Ascend Elements Receives $50M Investment from SK ecoplant







Ascend Elements CEO Mike O’Kronley (left) and SK ecoplant CEO Park Kyung-il (right) meet during a signing ceremony for SK’s $50 million investment in the battery recycling and engineered materials firm on August 30, 2022.

Ascend ElementsA $50M investment was made in a Westborough-based company that produces lithium-ion batteries and engineered materials.

SK ecoplant, the environmental unit of Korean conglomerate SK Inc., made toe investment.

The company intends to use the funds to accelerate the commercialization of its Hydro-to-Cathode™ direct precursor synthesis process technology.

Led by CEO Mike O’Kronley, Ascend Elements provides Hydro-to-Cathode direct precursor synthesis technology that produces new cathode active materials from spent lithium-ion cells more efficiently than traditional methods, resulting in reduced cost, improved performance, and lowered GHG emissions.

The company recently announced plans to invest up to $1 billion over several phases to build a sustainable lithium-ion battery materials facility in Hopkinsville, Ky. The manufacturing facility, known as “Apex 1”, will produce enough lithium-ion battery precursor and sustainable cathode active material to equip up to 250,000 electric vehicles per year. Ascend is also opening a battery recycling facility in Covington, Ga. When fully operational in Q4 2022, the facility known as “Base 1” will recycle more than 30,000 metric tons of used batteries and manufacturing scrap per year.

FinSMEs

01/09/2022






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