Ascend Elements Raises $162M for US Lithium-Ion Battery Materials

In a continuation of one of last year's most significant cleantech private equity placements, Ascend Elements has today announced the successful raising of $162 million in new equity investments. Key investors in this round include Just Climate, Clearvision Ventures, and IRONGREY. This fresh equity financing brings the company's total funding over the past 12 months to $704 million, including the substantial $542 million funding round led by Decarbonization Partners, Temasek, and Qatar Investment Authority in September 2023. Ascend Elements extends its gratitude to both new and existing partners for their contributions to bolstering North America's critical EV battery infrastructure.

The diverse consortium of leading climate investors and industry partners reflects the market's confidence in Ascend Elements' endeavors. By adopting innovative approaches such as recycling lithium-ion batteries and manufacturing new, engineered battery materials with reduced carbon emissions, Ascend Elements is spearheading the global transition towards zero carbon emissions. The company's commitment to sustainable practices is evident through its pioneering technology, which converts spent lithium-ion batteries into essential materials vital for the production of new batteries.

With the construction of its first pCAM facility underway in the United States, Ascend Elements stands poised to revolutionize the supply chain of critical battery materials, thereby expediting the proliferation of electric vehicles. The company's Hydro-to-Cathode® technology represents a sustainable solution for the production of crucial battery materials, championing circularity in an industry poised for significant expansion. Ascend Elements looks forward to the continued support of its partners as it navigates its growth trajectory.

The newly secured funding will accelerate the construction of Ascend Elements' Apex 1 facility in Hopkinsville, Kentucky. Scheduled to become North America's first sustainable cathode precursor (pCAM) manufacturing facility, the Apex 1 facility is slated to commence operations in early 2025. Once operational, the 1-million-square-foot facility will have the capacity to produce sustainable pCAM and CAM (cathode active materials) for up to 750,000 electric vehicles annually. Notably, the project receives support from the U.S. Department of Energy and the Bipartisan Infrastructure Law (BIL).

pCAM and CAM represent engineered materials manufactured to precise microstructure specifications for use in electric vehicle batteries. While the majority of these materials are conventionally produced in China from primary (mined) metals, Ascend Elements, based in the United States, is pioneering an ultra-efficient method to produce sustainable pCAM and CAM from black mass—the traditional output of lithium-ion battery recycling facilities. Ascend Elements' patented Hydro-to-Cathode® direct precursor synthesis process streamlines the cathode manufacturing process, offering significant economic and carbon reduction benefits while ensuring performance on par with materials sourced from primary (mined) reserves.