy.
Straubel's interest in recycling does, however, have a connection to Tesla, where he spends a good deal of time thinking about the company's use of batteries.