Ascend Elements closes funding round with over $500 million

The US-based company Ascend Elements, which specialises in the production of new battery materials derived from recycling, has generated a further $542 million in capital from investors.(UPDATE BELOW)

Last year, Ascend Elements had already raised $300 million and secured two grants from the US Department of Energy totalling $480 million. With the fresh capital from the now completed D-financing round, the company will press ahead with the construction of its factory in Hopkinsville in the US state of Kentucky.

In June, Ascend Elements announced a major order worth up to 5 billion US dollars. Ascend further states that is has “achieved several significant milestones” over the last twelve months,” including signing its first commercial-scale pCAM contract, starting construction of its Apex 1 facility, and securing two US Department of Energy (DOE) grants.”

As Ascend Elements states, the funding will be used to advance the construction of Ascend Elements’ ‘Apex 1’ facility in Hopkinsville, Kentucky, which is planned to be North America’s first sustainable cathode precursor (pCAM) and cathode active material (CAM) manufacturing facility, which will then be used in batteries. In order to keep up with competition from China, “Ascend Elements is commercializing an ultra-efficient method to make sustainable pCAM and CAM from black mass.” The company’s patented ‘Hydro-to-Cathode direct precursor synthesis process’ is said to eliminate multiple intermediary steps in the manufacturing process, thus providing significant economic and carbon-reduction benefits, “reducing carbon emissions by up to 93%.”

“Our sustainable lithium-ion battery materials will power EV batteries and accelerate the global transition to zero carbon emissions,” said CEO Mike O’Kronley of Ascend Elements. “Together, we are investing in North America’s critical EV battery infrastructure and bringing good manufacturing jobs back to the United States.”

Update 21 February 2024

Ascend Elements has raised a further $162 million from investors to drive forward the construction of its factory in Kentucky. The main investors in the new round include Just Climate, Clearvision Ventures and Irongrey. Together with the 542 million from last year, Ascend Elements has already raised 704 million US dollars in capital.

prnewswire.com, ascendelements.com (update)