SK ecoplant Invests $50 Million in Ascend Elements

SK ecoplant Invests $50 Million in Ascend Elements

Ascend Elements, a U.S.-based lithium-ion battery recycling and engineered materials company, today announced a strategic investment of USD $50 million from SK ecoplant, the environmental unit of Korean conglomerate SK Inc.

The investment demonstrates SK ecoplant’s commitment to the North American EV battery market and strengthens the relationship between the two organizations.

SK ecoplant’s investment will help accelerate the commercialization of Ascend Elements’ innovative Hydro-to-Cathode™ direct precursor synthesis process technology, which quickly and efficiently transforms recycled lithium-ion batteries and manufacturing scrap into high-performance, customized EV battery cathode precursor and cathode active materials that meet or exceed performance standards set by leading battery manufacturers.

Ascend Elements 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 first-of-its-kind 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.

Read more here

Date posted 05/09/2022

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