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Ascend Elements raises $200 million to recycle EV batteries

Dan Primack of Axios reports that Ascend Elements has raised $200 million.

The C3 Take
  • 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.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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