Ascend Elements, a cathode material-recycling company, has raised USD 162 million in a Series D round, with participation from Just Climate, Clearvision Ventures, and IRONGREY.

The funds will support the construction of the Apex 1 EV battery materials manufacturing facility located in Hopkinsville, Kentucky, which is slated for completion by 2025. Once operational, the one-million-square-foot facility will produce sustainable pCAM (cathode precursor materials) and CAM (cathode active materials) for up to 750,000 electric vehicles per year. The project is supported in part by the US Department of Energy and the Bipartisan Infrastructure Law (BIL).

Analyst QuickTake: The company previously raised USD 542 million for the construction of its Apex 1 facility in September 2023. The Apex 1 facility, along with the company’s lithium-ion battery recycling facility in Covington, Georgia , which can process 30,000 metric tons of used batteries annually, represent key pieces of infrastructure that will position Ascend Elements as a leading pCAM and CAM supplier in North America. In June 2023, The company also secured a multi-year contract to supply nearly USD 1 billion worth of sustainable cathode precursor (pCAM) to a US battery manufacturer, starting in Q4 2024.