Ascend Elements, a sustainable technology company focused on lithium-ion battery materials, has recently raised an impressive $162 million in new equity investments. With major investors such as Just Climate, Clearvision Ventures, and IRONGREY onboard, this funding brings Ascend Elements’ 12-month funding total to a staggering $704 million.
The CEO of Ascend Elements, Mike O’Kronley, expressed his gratitude to the investors and emphasized the importance of their support in developing North America’s critical EV battery infrastructure. He further highlighted the significance of Ascend Elements’ role in accelerating the global transition to zero carbon emissions by recycling lithium-ion batteries and producing engineered battery materials with lower carbon footprints.
The backing and support received from leading climate investors and industry partners demonstrate the market’s confidence in Ascend Elements’ business model. By transforming spent lithium-ion batteries into vital materials for new batteries, Ascend Elements is making a significant impact on sustainable battery production.
One of the company’s most noteworthy initiatives is the construction of their Apex 1 facility in Hopkinsville, Kentucky. Expected to be open in early 2025, this facility will be North America’s first sustainable cathode precursor (pCAM) manufacturing facility. With a production capacity of up to 750,000 electric vehicles per year, the facility will play a crucial role in expediting the adoption of electric vehicles.
Traditionally, pCAM and CAM (cathode active materials) used in battery production are manufactured in China using primary metals. However, Ascend Elements is revolutionizing the process by producing sustainable pCAM and CAM from black mass, the byproduct of lithium-ion battery recycling. This innovative approach, known as the Hydro-to-Cathode® technology, not only eliminates several intermediary steps in the manufacturing process but also offers significant economic and carbon reduction benefits.
Numerous peer-reviewed studies have proven that Ascend Elements’ recycled battery materials perform just as well as materials derived from primary sources. In addition to transforming the battery industry, the company’s approach contributes to a more sustainable circular economy.
Ascend Elements’ latest funding round was facilitated by Goldman Sachs & Co. LLC, who acted as the sole placement agent for the Series D funding round.
With this substantial financial injection, Ascend Elements is poised to revolutionize the production of lithium-ion batteries, making them more sustainable and accelerating the global shift towards greener transportation.
Ascend Elements: Transforming Battery Production with Sustainable Technology
Ascend Elements, a sustainable technology company focused on lithium-ion battery materials, has recently raised an impressive $162 million in new equity investments. This brings their 12-month funding total to a staggering $704 million. Major investors such as Just Climate, Clearvision Ventures, and IRONGREY are onboard, demonstrating confidence in Ascend Elements’ business model and mission.
Key Terms:
1. Lithium-ion battery materials: Materials used in the production of lithium-ion batteries, which are commonly used in electronic devices and electric vehicles.
2. EV battery infrastructure: Refers to the necessary facilities and components for electric vehicle battery production and usage.
3. Carbon footprints: The amount of greenhouse gas emissions, particularly carbon dioxide, produced by human activities.
Ascend Elements aims to accelerate the global transition to zero carbon emissions by recycling lithium-ion batteries and producing engineered battery materials with lower carbon footprints. This helps in the sustainable production of batteries.
One of Ascend Elements’ notable projects is the construction of their Apex 1 facility in Hopkinsville, Kentucky. This facility, set to open in early 2025, will be North America’s first sustainable cathode precursor (pCAM) manufacturing facility. It will have a production capacity of up to 750,000 electric vehicles per year, playing a crucial role in driving the adoption of electric vehicles.
Key Terms:
4. Cathode precursor (pCAM): Materials used as a starting point for the production of cathodes in lithium-ion batteries.
5. Circular economy: An economic system that promotes the reduction, reuse, and recycling of materials to minimize waste and maximize resource efficiency.
Traditionally, pCAM and cathode active materials (CAM) for battery production are manufactured in China using primary metals. Ascend Elements, however, is revolutionizing the process by producing sustainable pCAM and CAM from black mass, the byproduct of lithium-ion battery recycling. This innovative approach, called Hydro-to-Cathode® technology, simplifies the manufacturing process and provides economic and carbon reduction benefits.
Studies have shown that Ascend Elements’ recycled battery materials perform just as well as materials derived from primary sources. In addition to transforming the battery industry, their approach contributes to a more sustainable circular economy.
Goldman Sachs & Co. LLC facilitated Ascend Elements’ latest funding round as the sole placement agent for the Series D funding round. With this significant financial injection, Ascend Elements aims to revolutionize the production of lithium-ion batteries, making them more sustainable and driving the global shift towards greener transportation.
For more information, visit Ascend Elements’ official website: Ascend Battery Materials.
The source of the article is from the blog maestropasta.cz