Elon Musk has been hitting the headlines lately because of two companies he recently started up: his Boring Company and his brain-hacking venture Neuralink. The serial entrepreneur has been very busy lately, what with SpaceX’s recent accomplishments and the latest developments in Tesla. And speaking of Tesla, rumor has it that there’s another new venture in the works.

Evidence about this new initiative comes from an SEC filing which revealed a $2 million investment in a recently incorporated firm called Redwood Materials. According to a write-up by CB Insights, this supposed new company doesn’t involve Musk directly, just some of Tesla’s executives: CTO JB Straubel and Special Projects head Andrew Stevenson. Both Straubel and Stevenson are listed as executives of Redwood Materials, with the latter as CFO.

The Califronia-based firm describes itself as focused on “advanced technology and process development for materials recycling, remanufacturing, and reuse.” Could Redwood Materials be Tesla’s entry into the recycling industry, as part of its efforts to make manufacturing greener?

Until Tesla official says anything about it, we can only surmise what connections it has — if any — to Redwood Materials. It’s possible though, especially since Stevenson once mentioned in a speech that “re-thinking the materials supply chain” is an area of innovation for Tesla. Recycling materials could well be useful for Tesla’s vehicle and solar technologies.