Ascend Elements has secured an additional $162 million to expand its production of sustainable lithium-ion battery materials in the United States. This investment is part of the company’s broader funding efforts, totaling $704 million over the past 12 months. The latest financial injection will accelerate the construction of the Apex 1 facility in Hopkinsville, Kentucky, marking a significant step forward in North America’s push towards sustainable electric vehicle (EV) battery production.
In September 2023, Ascend Elements announced a $542 million equity round, led by Decarbonization Partners, Temasek, and Qatar Investment Authority. The recent $162 million round includes contributions from Just Climate, Clearvision Ventures, and IRONGREY. CEO Mike O’Kronley expressed gratitude towards the investors for supporting North America’s critical EV battery infrastructure. He highlighted the company’s role in promoting zero carbon emissions through the recycling of lithium-ion batteries and the creation of new, engineered battery materials.
Just Climate’s Managing Director, Aruna Ramsamy, emphasized the importance of Ascend Elements’ technology in transforming used lithium-ion batteries into critical materials for new batteries. The company’s Hydro-to-Cathode® technology is praised for its sustainability and efficiency, offering a circular solution in an industry expected to grow substantially.
The Apex 1 facility, supported in part by the U.S. Department of Energy and the Bipartisan Infrastructure Law (BIL), is poised to become North America’s first sustainable cathode precursor manufacturing facility. Scheduled to open in early 2025, it will produce materials sufficient for up to 750,000 EVs annually. Ascend Elements’ approach to battery material production, which repurposes black mass from battery recycling facilities, stands out for its economic and environmental benefits. This method bypasses several steps in the traditional cathode manufacturing process, resulting in significant carbon reduction and cost savings.
Peer-reviewed studies affirm that Ascend Elements’ recycled battery materials match the performance of those made from mined sources. With Goldman Sachs & Co. LLC as the sole placement agent for the Series D funding round, Ascend Elements, based in Westborough, Massachusetts, reinforces its position as a leader in sustainable, closed-loop battery material solutions. The company’s innovative Hydro-to-Cathode® technology exemplifies its commitment to enhancing the lithium-ion battery industry’s sustainability.
