Big Idea: 

Ascend Elements, a closed-loop battery materials provider, has secured $162 million in new equity investments, contributing to a total of $704 million raised over the past 12 months, with significant backing from Just Climate, Clearvision Ventures, IRONGREY, Decarbonization Partners, Temasek, and Qatar Investment Authority. This investment supports a 1-million square foot lithium-ion battery plant in Kentucky.

Why It Matters: 

By recycling lithium-ion batteries and manufacturing new, engineered battery materials, Ascend addresses the need for sustainable practices within the EV market and promotes a circular economy.

Key Details:

• The company’s proprietary technology transforms spent lithium-ion cells into new, high-performance cathode materials.
• The Apex 1 project in Hopkinsville, Kentucky, will produce materials for up to 750,000 EVs annually, marking it as North America's first sustainable pCAM manufacturing facility.

Ascend Elements CEO Mike O’Kronley expressed gratitude towards partners for their faith in the company’s vision, stating, “By recycling lithium-ion batteries and making new, engineered battery materials with lower carbon emissions, Ascend Elements is accelerating the global transition to zero carbon emissions.”

What's Next: 

With the Apex 1 facility set to commence operations in early 2025, it is expected to produce materials for up to 750,000 electric vehicles annually, with support from the U.S. Department of Energy and the Bipartisan Infrastructure Law.

Dive Deeper: 

The company is pioneering an ultra-efficient method to produce sustainable pCAM and CAM from the black mass, diverging from the conventional production in China from primary metals. This process not only offers economic and carbon reduction benefits but also ensures performance on par with materials sourced from mined reserves.

Flashback: 

This development follows a $542 million funding round in September 2023, highlighting Ascend Elements’ rapid growth and the increasing investor confidence in sustainable technologies.