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Ascend Components, a battery recycling firm, has raised $162 million in fairness investments from Simply Local weather, Clearvision Ventures and IRONGREY, bringing its 12-month funding complete to $704 million.
The brand new funding will likely be used to advance building of the corporate’s Apex 1 plant in Hopkinsville, Kentucky. The 1-million-square-foot plant, which is scheduled to open in early 2025, will create sufficient cathode energetic materials and precursor supplies (pCAM and CAM) per yr to construct roughly 750,000 EVs.
Ascend Components is commercializing a patented hydro-to-cathode direct precursor synthesis course of to make sustainable pCAM and CAM from black mass, the standard output of lithium-ion battery recycling amenities.
“We’re backing a expertise that transforms spent lithium-ion batteries into essential supplies used within the creation of latest batteries,” mentioned Aruna Ramsamy, MD at investor Simply Local weather. “With its first pCAM facility in building within the US, Ascend Components has the potential to unlock the availability of essential battery supplies to speed up the roll-out of EVs.”
Supply: Ascend Components
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