Ascend Elements has successfully raised significant funding across multiple rounds, most recently securing $460 million in September 2023, led by BlackRock, Temasek, and Qatar Investment Authority. Founded in 2015, the company manufactures engineered materials from recycled lithium-ion batteries and battery scrap.
Its proprietary direct precursor synthesis process transforms discarded batteries and manufacturing scrap into active cathode materials, recovering critical elements for reuse in battery production. With a current valuation between $1.37 billion and $1.65 billion, Ascend Elements has become a key player in energy storage and sustainable materials.
What Is Ascend Elements and What Does It Do?
Ascend Elements, founded by Eric Gratz, Yan Wang, and Diran Apelian in 2015, is headquartered in Westborough, Massachusetts, United States. The company manufactures engineered materials from recycled lithium-ion batteries and battery scrap, offering logistics, material-tracking, and customer support services alongside its cathode material production.
The company employs 87 people as of December 31, 2022. Its platform serves energy storage and solid waste management sectors, enabling companies to reuse critical battery elements efficiently. Ascend Elements’ focus on sustainability and advanced materials has positioned it as a leading innovator in the battery recycling and circular economy space.
How Much Funding Has Ascend Elements Raised?
1. Series D
- Amount Raised: $460M
- Date: September 2023
- Lead Investors: BlackRock, Temasek, Qatar Investment Authority, Tenaska, Alliance Resource Partners, CMA CGM, BHP, Fifth Wall, Hitachi Ventures, Mirae Asset, At One Ventures, AgavePartners, Alumni Ventures
- Motivation: To scale production capacity, advance recycling technologies, and expand market reach.
2. Series D
- Amount Raised: $162M
- Date: February 2024
- Lead Investors: Just Climate, Clearvison Ventures, Iron Grey
- Motivation: To fund technology development and operational expansion.
3. Grant
- Amount Raised: $481M
- Date: September 2023
- Lead Investors: OSTI
- Motivation: To support research and development initiatives.
Total Funding Raised: $1.1 Billion
Current Valuation: $1.37 Billion - $1.65 Billion
Latest Funding Date: February 2024
Key Investors
1. BlackRock
- Details: Global investment management firm managing assets for institutions, governments, and individuals.
- Investment Focus Areas: Equities, fixed income, real estate, alternative investments.
- Notable Investments: Nvidia, Microsoft, Apple, Amazon.
2. Temasek
- Details: Singaporean investment company with a diversified global portfolio.
- Investment Focus Areas: Sustainability, energy, technology, and healthcare.
- Notable Investments: CapitaLand Group, PSA Corporation, Adyen N.V.
3. Qatar Investment Authority
- Details: Sovereign wealth fund of Qatar investing globally across sectors.
- Investment Focus Areas: Energy, technology, infrastructure, financial services.
- Notable Investments: Volkswagen Group, Credit Suisse, Canary Wharf Group, Ooredoo.
4. Just Climate
- Details: Focuses on climate-focused investments and sustainable ventures.
- Investment Focus Areas: Renewable energy, carbon reduction technologies, and environmental solutions.
- Notable Investments: ABB E-mobility, H2 Green Steel, Meva Energy
Where Is Ascend Elements’ Headquarters?
Ascend Elements is headquartered in Westborough, Massachusetts, United States, a hub for advanced manufacturing and clean energy innovation. Its location facilitates collaboration with industry partners, research institutions, and supply chain stakeholders.
What’s Next for Ascend Elements?
Ascend Elements is set to expand its production capabilities and scale its proprietary recycling technology to meet growing global demand for sustainable battery materials. With recent funding and a strong investor base, the company aims to enhance its supply chain logistics, drive R&D initiatives, and further strengthen its position in the circular economy. Strategic collaborations and technological innovation will be key to maintaining leadership in the energy storage and battery recycling market.
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