Ascend Elements has secured a significant $542 million in a Series D financing round, with the primary objective of transforming recycled lithium batteries into sustainable materials ready for battery production. Spearheaded by Decarbonization Partners, affiliated with BlackRock, and with contributions from funds overseen by Singapore and Qatar, the investment will facilitate the construction of a production plant in Kentucky. The company’s goal is to generate 20 kilotons of precursor cathode active materials (PCAM) annually, with the plant set to be operational by late 2024. Ascend Elements’ forward-thinking strategy aligns with the rising momentum in battery recycling, catering to the surging need for eco-friendly battery components.
News Source: https://techcrunch.com/2023/09/11/battery-recycling-heats-up-with-ascend-elements-542m-series-d/ | TechCrunch
