Ascend Elements, a provider of sustainable battery materials, has raised an additional $162 million in equity investments. The funding round came from investors including Just Climate, Clearvision Ventures and IRONGREY and follows the company’s $542 million funding round from September 2023.
The company specializes in recycling lithium-ion batteries and producing new, engineered battery materials with lower carbon emissions. Battery precursor and cathode active materials are made specifically for use in electric vehicle batteries, and they are typically produced from mined metals. Ascend Elements’ new funding will help accelerate the construction of its Apex 1 EV battery materials manufacturing facility in Kentucky.
The Apex 1 facility, set to open in early 2025, will be North America’s first sustainable cathode precursor manufacturing facility. It will produce sustainable lithium-ion battery precursor and cathode active materials for up to 750,000 electric vehicles per year. The facility will span 1 million square feet.
