Dan Primack of Axios reports that Ascend Elements has raised $200 million.
- Ascend Elements uses a novel process to upcycle materials from old batteries and turn them into new batteries.
- The Massachusetts-based startup claims that its system leads to a 98% recovery rate and a 90% reduction in greenhouse gas emissions, versus new battery production.
- The funding round was led by Fifth Wall Climate and included investors like SK Ecoplant.
“A study by UC Davis researchers found that recycling could meet up to 11% of lithium demand by 2035. Plus up to 18% for cobalt and 17% for nickel. Another white paper, from the International Council on Clean Transportation, concluded that 90% of critical materials needed for EV batteries could be sourced via recycling by 2040.”
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