Ascend Elements, a battery recycling company, has raised $162 million in equity investments from Just Climate, Clearvision Ventures and IRONGREY, bringing its 12-month funding total to $704 million.

The new funding will be used to advance construction of the company’s Apex 1 plant in Hopkinsville, Kentucky. The 1-million-square-foot plant, which is scheduled to open in early 2025, will create enough cathode active material and precursor materials (pCAM and CAM) per year to build approximately 750,000 EVs. 

Ascend Elements is commercializing a patented hydro-to-cathode direct precursor synthesis process to make sustainable pCAM and CAM from black mass, the traditional output of lithium-ion battery recycling facilities. 

“We are backing a technology that transforms spent lithium-ion batteries into critical materials used in the creation of new batteries,” said Aruna Ramsamy, MD at investor Just Climate. “With its first pCAM facility in construction in the US, Ascend Elements has the potential to unlock the supply of critical battery materials to accelerate the roll-out of EVs.” 

Source: Ascend Elements