Ascend Elements, a Westborough, MA-based manufacturer of sustainable, engineered battery materials for electric vehicles, raised $542M in funding.
The round, which included $460M in Series D investments and $82M of additional investments raised earlier this year, was led by Decarbonization Partners, Temasek, and Qatar Investment Authority (QIA). Other investors included Tenaska, Alliance Resource Partners, PULSE – CMA CGM Energy Fund, BHP Ventures, Fifth Wall, Hitachi Ventures, Mirae Asset, At One Ventures, Agave Partners, Alumni Ventures and other leading global investors.
The company intends to use the funds to advance construction of its Apex 1 facility in Hopkinsville, Kentucky.
Led by CEO Mike O’Kronley, Ascend Elements is a provider of sustainable, closed-loop battery materials solutions. From EV battery recycling to commercial-scale production of lithium-ion battery precursor (pCAM) and cathode active materials (CAM), the company is working for a production of sustainable lithium-ion battery materials. Its proprietary Hydro-to-Cathode® direct precursor synthesis technology produces new pCAM from spent lithium-ion cells, resulting in reduced cost, improved performance, and lowered GHG emissions.
Over the last twelve months, Ascend Elements has achieved several milestones, including signing its first commercial scale pCAM contract, starting construction of its Apex 1 facility, and securing two U.S. Department of Energy (DOE) grants. In June 2023, the company signed a $1 billion contract to supply sustainable pCAM starting in Q4 2024 with options to expand the multi-year contract to a larger quantity with a value of up to $5 billion. In October 2022, Ascend Elements began construction of its Apex 1 facility on a 140-acre site in southwest Kentucky. When complete, the 1-million-square-foot facility will produce enough sustainable pCAM for 750,000 electric vehicles per year.
The company was also awarded two U.S. Department of Energy grants totaling $480 million, part of the Bipartisan Infrastructure Law (BIL) in October 2022.
FinSMEs
12/09/2023