Decarbonization Partners Backs Ascend Elements with $460M for Sustainable EV Battery Materials

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  • Co-leads Ascend Elements’ US$460 million Series D round
  • Concurrently, Decarbonization Partners Fund I reaches US$1 billion in committed capital

Decarbonization Partners, a partnership between BlackRock and Temasek focused on investing in next-generation private companies that support the acceleration of decarbonization and the transition to a net-zero economy, has co-led a growth equity investment in Ascend Elements, a U.S.-based manufacturer of sustainable, engineered battery materials for electric vehicles.

Decarbonization Partners, a climate tech investment firm, has led a $460M investment in Ascend Elements, a U.S.-based manufacturer of sustainable battery materials. The investment will help Ascend Elements build its first commercial-scale facility in Kentucky, which will produce cathode precursor and cathode active materials for electric vehicles. Ascend Elements’ technology is designed to reduce the environmental impact of battery production, including by using recycled materials.

“We are thrilled to partner with Ascend Elements, which has established itself as a leader in the fast-growing sustainable battery materials space that is vital to accelerating the electrification of transport,”

said Dr. Meghan Sharp, Global Head of Decarbonization Partners.

“We are pleased to collaborate on this investment alongside Temasek and look forward to supporting Ascend Elements’ continued expansion and technological innovation.”

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“I’d like to thank Decarbonization Partners and our new and existing partners for helping us deliver on our vision of producing sustainable, engineered battery materials at a commercial scale,”

said CEO Mike O’Kronley of Ascend Elements.

“Our sustainable lithium-ion battery materials will power EV batteries and accelerate the global transition to zero carbon emissions.”

The investment is part of Decarbonization Partners’ $1B fund, which is focused on supporting companies that are developing and deploying climate solutions. The investment in Ascend Elements is a major vote of confidence in the potential of sustainable battery materials to help decarbonize the transportation sector. It also highlights the growing importance of climate tech investment, as investors seek to put their money to work in companies that are developing and deploying solutions to the climate crisis.