The new equity financing brings the company’s 12-month funding total to $704mn, including a $542mn funding round held at the end of last year.
“I would like to thank our new and existing partners for investing in North America’s critical EV battery infrastructure,” says Ascend Elements CEO Mike O’Kronley.
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Ascend Elements uses a technology that recycles spent lithium-ion batteries into critical materials that can be re-used in the battery supply chain.
The new funding will help advance construction of the firm’s ‘Apex 1’ cathode precursor (pCAM) facility in Hopkinsville, Kentucky – due to begin production in 2025.
Precursor cathode active material (pCAM) is a substance containing critical components such as nickel and cobalt. It is the precursor material to cathode active material (CAM), one of the main components of lithium-ion batteries.
Current most of the world’s pCAM and CAM are made in from mined metals in China.
Studies have shown that recycled battery materials perform as well as similar materials made from primary sources.
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