Ascend Elements, a leader in sustainable battery materials has secured an additional $162 million in equity investments, further bolstering its position in the market. This funding round, which includes support from notable investors such as Just Climate, Clearvision Ventures, and IRONGREY, follows closely on the heels of the company's impressive $542 million funding round in September 2023.
Headquartered in Westborough, MA, it has secured an additional $162 million in funding for its innovative, sustainable battery materials solutions. This latest funding round raised the total to $704 million and saw backing from prominent investors, including Just Climate, Clearvision Ventures, and IRONGREY. The company's ambitious plans involve expediting the construction of its cutting-edge Apex 1 EV battery materials manufacturing facility in Hopkinsville, Kentucky.
Under the leadership of CEO Mike O'Kronley, Ascend Elements specializes in sustainable, closed-loop battery materials solutions. From pioneering EV battery recycling initiatives to the large-scale production of lithium-ion battery precursor (pCAM) and cathode active materials (CAM), the company is committed to revolutionizing the production of environmentally friendly lithium-ion battery materials. Utilizing its proprietary Hydro-to-Cathode® direct precursor synthesis technology, Ascend Elements can manufacture new pCAM from spent lithium-ion cells with unprecedented efficiency, resulting in cost savings, enhanced performance, and reduced greenhouse gas emissions.
Specializing in lithium-ion battery recycling and the production of advanced battery materials with reduced carbon footprint, Ascend Elements is at the forefront of innovation in the industry. Their focus on engineering battery precursor and cathode active materials tailored for electric vehicle applications marks a significant step toward sustainability in the transportation sector, traditionally reliant on mined metals.
The influx of capital will be pivotal in expediting the construction of Ascend Elements' groundbreaking Apex 1 EV battery materials manufacturing facility in Kentucky. Anticipated to commence operations in early 2025, the Apex 1 facility is poised to become North America's premier sustainable cathode precursor manufacturing hub. With a capacity to supply sustainable lithium-ion battery precursor and cathode active materials for up to 750,000 electric vehicles annually, the facility spans an impressive 1 million square feet, underscoring Ascend Elements' commitment to driving the adoption of environmentally conscious solutions in the automotive industry.