Ascend Elements raises another $162M in equity to advance construction of precursor plant

The battery recycler and aspiring battery material producer Ascend Element has raised another $162M in equity to advance the construction of its precursor plant in Hopkinsville, Kentucky. The investors include Just Climate, Clearvision Ventures and INRONGREY. With the investment the company's 12 monts' funding totals $704M.

The plant in Hopkinsville, which is set to be commissioned in early 2025, will have a capacity to produce precursor material to up to 750,000 vehicles per year, which equals over 200,000 tonnes of battery cells in infeed material, if it would be produced from recycled materials.The project is supported in part by U.S. Department of Energy and the Bipartisan Infrastructure Law as a part of the Inflation Reduction Act.