{"id":74556,"date":"2022-10-31T02:06:59","date_gmt":"2022-10-31T02:06:59","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/10\/31\/oman-investment-authority-invests-in-us-lithium-ion-battery-recycling-company\/"},"modified":"2022-10-31T02:06:59","modified_gmt":"2022-10-31T02:06:59","slug":"oman-investment-authority-invests-in-us-lithium-ion-battery-recycling-company","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/10\/31\/oman-investment-authority-invests-in-us-lithium-ion-battery-recycling-company\/","title":{"rendered":"Oman Investment Authority invests in US lithium-ion battery recycling company"},"content":{"rendered":"

<\/a> US lithium-ion battery recycling company <\/strong>Ascend Elements<\/a><\/strong> has secured USD 300 <\/strong>mn in equity and debt financing<\/strong>, it said in a statement<\/a>. USD 200 mn of the total investment consists of series C equity funding \u2014 with investors including the Oman Investment Authority<\/a> \u2014 the statement noted, without giving any information about the size of funding from individual investors or their equity stakes. No further information was provided on the remaining USD 100 mn. Ascend was also recently awarded<\/a> two grants totaling USD 480 mn from the US Department of Energy.<\/p>\n

The <\/strong>series<\/strong> C funding will \u201caccelerate construction\u201d of Ascend\u2019s new EV battery material <\/strong>facility in Kentucky<\/strong> \u2014 which it plans to invest<\/a> up to USD 1 bn. Ascend is targeting production in the new facility of enough of the lithium-ion core materials<\/a> CAM and pCAM from recycled batteries to equip up to 250k EVs per year, the statement noted.<\/p>\n

Who else is investing: <\/strong>The funding round was led by US-based VC fund Fifth Wall<\/a> \u2014 which recently closed<\/a> a USD 500 mn climate fund \u2014 and joined by investors including South Korea\u2019s SK Ecoplant<\/a> and Mirae Asset Capital<\/a>, Israel\u2019s Doral Energy-Tech Ventures<\/a>, Hong Kong-based GLy Capital Management\u2018s<\/a> New Mobility Fund, and US-based TD Ventures<\/a>, Lithium Americas Corporation<\/a> and Orbia Ventures<\/a>.<\/p>\n

Who are Ascend Elements?<\/strong> The company recycles used lithium-ion batteries by extracting, refining, and selling core materials for new battery manufacture, according to its website<\/a>. It expects to recycle over 150k metric tons of lithium-ion batteries per year globally by 2026 and is already generating revenue and processing end-of-life batteries at a facility in Georgia that is targeting 30k metric tons of EV battery recycling capacity by the end of 2022, according to the statement.<\/p>\n

The trend of GCC investment in western green assets is far from slowing: <\/strong>In recent weeks, we\u2019ve seen an accelerating trend of GCC acquisitions and investment in green assets, from the US to Europe and even Australia. These include investments from the UAE\u2019s Mubadala<\/a>, GCC-focused alternative asset manager Wafra<\/a>, Kuwait\u2019s Agility Ventures<\/a>, and the QIA (here<\/a> and here<\/a>).<\/p>\n

Lest we forget Uncle Joe\u2019s big EV production plans: <\/strong>US President Joe Biden doled out<\/a> USD 2.8 bn in grants earlier this month<\/a> to spur EV manufacturing and domestic mineral production \u2014 with Ascend being one of the grant recipients. Biden is targeting 500k new EV charging stations by 2030 and wants 50% of all new vehicles sold by then to be electric or plug-in hybrid electric models, he said at the annual Detroit Auto Show in September<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

US lithium-ion battery recycling company Ascend Elements has secured USD 300 mn in equity and debt financing, it said in a statement. USD 200 mn of the total investment consists of series C equity funding \u2014 with investors including the Oman Investment Authority \u2014 the statement noted, without giving any information about the size of […]<\/p>\n","protected":false},"author":1,"featured_media":74557,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[265],"tags":[1171,11,64,962,305,264,262,553],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-ascend-elements","tag-enterpriseclimate","tag-evs","tag-oman-investment-authority","tag-recycling","tag-startup-watch","tag-startups","tag-vc-funds","wpautop","entry"],"acf":{"mongo_id":"84234251-437e-44cf-b857-1cefb19e9936","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/701.jpg","photo_position":"above","related_issue":[74551],"teaser":"","voice_url":""},"yoast_head":"\nOman Investment Authority invests in US lithium-ion battery recycling company - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/10\/31\/oman-investment-authority-invests-in-us-lithium-ion-battery-recycling-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oman Investment Authority invests in US lithium-ion battery recycling company\" \/>\n<meta property=\"og:description\" content=\"US lithium-ion battery recycling company Ascend Elements has secured USD 300 mn in equity and debt financing, it said in a statement. 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