Ascend Elements Valuation, Funding & Investors
Ascend Elements is valued at $1.5B as of September 2023.
Last Ascend Elements valuation
$1.5B
Series D · Sep 2023
Last Ascend Elements funding round
$162M
Series D · Feb 2024
Cumulative funding Ascend Elements raised
$1B
across 7 funding rounds
Key investors in Ascend Elements
Fifth Wall
At One Ventures
InMotion Ventures
TDK Ventures
Doral Energy-Tech Ventures
TRUMPF Venture
About Ascend Elements
Ascend Elements is a manufacturer of battery materials recycled from spent lithium-ion batteries using hydro-to-cathode and direct recycling processes. Maynard-headquartered since 2021, the company produces pCAM precursors for EV and energy storage cathodes from sources like General Motors partnerships. Its Massachusetts facility scales to gigafactory output, reclaiming lithium, nickel, and cobalt at atomic levels for cost-effective supply chains.
Founded
2015
HQ
Worcester, MAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$1.5B (Sep 2023)
Sectors
Ascend Elements Valuation
Ascend Elements is currently valued at $1.5B, based on its Series D in September 2023.
The $460M round was led by Decarbonization Partners, Qatar Investment Authority and Temasek.
Ascend Elements' valuation has grown 27x from $55M at its Series B in April 2021 to $1.5B in September 2023, across 4 priced rounds.
Ascend Elements valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2023 | Series D | $1.5B |
| May 2023 | Series D | $1B |
| Oct 2022 | Series C | $726M |
| Apr 2021 | Series B | $55M |
Ascend Elements Funding History
Ascend Elements has raised a total of $1B across 7 funding rounds, plus 1 secondary share sale.
Ascend Elements' first fundraising round was a $20M Series B in April 2021. The most recent completed round was a $162M Series D in February 2024.
Ascend Elements funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2024 | Secondary | SKS PE (lead) | $98M | - | Ascend Elements is a U.S.-based lithium-ion battery recycling specialist founded in 2015 that transforms used batteries and scrap into precursor materials and cathode active materials (pCAM) for electric vehicle batteries. The company uses advanced particle engineering techniques and has established itself as a leader in the sustainable battery materials sector. On September 9, 2024, SK Ecoplant divested its entire stake of 9.22 million shares (representing 7.7% of outstanding shares) in Ascend Elements to Seoul-based private equity firm SKS Private Equity for $98.23 million. SK Ecoplant had accumulated this stake between August 2022 and April 2023, investing a total of $60.84 million ($50 million in August 2022 and $10.84 million in April 2023), generating a 60% capital gain on the exit. Ascend Elements achieved a post-money valuation of $1.62 billion in its Series D funding round closed on February 20, 2024, in which the company raised $657.9 million. The Series D was led by notable investors including Agave Partners, Alliance Resource Partners, BHP Ventures, Decarbonization Partners, Fifth Wall, Hitachi Ventures, Qatar Investment Authority, and Temasek. Combined with $82 million raised earlier in 2023, Ascend Elements brought in $542 million in total Series D-related equity financing announced in September 2023, paired with two U.S. Department of Energy grants totaling $480 million. The company demonstrated significant commercial progress, having signed a $1 billion multi-year contract in June 2023 to supply sustainable pCAM to a major U.S. customer beginning in Q4 2024, with options to expand the contract value to up to $5 billion. Ascend Elements also commenced construction of its Apex 1 facility in southwest Kentucky in October 2022, a 1-million-square-foot production facility designed to produce pCAM for 750,000 electric vehicles annually. |
| Feb 2024 | Series D | Clearvision Ventures; Irongrey; Pario Ventures; AXIAL Partners; Just Climate | $162M | - | Ascend Elements is a Westborough, Massachusetts-based company founded in 2015 that develops sustainable lithium-ion battery materials through recycling spent batteries via its Hydro-to-Cathode technology, producing precursor cathode active materials (pCAM) and cathode active materials (CAM) with lower carbon emissions than mined sources. This funding tops up the company's Series D round, following a $542 million raise in September 2023 led by Decarbonization Partners, Temasek, and Qatar Investment Authority, bringing the 12-month total to $704 million. The proceeds will advance construction of the Apex 1 facility in Hopkinsville, Kentucky, a 1-million-square-foot plant set to be North America's first pCAM manufacturing site, opening in early 2025 and capable of supplying materials for up to 750,000 electric vehicles annually. The project receives partial support from the U.S. Department of Energy and the Bipartisan Infrastructure Law, including two grants totaling $480 million. Goldman Sachs & Co. LLC served as sole placement agent for the Series D. Peer-reviewed studies confirm Ascend Elements' recycled materials perform equivalently to primary mined sources. The funding underscores market confidence in Ascend Elements' role in building domestic EV battery supply chains and advancing circularity in the battery industry. |
| Sep 2023 | Series D | Decarbonization Partners (lead); Qatar Investment Authority (lead); Temasek (lead) | $460M | $1.5B | Ascend Elements, founded in 2015 and based in Westborough, Massachusetts, develops closed-loop solutions for EV battery materials, including recycling spent lithium-ion batteries into precursor cathode active materials (pCAM) and cathode active materials (CAM) using proprietary technology that reduces costs, emissions, and improves performance compared to traditional methods. The company announced a $542 million equity raise on September 6, 2023, comprising $460 million in a Series D round led by Decarbonization Partners, Temasek Holdings, and Qatar Investment Authority (QIA), plus $82 million from earlier investments; additional participants included Tenaska, Alliance Resource Partners, PULSE-CMA CGM Energy Fund, BHP Ventures, Fifth Wall, Hitachi Ventures, Mirae Asset, At One Ventures, Agave Partners, and Alumni Ventures. Proceeds will accelerate U.S. production of sustainable lithium-ion materials, paired with $480 million in U.S. Department of Energy grants awarded in 2022 under the Bipartisan Infrastructure Law. Key traction includes the start of construction in October 2022 on the 1-million-square-foot Apex 1 facility in Hopkinsville, Kentucky, on a 140-acre site, designed to produce pCAM for 750,000 EVs annually when complete, marking North America's first sustainable CAM and pCAM manufacturing plant. In June 2023, Ascend Elements secured its first commercial-scale pCAM supply contract valued at $1 billion with a major U.S. customer starting Q4 2024, with expansion options up to $5 billion. The Series D, facilitated by Goldman Sachs as placement agent, ranks among the largest U.S. cleantech equity placements of 2023 and top 10 overall equity private placements that year. The investment supports domestic EV supply chain development amid global energy transition demands, with leadership highlighting the company's momentum in sustainable battery materials leadership. |
| May 2023 | Series D | Alumni Ventures; AXIAL Partners; Fifth Wall | $82M | $1B | Ascend Elements is a U.S.-based manufacturer of sustainable, engineered battery materials for electric vehicles, specializing in closed-loop solutions that recycle spent lithium-ion batteries into precursor cathode active materials (pCAM) and cathode active materials (CAM) using proprietary Hydro-to-Cathode technology for lower costs, better performance, and reduced emissions. The company reached unicorn status, implying a post-money valuation exceeding $1 billion, through its 2023 funding that included a $460 million Series D round announced September 6, 2023, led by Decarbonization Partners, Temasek, and Qatar Investment Authority, plus $82 million in additional undisclosed equity investments earlier in the year from investors including Alumni Ventures, AXIAL Partners, and Fifth Wall. This brought the total equity raise to $542 million, one of the largest U.S. cleantech private placements of 2023, paired with $480 million in U.S. Department of Energy grants under the Bipartisan Infrastructure Law. Key traction milestones around the round included signing a $1 billion multi-year contract in June 2023 to supply sustainable pCAM to a major U.S. customer starting Q4 2024, with options to expand to $5 billion, and beginning construction in October 2022 on the 1-million-square-foot Apex 1 facility in Kentucky, set to produce pCAM for 750,000 EVs annually. Investors highlighted the company's leadership in sustainable battery materials to support EV electrification and domestic supply chain development. The funding supports advancing Apex 1 construction and scaling commercial production, positioning Ascend Elements in the growing circular economy for EV batteries amid global energy transition demands. Subsequent raises, like $162 million in February 2024, brought 12-month funding to $704 million, with continued backing from strategic investors focused on cleantech and decarbonization. |
| Oct 2022 | Series C | Fifth Wall (lead) | $200M | $726M | Ascend Elements develops Hydro-to-Cathode technology to recycle spent lithium-ion batteries and manufacturing scrap into high-performance pCAM and CAM for new EV batteries, reducing carbon emissions and reliance on mined materials. The company began construction of its Apex 1 facility in Kentucky in October 2022, designed to produce materials for 750,000 EVs annually. On October 26, 2022, it closed a Series C-2 round raising $60 million led by Fifth Wall, At One Ventures, and Doral Energy Tech Ventures at a post-money valuation of $725.52 million. This followed earlier funding and preceded larger rounds. The Series C-2 proceeds supported ongoing facility development and technology scaling amid growing demand for sustainable battery materials. Fifth Wall participated as lead investor, highlighting confidence in Ascend Elements' role in the U.S. EV supply chain. No specific use of funds beyond general expansion was detailed for this round, but it aligned with DOE grants awarded around the same time totaling $480 million. Post-round traction included a June 2023 $1 billion multi-year pCAM supply contract starting Q4 2024, expandable to $5 billion. This led to a larger Series D in September 2023 raising $542 million ($460M Series D + $82M prior), led by Decarbonization Partners, Temasek, and QIA, with Fifth Wall continuing as investor, bringing 12-month total to $704 million by February 2024 with an additional $162 million. Current valuation estimated at $1.37-1.65 billion as of 2024. Ascend Elements operates in the cleantech battery recycling sector, competing to localize critical materials production. Peer-reviewed studies confirm its recycled materials match primary-sourced performance. Total funding exceeds $1.1 billion including grants, positioning it for commercial-scale output amid U.S. electrification push. |
| Sep 2022 | Strategic investment | SK ecoplant (lead) | $50M | - | Ascend Elements is a U.S.-based lithium-ion battery recycling and engineered materials company specializing in Hydro-to-Cathode direct precursor synthesis technology, which converts recycled batteries and manufacturing scrap into high-performance cathode precursor and active materials for EV batteries. On September 1, 2022, it received a strategic $50 million investment from SK ecoplant, the environmental unit of South Korean conglomerate SK Inc., described as a milestone to accelerate commercialization of its technology and strengthen U.S. production of sustainable battery materials. SK ecoplant CEO Park Kyung-il noted the investment continues their partnership to dominate the global battery recycling industry. The funding supports Ascend Elements' expansion plans, including a $1 billion multi-phase investment in Apex 1, a sustainable battery materials facility in Hopkinsville, Kentucky, capable of producing materials for up to 250,000 EVs annually, and Base 1, a recycling facility in Covington, Georgia, set to process over 30,000 metric tons of batteries and scrap per year by Q4 2022. Later sources indicate SK ecoplant invested a total of $60.84 million including an additional $10.84 million in April 2023, selling its stake for $98.23 million in 2024. Ascend Elements has raised significant follow-on funding, including $300 million in equity and debt in 2022 led by Fifth Wall Climate with SK ecoplant participation, $542 million in 2023 led by Decarbonization Partners, and additional rounds bringing 12-month totals to $704 million by 2024, plus a joint venture with SK ecoplant and TES for a $65.8 million black mass production facility in Kentucky. The company operates in the growing EV battery recycling sector, aligning with U.S. clean energy goals and supply chain initiatives like Kentucky's Supply Kentucky program. |
| Sep 2021 | Series B | TRUMPF Venture; At One Ventures; Doral Energy-Tech Ventures; TDK Ventures; Orbia Ventures; InMotion Ventures; Hitachi Ventures | $70M | - | Ascend Elements (formerly Battery Resourcers) is a U.S.-based engineered materials and lithium-ion battery recycling company based in Worcester, Massachusetts. The company has developed a closed-loop approach to battery recycling that transforms spent lithium-ion batteries into critical materials, specifically nickel-manganese-cobalt cathodes and purified graphite, which it sells back to battery manufacturers. In September 2021, the company raised $70 million in mid-round funding with participation from new investor Hitachi Ventures, as well as existing investors Orbia Ventures, InMotion Ventures (Jaguar Land Rover), Doral Energy, At One Ventures, TDK Ventures, and TRUMPF Ventures. The funding was directed toward scaling commercial operations and opening additional facilities across two continents. The company had previously secured a $20 million Series B round in 2021 and planned to launch its first commercial-scale facility capable of processing 10,000 tons of batteries per year, with additional commercial-scale sites planned for Europe operational by end of 2022, targeting 30,000 tons of recycling capacity by end of 2022. Vehicle OEMs and battery manufacturers had already tested the company's cathode materials in prototype batteries at the time of this funding round. |
| Apr 2021 | Series B | Orbia Ventures (lead); TRUMPF Venture; At One Ventures; Doral Energy-Tech Ventures; Foothill Ventures; TDK Ventures; InMotion Ventures; MassVentures | $20M | $55M | Ascend Elements, originally launched as Battery Resourcers, is a U.S.-based company specializing in lithium-ion battery recycling and advanced materials manufacturing, producing sustainable pCAM (powdered Cathode Active Materials) from recycled batteries to support domestic EV battery production. The company rebranded to Ascend Elements around the time of its Series B funding. On April 12, 2021 (approximate date 12/04/2021), it completed a Series B round raising $22.62 million with participation from At One Ventures, Doral Energy-Tech Ventures, InMotion Ventures (Jaguar Land Rover), Orbia Ventures (lead), TDK Ventures, and TRUMPF Venture, achieving a post-money valuation of $55.16 million. This round supported the company's vertically integrated approach to battery recycling and materials production. The funding aligned with growing investor interest in battery recycling amid expanding EV markets, positioning Ascend Elements to build U.S. infrastructure for recovering critical materials like lithium, cobalt, and nickel. Post-Series B, the company scaled aggressively, securing subsequent rounds including $300 million in Series C equity and debt by October 2022, $542 million equity in 2023, and additional investments reaching over $1.7 billion total raised by 2025. Ascend Elements has since committed $1 billion to facilities like Apex 1 in Hopkinsville, Kentucky, and partnered with Orbia's Koura Global for recycled lithium carbonate supply and DOE grants like $125 million for graphite recycling infrastructure. Investors in later rounds included strategic players like SK Group, Hitachi Ventures, Qatar Investment Authority, and Temasek, reflecting strong market validation in cleantech and battery supply chain localization. |
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Who has invested in Ascend Elements?
21 investors have backed Ascend Elements across its funding rounds, including Fifth Wall, At One Ventures, InMotion Ventures, TDK Ventures, Doral Energy-Tech Ventures and TRUMPF Venture.
Lead investors include SKS PE, Decarbonization Partners, Qatar Investment Authority, Temasek, Fifth Wall and 2 other investors.
Ascend Elements Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Ditzingen | 2 | Participant | Apr 2021 | |
| San Francisco, CA | 2 | Participant | Apr 2021 | |
 Ramat Gan | 2 | Participant | Apr 2021 | |
| San Jose, CA | 2 | Participant | Apr 2021 | |
| Boston, MA | 2 | Lead | Apr 2021 | |
 London | 2 | Participant | Apr 2021 | |
| San Francisco, CA | 2 | Participant | May 2023 | |
| Los Angeles, CA | 2 | Lead | Oct 2022 | |
 Singapore | 1 | Lead | Sep 2023 | |
| San Francisco, CA | 1 | Participant | Feb 2024 | |
 Seoul | 1 | Lead | Sep 2024 | |
 Qatar | 1 | Lead | Sep 2023 | |
| San Francisco, CA | 1 | Participant | Apr 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Ascend Elements
Ascend Elements has acquired 1 company to date.
Last acquisition by Ascend Elements was on May 7th 2025. Ascend Elements acquired Tractiv for undisclosed valuation.
Latest Acquisitions by Ascend Elements
| Description | Tractiv is a London-headquartered regtech company specializing in distributed ledger technology, blockchain ledgers, encryption, and data obfuscation solutions. The platform provides compliance tools for financial institutions to secure transactions, manage digital assets, and meet regulatory requirements under GDPR and MiFID II across Europe. |
| HQ Country | |
| HQ City | Chicago, IL |
| Deal Date | 7 May 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Ascend Elements acquisitions and their M&A valuation multiples. Start Free Trial | |
Ascend Elements Competitors
Ascend Elements competitors include listed companies like Eos Energy Enterprises, FuelCell Energy and Amprius, and private ones like StoreDot, Qinghai Lihao and Ryefield Energy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Herzliya | Private | - | - | $1.5B | - | |
| United States | Publicly listed | $114M | ($930M) | $1.4B | 9.9x | |
 Xining | Private | - | - | $1.6B | - | |
| United States | Publicly listed | $158M | ($149M) | $1.4B | 6.7x | |
| Wenzhou | Private | - | - | $1.4B | - | |
| United States | Publicly listed | $72M | ($41M) | $1.4B | 10.9x |
Ascend Elements Public Comps
Ascend Elements is still privately-owned, but its public comps include Eos Energy Enterprises, FuelCell Energy, Amprius, ADI Global Distribution, Ola Electric, Camel Group Co, T1 Energy, Emerald Horizon, Sinopec Kantons Holdings and Fluence Energy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $114M | ($930M) | 21.8x | 9.9x | (2.7x) | (9.5x) | |||
| $158M | ($149M) | 6.3x | 6.7x | (6.7x) | (12.0x) | |||
| $72M | ($41M) | 18.4x | 10.9x | (32.1x) | 854.4x | |||
| $4.8B | ($54M) | 0.6x | - | (50.7x) | - | |||
| $215M | ($97M) | 8.8x | 7.9x | (19.5x) | (21.4x) | |||
| $2.4B | $220M | 0.5x | 0.5x | 5.6x | 6.1x | |||
| $755M | ($210M) | 2.7x | 2.2x | (9.7x) | 52.8x | |||
| $259K | ($523K) | 4824.8x | - | (2390.4x) | - | |||
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Common questions about Ascend Elements
| When was Ascend Elements founded? | Ascend Elements was founded in 2015. |
| Where is Ascend Elements headquartered? | Ascend Elements is headquartered in Worcester, MA, United States. |
| Is Ascend Elements publicly listed? | No, Ascend Elements is a private, VC-backed company. |
| What is Ascend Elements' valuation? | Ascend Elements was last valued at $1.5B in its Series D in September 2023. |
| How much funding has Ascend Elements raised? | Ascend Elements has raised $1B across 7 funding rounds. |
| What was Ascend Elements' last funding round? | Ascend Elements' last funding round was a $162M Series D in February 2024. |
| Who are Ascend Elements' investors? | Ascend Elements' investors include TRUMPF Venture, At One Ventures, Doral Energy-Tech Ventures, TDK Ventures, Orbia Ventures, InMotion Ventures, AXIAL Partners, Fifth Wall, Temasek, Clearvision Ventures and 11 others. |
| Which companies are comparable to Ascend Elements? | Companies comparable to Ascend Elements include StoreDot, Eos Energy Enterprises, Qinghai Lihao, FuelCell Energy, Ryefield Energy and Amprius. |
| How many companies has Ascend Elements acquired? | Ascend Elements has acquired 1 company, including Tractiv. |
See companies similar to Ascend Elements
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