Ascend Elements has announced an additional equity investment of $162 million, building upon its recent $542 million funding, reaching a total of $704 million over the past year. This substantial financial boost comes from notable investors such as Just Climate, Clearvision Ventures, and IRONGREY, highlighting the confidence in Ascend Elements’ innovative approach to battery recycling and material production.
The company, under the leadership of CEO Mike O'Kronley, is set to advance the construction of its Apex 1 facility in Hopkinsville, Kentucky, marking it as North America's first sustainable cathode precursor (pCAM) manufacturing site, slated to open in early 2025. This project, supported by the U.S. Department of Energy and underpinned by the Bipartisan Infrastructure Law (BIL), aims to produce essential battery materials for up to 750,000 electric vehicles annually, using a groundbreaking process that recycles spent lithium-ion batteries.
Ascend Elements' Hydro-to-Cathode(R) direct precursor synthesis technology is at the forefront of this initiative, offering a more sustainable alternative to traditional battery material production methods by utilizing black mass from recycled batteries. This innovative process not only reduces carbon emissions but also enhances economic efficiency by bypassing several intermediary steps found in conventional manufacturing processes.
The technology's potential has been recognized by Just Climate's Managing Director, Aruna Ramsamy, who commended Ascend Elements for its role in fostering circularity within the rapidly growing electric vehicle sector. With this new funding, Ascend Elements is poised to significantly contribute to the global transition towards zero carbon emissions, cementing its position as a leader in sustainable battery material production.
