Ascend Elements raises $200 million to recycle EV batteries

Illustration: Gabriella Turrisi/AxiosAscend Elements, a Westborough, Mass.-based lithium-ion battery recycler, raised $200 million in Series C funding led by Fifth Wall Climate. Why it matters: Recycling could be key to helping electric vehicle manufactures meet rising demand. Battery supply chains already are under strain from raw material shortages, and the Inflation Reduction Act tied EV tax credits to raw materials sourcing. Plus the obvious environmental benefits.Other investors include SK Ecoplant, Oman Investment Authority, Lithium Americas, GLy Capital Management, Mirae Asset Capital, Shinhan GIB and insiders Hitachi Ventures, InMotion Ventures, TDK Ventures, Orbia Ventures, At One Ventures, TRUMPF Venture, and Doral Energy-Tech Ventures.Ascend also secured $100 million in debt, and recently received $480 million via two Energy Department grants.The bottom line: A study by UC…

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