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Ascend Elements raises additional $162 million to manufacture battery materials in the USA

March 14, 2024

Ascend Elements, a company specializing in sustainable, closed-loop battery materials solutions, has announced the successful raising of $162 million in new equity investments.

This follows a previous equity round of $542 million, bringing the company’s total funding over the past 12 months to $704 million. Major investors in this round include Just Climate, Clearvision Ventures, and IRONGREY.

The new funding will be used to advance the construction of Ascend Elements’ Apex 1 facility in Hopkinsville, Kentucky. This facility, set to open in early 2025, will be North America’s first sustainable cathode precursor (pCAM) manufacturing facility. Upon completion, the 1-million-square-foot facility will produce sustainable pCAM and CAM (cathode active materials) for up to 750,000 electric vehicles per year. The project is supported in part by the U.S. Department of Energy and the Bipartisan Infrastructure Law (BIL).

Ascend Elements’ pCAM and CAM are engineered materials made to precise microstructure specifications for use in electric vehicle batteries. Unlike most pCAM and CAM, which are made in China from primary (mined) metals, Ascend Elements uses an ultra-efficient method to make sustainable pCAM and CAM from black mass, a byproduct of lithium-ion battery recycling facilities. This patented Hydro-to-Cathode® direct precursor synthesis process eliminates several intermediary steps in the traditional cathode manufacturing process, providing significant economic and carbon-reduction benefits.

Several peer-reviewed studies have shown that Ascend Elements’ recycled battery materials perform as well as similar materials made from primary (mined) sources. Goldman Sachs & Co. LLC acted as the sole placement agent for the Series D funding round.

CEO Mike O’Kronley of Ascend Elements said, “I’d like to thank our new and existing partners for investing in North America’s critical EV battery infrastructure. This diverse group of leading climate investors and industry partners underscores the confidence that the market has placed in our business. 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.”

Aruna Ramsamy, a Managing Director at Just Climate, added, “We are backing a technology that transforms spent lithium-ion batteries into critical materials used in the creation of new batteries. With its first pCAM facility in construction in the United States, Ascend Elements has the potential to unlock the supply of critical battery materials to accelerate the roll out of electric vehicles. Ascend Elements’ Hydro-to-Cathode® technology provides a sustainable option for production of critical battery materials, championing circularity in an industry that is poised to scale significantly. We’re looking forward to supporting Ascend Elements in its growth journey.”