In a pivotal milestone to drive lithium battery recycling for the clean technology sector, Ascend Elements has successfully secured a $542 million in Series D funding. The funding spearheaded by Decarbonization Partners, Temasek, and Qatar Investment Authority (QIA), signifies a major step forward in reshaping the landscape of sustainable lithium battery recycling on a global scale.
The injection of capital, totaling $542 million, underscores the world’s growing commitment to transforming the lithium battery recycling landscape.
This funding round will serve as a catalyst for Ascend Elements’ global mission to pioneer sustainable lithium battery recycling methods. Leading this charge are industry giants Decarbonization Partners, Temasek, and Qatar Investment Authority (QIA), exemplifying the universal resonance of this endeavor.
Pioneering Sustainable Battery Solutions
At the core of Ascend Elements’ mission lies a relentless pursuit of engineering sustainable battery materials. Their groundbreaking approach, bolstered by Series D investments, aims to reshape the future of lithium battery recycling. This accomplishment marks one of the largest cleantech equity private placements of 2023, underscoring the global community’s commitment to sustainable energy solutions.
Ascend Elements will utilize this funding to expedite the construction of its state-of-the-art Apex 1 facility, located in Hopkinsville, Kentucky. This pioneering facility is poised to become the world’s premier sustainable cathode precursor (pCAM) and cathode active material (CAM) manufacturing center, addressing the burgeoning demand for lithium battery recycling worldwide.
Lithium Battery Recycling
The hallmark of Ascend Elements lies in its innovative approach to producing pCAM and CAM materials. While China currently dominates the market with materials sourced from primary (mined) metals, Ascend Elements champions an ultra-efficient method that repurposes black mass, a byproduct of lithium-ion battery recycling.
Their patented Hydro-to-Cathode® direct precursor synthesis process streamlines cathode manufacturing, offering both economic advantages and significant reductions in carbon footprint.
Founded just eight years ago, Ascend Elements has rapidly emerged as a dominant player in the global battery recycling market. With this latest funding round, the company not only solidifies its position but also establishes high benchmarks for industry competitors worldwide.
A Global Imperative, Lithium Battery Recycling
The importance of lithium battery recycling cannot be overstated. It is recognized as a global imperative, providing a path to sustained growth in the electric vehicle market while reducing dependence on raw materials, especially those controlled by China.
The United States Department of Energy has committed $192 million to support battery recycling technology, reflecting the nation’s recognition of the sector’s importance. This substantial investment trend extends beyond borders, with India witnessing strong investor interest in local startups focused on battery recycling, including Attero, Lohum, and BatteryX.
Pioneering Sustainable Mobility Solutions Globally
Beyond expanding its manufacturing capabilities, Ascend Elements actively forges partnerships aimed at driving sustainable mobility solutions worldwide. The company recently entered into a significant contract with Freudenberg e-Power Systems, a leading supplier of emission-neutral energy systems for heavy-duty applications.
This collaboration emphasizes Ascend Elements’ dedication to sustainability, environmental responsibility, and economic efficiency, aligning with the global shift towards eco-friendly energy solutions.
Ascend Elements’ journey to revolutionize lithium battery recycling is underpinned by innovative technologies, substantial funding, and strategic global partnerships.
With an unwavering commitment to sustainability, reduced environmental impact, and economic efficiency, the company is poised to redefine the future of lithium-ion battery manufacturing worldwide and play a pivotal role in propelling the growth of the global electric vehicle industry.
- Rivian gets a $1.5 billion incentive from the government for its manufacturing plant in Georgia
- Apple looking towards China for batteries supply for its future EV
- Orkes, a fully managed cloud platform relying on Netflix’s Conductor, bags $9.3 million in seed funding
- Group 14 technologies bags additional $214 million in its Series C funding
- HyAxiom ignites innovation with $150M funding round for fuel cell solutions