Sustainable battery materials provider Ascend Elements announced today that it has raised $460 million in a Series D equity funding round, with proceeds from the financing to accelerate the company’s production of U.S.-engineered lithium-ion materials for electric vehicle batteries.
According to the company, combined with $82 million in equity investments earlier this year, the financing marks one of the largest cleantech equity private placements in the U.S. so far this year.
Founded in 2015, Westborough, Massachusetts-based Ascend Elements provides closed-loop battery materials solutions, ranging from EV battery recycling to commercial-scale production of lithium-ion battery precursor (pCAM) and cathode active materials (CAM). The company produces new cathode materials from spent lithium-ion cells, utilizing a proprietary technology that is more efficient than current methods, enabling lower costs, improved performance, and reduced emissions.
Ascend Elements said that the new financing rounds, along with $480 million of U.S. Department of Energy grants received by the company last year as part of the Bipartisan Infrastructure Law, will be used for the construction of a new Kentucky-based facility, which the company said will be the first sustainable CAM and pCAM manufacturing in North America. The company added that the 1 million square foot facility will produce sustainable pCAM for 750,000 electric vehicles annually, when complete.
Mike O’Kronley, CEO of Ascend Elements, said:
“Our sustainable lithium-ion battery materials will power EV batteries and accelerate the global transition to zero carbon emissions. Together, we are investing in North America’s critical EV battery infrastructure and bringing good manufacturing jobs back to the United States.”
The new funding round was led by Decarbonization Partners, Temasek, and Qatar Investment Authority (QIA), and included participation from investors including Tenaska, Alliance Resource Partners, PULSE – CMA CGM Energy Fund, BHP Ventures, Fifth Wall, Hitachi Ventures, Mirae Asset, At One Ventures, Agave Partners, and Alumni Ventures.
Dr. Meghan Sharp, Global Head of Decarbonization Partners, said:
“We are excited to invest in Ascend Elements, which has established itself as a leader in the fast-growing sustainable battery materials space that is vital to accelerating the electrification of transport. We are pleased to collaborate on this investment alongside our JV partner, Temasek, and look forward to supporting Ascend Elements’ continued expansion and technological innovation.”