QIA leads Series D funding for Ascend Elements to accelerate production of recycled EV battery materials


Ascend Elements patented technology transforms battery waste materials into tomorrow’s EV batteries. 

Studies have shown that Ascend Elements’ recycled battery materials perform as well as similar materials made from virgin (or mined) sources while reducing carbon 

emissions by up to 93%.

The proceeds will be used to build North America’s first commercial scale manufacturing facility using this technology. 

Westborough​, Massachusetts​, Doha - September 6, 2023 Qatar Investment Authority (QIA)​ has invested in Ascend Elements, a US-based manufacturer of sustainable, engineered battery materials for electric vehicles, who today announced it has raised $550 million in new equity investments, including $468 million in Series D investments and $82 million of additional investments from earlier this year.

Ascend Elements' Series D round was led by Decarbonization Partners, Temasek, and Qatar Investment Authority (QIA). Other investors include PIMCO, Tenaska, Alliance Resource Partners, Merit France, JM Family Enterprises, BHP, Samsung, Fifth Wall, Oman Investment Authority, Hitachi Ventures, Mirae Asset Capital & LS, At One Ventures, Agave Partners and Alumni Ventures.

The $468 million Series D investment is one of the largest cleantech equity private placements in the United States in 2023, and one of the top 10 equity private investments in the United States this year.

Ascend Elements patented Hydro-to-Cathode™ process manufactures battery materials using the valuable elements reclaimed and recycled from used lithium-ion batteries. The process transforms discarded batteries and manufacturing scrap into active cathode battery material – raising the value of critical elements like lithium, cobalt, and nickel – while driving down cost and carbon emissions.

Several peer-reviewed studies have shown Ascend Elements' recycled battery materials perform as well as similar materials made from virgin (or mined) sources while reducing carbon emissions by up to 93%.

“We are pleased to be investing in Ascend Elements, a proven leader in the manufacturing of engineered battery materials, and a key partner in QIA's efforts to fund the global energy transition," said Mohammed Al-Sowaidi, Chief Investment Officer, Americas at Qatar Investment Authority. “For QIA, this investment follows on from other commitments in the space, including our investment in Xpeng, the electric vehicle manufacturer, Fluence, to accelerate the growth of large-scale battery-based energy storage, and Enel Green Power to build and operate renewable plants in Sub-Saharan Africa."

The funding will advance construction of Ascend Elements' Apex 1 facility in Hopkinsville, Kentucky, which will be North America's first sustainable cathode precursor (pCAM) and cathode active material (CAM) manufacturing facility. CAM and pCAM are engineered materials made to precise microstructure specifications for use in electric vehicle batteries. While most of the world's pCAM and CAM are made in China from primary (mined) metals, US-based Ascend Elements is commercializing an ultra-efficient method to make sustainable pCAM and CAM from black mass, the traditional output of lithium-ion battery recycling facilities. The patented Hydro-to-Cathode® direct precursor synthesis process eliminates several intermediary steps in the traditional cathode manufacturing process and provides significant economic and carbon-reduction benefits. ​