Ascend Elements adds $162M for recycling lithium-ion batteries
Description
On February 20, 2024, Ascend Elements announced it had raised an additional $162 million led by Just Climate, Clearvision Ventures, and IRONGREY, bringing its total funding to $704 million in a 12-month equity round. The company aims to reduce carbon emissions by recycling lithium-ion batteries into essential materials and new batteries, ultimately accelerating the commercialization of electric vehicles.
The investments will primarily support Ascend Elements' Apex 1 facility in Kentucky, set to become the first sustainable cathode precursor (pCAM) manufacturing facility in the United States. Upon completion in 2025, the facility will produce sustainable pCAM and CAM (cathode active materials) from black mass, the output of lithium-ion battery recycling facilities, using their patented Hydro-to-Cathode® process.
Supported by the U.S. Department of Energy and the Bipartisan Infrastructure Law (BIL), the facility is expected to produce enough pCAM and CAM to supply batteries for approximately 750,000 electric vehicles annually.
Leadership:
Mike O’Kronley - Chief Executive Officer
Eric Gratz Ph.D. - Chief Technology Officer
Andrew Aberdale - Chief Financial Officer
Ian Braime - Chief Commercial Officer
Investors:
Just Climate - an investment business that focuses on climate solutions that can reduce emissions for the benefit of people everywhere.
Clearvision Ventures - a private investment firm formed by entrepreneurs dedicated to helping other entrepreneurs build category leading companies.
IRONGREY - a global investment firm that empowers entrepreneurs in building innovative and disruptive businesses.
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