
Ascend Elements raises $162 million in new equity investments, propelling the advancement of North America's first sustainable cathode precursor manufacturing facility. This funding, supported by major investors including Just Climate and Clearvision Ventures, brings the company's total funding over the past 12 months to an impressive $704 million.
The investment will primarily fuel the construction of Ascend Elements' Apex 1 facility in Hopkinsville, Kentucky, set to become North America's inaugural sustainable cathode precursor manufacturing facility. Scheduled to commence operations in early 2025, the 1-million-square-foot facility will produce sustainable cathode precursor (pCAM) and cathode active materials (CAM) for an estimated 750,000 electric vehicles annually.
Ascend Elements' innovative approach involves transforming spent lithium-ion batteries into critical materials required for the production of new batteries. Through their patented Hydro-to-Cathode® technology, the company aims to promote circularity in the battery industry, reducing reliance on primary metals while championing sustainability.
The move marks a significant shift in the electric vehicle battery supply chain, as Ascend Elements focuses on producing sustainable pCAM and CAM domestically in the United States. With support from the U.S. Department of Energy and the Bipartisan Infrastructure Law, the company aims to enhance the accessibility and efficiency of battery manufacturing, contributing to the broader goal of accelerating the global adoption of electric vehicles.
Investors are optimistic about Ascend Elements' potential to disrupt the industry, with peer-reviewed studies confirming the performance parity between their recycled battery materials and those sourced from primary metals. The Series D funding round was facilitated by Goldman Sachs & Co. LLC, underscoring growing confidence in Ascend Elements' vision for a more sustainable future.
Source: tdworld.com