Muscat – The Oman Investment Authority (OIA) has announced an investment in Ascend Elements, a US company that specializes in recycling lithium-ion (li-ion) batteries used in electric vehicles (EVs).
With this development, OIA strives to strengthen its ‘Generational Portfolio’ in order to achieve financial sustainability. It also pursues his OIA quest to access new investment sectors that respond to global trends.
Ibrahim bin Said al Eisri, Director of Private Equity at OIA, said: The Ascend investment aligns well with his OIA strategy of investing in transformative companies in Oman sectors that complement Vision 2040 priorities. ”
He added that the competitive and fast-growing sector is favored by the US, UK and Europe. “This will allow OIA to achieve its goal of partnering with international partners and investors and generating revenue in the pipeline.”
Ascend Elements has developed a new technology for EV battery recycling that focuses on the sustainable use of lithium-ion battery waste and transforms it into high-performance batteries for EVs. This technology reduces battery recycling costs by 50% and carbon emissions by 87%.
After OIA’s investment, the company received a $480 million grant from the US government, represented by the US Department of Energy, as part of an initiative to support the EV battery sector. This has increased the company’s market value and enabled it to partner with many EV battery companies and car brands such as Jaguar, Land Rover, Ford and Tesla.