Charged EVs | Ascend Elements raises $162 million for Kentucky plant to create cathode materials from recycled batteries

Ascend Elements, a battery recycling firm, has raised $162 million in fairness investments from Simply Local weather, Clearvision Ventures and IRONGREY, bringing its 12-month funding complete to $704 million.

The brand new funding shall be used to advance development of the corporate’s Apex 1 plant in Hopkinsville, Kentucky. The 1-million-square-foot plant, which is scheduled to open in early 2025, will create sufficient cathode lively materials and precursor supplies (pCAM and CAM) per yr to construct roughly 750,000 EVs. 

Ascend Parts is commercializing a patented hydro-to-cathode direct precursor synthesis course of to make sustainable pCAM and CAM from black mass, the standard output of lithium-ion battery recycling services. 

“We’re backing a expertise that transforms spent lithium-ion batteries into crucial supplies used within the creation of recent batteries,” mentioned Aruna Ramsamy, MD at investor Simply Local weather. “With its first pCAM facility in development within the US, Ascend Parts has the potential to unlock the availability of crucial battery supplies to speed up the roll-out of EVs.” 

Supply: Ascend Elements