US engineered materials and lithium-ion battery recycling company Ascend Elements has secured $300 million in funding.
Ascend Elements, a U.S.-based engineering materials and lithium-ion battery recycling company, has announced a $300 million investment, including a $200 million Series C equity investment from an international group of strategic and financial investors. announced that it had secured equity and debt financing.
The funding round was led by Fifth Wall Climate, with participation from SK ecoplant, the environmental arm of South Korean conglomerate SK Group. Other new investors include Oman Investment Authority, Lithium Americas Corporation, GLy Capital Management’s New Mobility Fund, Mirae Asset Capital & LS and Shinhan GIB.
Many investors from previous funding rounds also participated in the latest round, including Hitachi Ventures, Jaguar Land Rover’s InMotion Ventures, TDK Ventures, Orbia Ventures, At One Ventures, TRUMPF Ventures and Doral Energy-Tech Ventures. The funding is in addition to his two grants totaling $480 million recently awarded by the Department of Energy.
This funding and grant will accelerate the commercialization of Ascend Elements’ innovative and proprietary Hydro-to-Cathode™ direct precursor synthesis process, establishing a closed-loop EV battery materials supply chain in North America.
The announcement follows Ascend Elements’ recent plans to invest up to $1 billion to build a sustainable lithium-ion battery materials facility in Hopkinsville, Kentucky. Lithium-ion battery pCAM and sustainable his CAM, enough to equip up to 250,000 electric vehicles per year.
Mike O’ClonleyCEO of Ascend Elements said:
Our investment partners understand the urgent need to produce sustainable lithium-ion battery materials.
“Simply recycling lithium-ion batteries and recovering metals for global commodity markets is not enough. Our patented closed-loop process goes beyond simple battery recycling. We are manufacturing sustainable, high-performance cathode active materials that can be used directly in
Ascend Elements is already profitable at its “Base 1” facility in Georgia, where it processes used batteries and manufacturing scrap. The facility will have an EV battery recycling capacity of 30,000 tons by the end of 2022, which he plans to eventually supply to Apex 1. Kentucky.
The company will recycle more than 150,000 tonnes of lithium-ion batteries annually worldwide by 2026, efficiently and sustainably to produce high-performance customized EV battery cathode active material precursors (pCAM) and active materials. I plan to convert it to (CAM). Meets or exceeds the performance requirements of leading battery manufacturers.
peter geishaFifth Wall partner and co-leader of the Climate Investment team, said:
Ensuring the recyclability of critical and valuable metals in batteries is an essential means of achieving energy independence from fossil fuels.
“We are proud that Ascend Elements manufactures sustainable batteries for both automotive and stationary storage.”
Park Kyung IlCEO of SK Eco Plant said:
The investment continues its strategic partnership with Ascend Elements and lays the groundwork for SK ecoplant as the first shareholder to dominate the global battery recycling industry.
Ibrahim Al Eisri Oman Investment Authority (OIA) Director – Private Equity said:
We are pleased to partner with Ascend Elements to develop and transform the lithium-ion battery recycling industry globally.
“Our investment in Ascend is well aligned with OIA’s strategy to invest in transformative companies in the sector that complement Oman’s Vision 2040 priorities.”
About Ascend Elements
Based in Westborough, Massachusetts, Ascend Elements is a leading provider of sustainable, closed-loop battery materials solutions. From EV battery recycling to commercial scale production of Lithium Ion Battery Precursor (pCAM) and Cathode Active Material (CAM), Ascend Elements is revolutionizing the production of sustainable Lithium Ion battery materials.
The company’s proprietary Hydro-to-Cathode™ direct precursor synthesis technology produces new CAMs from spent lithium-ion batteries more efficiently than conventional methods, reducing costs, improving performance and reducing GHG emissions. It will come true.
Ascend Elements leads the lithium-ion battery industry to a higher level of sustainability by reducing batteries going to landfills and making manufacturing processes cleaner.
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