SK Ecoplant invests $50M in Ascend Elements

Ascend Elements, a lithium-ion battery recycling and engineered materials company based in Westborough, Massachusetts, has announced it has received a strategic investment of $50 million from SK Ecoplant, the environmental unit of Korean conglomerate SK Inc.   

"This is a milestone investment for our company," Ascend Elements CEO Mike O'Kronley says. "SK Ecoplant has been building and investing in sustainable companies and technologies, and the company's leadership understands the game-changing potential of our direct precursor synthesis technology. They also understand the urgent need to produce sustainable, lithium-ion battery materials in the United States."  

Ascend says SK Ecoplant's investment will accelerate the commercialization of its Hydro-to-Cathode direct precursor synthesis process technology. The equipment 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.  

"This investment continues our strategic partnership with Ascend Elements and lays the foundation for SK Ecoplant to dominate the global battery recycling industry," says SK Ecoplant CEO Park Kyung-il.  

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, Kentucky. The first-of-its-kind manufacturing facility, called Apex 1, will produce enough lithium-ion battery precursor and sustainable cathode active material to equip up to 250,000 electric vehicles annually.   

The company says it is also opening a battery recycling facility in Covington, Georgia. 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 annually, making it North America's largest lithium-ion battery recycling facility, the company says.