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May 04, 2017 06:15 AM EDT

Tesla Might Be Working On A New Venture, Material Recycling Could Be The Next Target [VIDEO]

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Elon Musk's Boring company releases map of proposed tunnel to solve traffic in Los Angeles

Tesla and SpaceX founder and CEO Elon Musk has been hitting the frontpage lately because of the news about his newly created Boring Company and the latest development on SpaceX. As with the Tesla, the Palo Alto-based automaker is believed to be behind a new stealth company. Reports said that Tesla has another new venture on the works.

The news about Tesla's new venture comes from a recent SEC filing, which has been captured by the research firm CB Insights. Interestingly, the captured SEC filing revealed a $2 million investment to a months-old, California-based startup called Redwood Materials.

According to CB Insights, the recent SEC filing does not explicitly link the California-based initiative to Tesla but lists high-ranking Tesla official which include JB Straubel (Tesla's CTO) and Andrew Stevenson (Tesla's head of Special Projects) as executive officers of Redwood Materials. Additionally, the document also notes a $2 million investment into the startup from a single undisclosed investor and backer, with a date of April 17, 2017, the Electrek reported.

The California-based Redwood Materials describes itself as a startup with a strong focus on advanced technology and process development for materials recycling, re-using materials. The startup has already raised $2 million from an undisclosed investor in its latest funding round on April. Redwood Materials has been established in 2017 and sold equity on April 17.

Any Tesla connection to Redwood Materials remains to be seen. But Musk reportedly sees the startup as a means to beef up his supply chain, making it more economical and environmentally sound. The Palo Alto-based automaker is currently working hard on its first Gigafactory, which produces battery cells for Tesla vehicles.

Some analysts believe that it still possible that Tesla might be working on a new venture, especially since Stevenson has mentioned some interesting clues in a keynote speech he delivered at Carnegie Mellon last month. In the keynote speech, Stevenson mentioned that "re-thinking the materials supply chain" is an area of innovation that Tesla is trying to explore now.

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