# Ascend Elements

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/ascend-elements

- Industry: Materials
- Headquarters: Westborough, US
- Website: www.ascendelements.com
- Total disclosed funding: $745M
- Latest round: Series D (Feb 20, 2024)
- Investors on record: 26

## About

Founded in 2015 by Yan Wang, Eric Gratz (CTO), and Diran Apelian and based in Massachusetts, US, Ascend Elements, Inc., formerly Battery Resourcers Inc., operates as a recycling company that recycles lithium-ion batteries that stabilize the supply chain. In February 2024, Ascend Elements, Inc. raised USD 162 million in Series D funding from Irongrey, Clearvision Ventures, and Just Climate. As of 2024, the company is led by its CEO, Mike O’Kronley.

The company offers advanced battery materials that include cobalt sulfate, manganese sulfate, nickel sulfate, and lithium carbonate made from recycling old batteries. The company uses patented Hydro-to-Cathode™ direct precursor synthesis technology for impurity extraction and the production of cathodes that can be further used in batteries.

The organization plans to use the February 2024 funding to accelerate the construction of its Apex 1 EV battery materials manufacturing facility in Hopkinsville, Kentucky.

## Funding rounds

- Series D, Feb 20, 2024, $162M — Clearvision Ventures, IRONGREY, Just Climate
- Series C, Nov 4, 2023 — Alumni Ventures Group
- Series D, Aug 22, 2023, $460M — Temasek Holdings, Tenaska Energy, Qatar Investment Authority, Mirae Asset Capital, Alumni Ventures Group, Alliance Resource Partners, Fifth Wall Ventures, Hitachi Ventures, At One Ventures, BHP Ventures, CMA CGM Ventures, Decarbonization Partners, Agave Partners
- Series C, Jul 19, 2022, $101M — SK ecoplant Co., Ltd., Oman Investment Authority, Shinhan Securities, Mirae Asset Capital, Alumni Ventures Group, Fifth Wall Ventures, Lithium Americas, InMotion Ventures, TRUMPF Venture, Hitachi Ventures, TDK Ventures, GLY Capital, At One Ventures, Orbia Ventures, Doral Energy-Tech Ventures
- Series B, Mar 17, 2021, $21M — InMotion Ventures, TRUMPF Venture, TDK Ventures, At One Ventures, Orbia Ventures, Doral Energy-Tech Ventures

## Investors

- InMotion Ventures (https://capitalatlas.ai/funds/inmotion-ventures) — Series B, Series C
- TRUMPF Venture (https://capitalatlas.ai/funds/trumpf-venture) — Series B, Series C
- TDK Ventures (https://capitalatlas.ai/funds/tdk-ventures) — Series B, Series C
- At One Ventures (https://capitalatlas.ai/funds/at-one-ventures) — Series B, Series C, Series D
- Orbia Ventures (https://capitalatlas.ai/funds/orbia-ventures) — Series B, Series C
- Doral Energy-Tech Ventures (https://capitalatlas.ai/funds/doral-energy-tech-ventures) — Series B, Series C
- SK ecoplant Co., Ltd. — Series C
- Oman Investment Authority — Series C
- Shinhan Securities (https://capitalatlas.ai/funds/shinhan-securities) — Series C
- Mirae Asset Capital (https://capitalatlas.ai/funds/mirae-asset-capital) — Series C, Series D
- Alumni Ventures Group (https://capitalatlas.ai/funds/alumni-ventures-group) — Series C, Series D
- Fifth Wall Ventures (https://capitalatlas.ai/funds/fifth-wall-ventures) — Series C, Series D
- Lithium Americas — Series C
- Hitachi Ventures (https://capitalatlas.ai/funds/hitachi-ventures) — Series C, Series D
- GLY Capital (https://capitalatlas.ai/funds/gly-capital) — Series C
- Temasek Holdings — Series D
- Tenaska Energy — Series D
- Qatar Investment Authority (https://capitalatlas.ai/funds/qatar-investment-authority) — Series D
- Alliance Resource Partners — Series D
- BHP Ventures (https://capitalatlas.ai/funds/bhp-ventures) — Series D
- CMA CGM Ventures (https://capitalatlas.ai/funds/cma-cgm-ventures) — Series D
- Decarbonization Partners (https://capitalatlas.ai/funds/decarbonization-partners) — Series D
- Agave Partners (https://capitalatlas.ai/funds/agave-partners) — Series D
- Clearvision Ventures (https://capitalatlas.ai/funds/clearvision-ventures) — Series D
- IRONGREY (https://capitalatlas.ai/funds/irongrey) — Series D
- Just Climate (https://capitalatlas.ai/funds/just-climate) — Series D