Ascend Elements Secures $162M for Recycled Battery Plant
February 21, 2024, 9:36 am
Battery recycling startup Ascend Elements has secured an additional $162 million in funding to support the completion of its first large-scale recycled battery processing plant. This brings their total funding in the past year to a whopping $704 million.
The latest round of funding drew support from Just Climate, Clearvision Ventures, and IRONGREY, adding to the $542 million raised last fall with Decarbonization Partners, Temasek, and Qatar Investment Authority. Ascend also received $480 million in matching funds from the U.S. Department of Energy.
Ascend Elements is at the forefront of establishing a new manufacturing sector in the U.S. by producing battery materials from recycled lithium-ion batteries. Their upcoming 1-million-square-foot plant in Kentucky, known as Apex 1, is set to open in early 2025 and will focus on producing precursor and cathode active materials for electric vehicle batteries.
Despite traditional advice against using venture funding for construction, Ascend Elements has found venture investment to be crucial in the absence of bank support for innovative projects like theirs. The DOE matching funds have also played a significant role in supporting their ambitious plans.
Led by CEO Mike O’Kronley, Ascend Elements is dedicated to providing sustainable, closed-loop battery materials solutions. Their innovative Hydro-to-Cathode® technology allows for the efficient production of lithium-ion battery precursor and cathode active materials from spent cells, resulting in cost savings, improved performance, and reduced greenhouse gas emissions. With their latest funding boost, Ascend Elements is poised to make a significant impact in the sustainable energy sector.
The latest round of funding drew support from Just Climate, Clearvision Ventures, and IRONGREY, adding to the $542 million raised last fall with Decarbonization Partners, Temasek, and Qatar Investment Authority. Ascend also received $480 million in matching funds from the U.S. Department of Energy.
Ascend Elements is at the forefront of establishing a new manufacturing sector in the U.S. by producing battery materials from recycled lithium-ion batteries. Their upcoming 1-million-square-foot plant in Kentucky, known as Apex 1, is set to open in early 2025 and will focus on producing precursor and cathode active materials for electric vehicle batteries.
Despite traditional advice against using venture funding for construction, Ascend Elements has found venture investment to be crucial in the absence of bank support for innovative projects like theirs. The DOE matching funds have also played a significant role in supporting their ambitious plans.
Led by CEO Mike O’Kronley, Ascend Elements is dedicated to providing sustainable, closed-loop battery materials solutions. Their innovative Hydro-to-Cathode® technology allows for the efficient production of lithium-ion battery precursor and cathode active materials from spent cells, resulting in cost savings, improved performance, and reduced greenhouse gas emissions. With their latest funding boost, Ascend Elements is poised to make a significant impact in the sustainable energy sector.