Ascend Elements is celebrating after raising $162 million in new equity investments, bringing the company’s 12-month funding total up to $704 million.
According to a news release, major investors include Just Climate, Clearvision Ventures and IRONGREY. The new funding will advance construction of Ascend Elements’ Apex 1 facility in Hopkinsville which will be North America’s first sustainable cathode precursor—or pCAM—manufacturing facility open in early 2025. When complete, the 1-million-square-foot facility will produce sustainable pCAM and cathode active materials for up to 750,000 electric vehicles per year.
The project is supported in part by U.S. Department of Energy and the Bipartisan Infrastructure.
pCAM and CAM are engineered materials made to precise microstructure specifications for use in electric vehicle batteries.
CEO Mike O’Kronley says, “I’d like to thank our new and existing partners for investing in North America’s critical EV battery infrastructure. This diverse group of leading climate investors and industry partners underscores the confidence that the market has placed in our business. By recycling lithium-ion batteries and making new, engineered battery materials with lower carbon emissions, Ascend Elements is accelerating the global transition to zero carbon emissions.”