Closed-loop battery materials solutions provider Ascend Elements announced today that it has raised $162 million in new capital investment, with proceeds earmarked to support the construction of a new 1 million ft. sustainable lithium-ion manufacturing plant squares in Kentucky.
Founded in 2015, Westborough, Massachusetts-based Ascend Elements provides closed-loop battery materials solutions ranging from EV battery recycling to commercial-scale production of lithium-ion battery precursors (pCAM) and cathode active materials (CAM). The company produces new cathode materials from used lithium-ion cells using a proprietary technology that is more efficient than current methods, enabling lower costs, better performance and reduced emissions.
According to Ascend Elements, the new Hopkinsville, Kentucky-based Apex 1 project, scheduled to open in early 2025, will be North America's first sustainable pCAM manufacturing facility, producing sustainable pCAM and CAM for up to 750,000 electric vehicles per year. The project is supported in part by the U.S. Department of Energy and the Bipartisan Infrastructure Act.
Ascend Elements CEO Mike O'Kronley said:
“I would like to thank our new and existing partners for investing in North America’s critical EV battery infrastructure. This diverse group of leading climate investors and industry partners underscores the confidence the market has placed in our business. By recycling lithium-ion batteries and manufacturing new battery materials designed with lower carbon emissions, Ascend Elements is accelerating the global transition to zero carbon emissions.”
Lead investors in the new funding round include Just Climate, Clearvision Ventures and IRONGREY. The new equity financing brings the company's 12-month funding total to $704 million, following a $542 million funding round led by Decarbonization Partners, Temasek and Qatar Investment Authority in September 2023.
Aruna Ramsamy, Managing Director, Just Climate said:
“We are supporting a technology that transforms used lithium-ion batteries into critical materials used in creating new batteries. With its first pCAM facility under construction in the United States, Ascend Elements has the potential to unlock the supply of critical battery materials to accelerate the deployment of electric vehicles. Ascend Elements' Hydro-to-Cathode technology offers a sustainable option for producing critical battery materials, championing circularity in an industry that is poised for significant growth. We look forward to supporting Ascend Elements on its growth journey.”
