2022-10-30

OIA Announces its Investment in US Company Ascend Elements

Oman Investment Authority (OIA) has announced an investment in Ascend Elements, a US firm specializing in the recycling of lithium-ion batteries used in electric vehicles.

Ascend Elements is a US-based Lithium-ion Battery (LiB) recycling company. The company has developed an innovative technology that recycles LiB battery manufacturing scrap and end-of-life batteries into valuable lithium-ion battery materials. Ascend's patented and innovative recycling technology enables 50% lower production cost vs competition and 87% less CO2 emission vs virgin metals.

Ibrahim Al Eisri, Director – Private Equity, at Oman Investment Authority (OIA) said in a statement that "we are pleased to partner with Ascend Elements to develop and transform the lithium-ion battery recycling industry globally. Our investment in Ascend aligns well with OIA's strategy of investing in transformative companies in sectors in line with Oman Vision 2040 priorities"

Ascend Elements has secured $300 million in equity and debt financing, including $200 million in Series C equity investments from an international group of strategic and financial investors. The funding round was led by Fifth Wall Climate. In this investment, OIA was joined by SK Ecoplant, the environmental unit of South Korean conglomerate SK Group, and other new investors including Lithium Americas Corporation, GLy Capital Management‘s New Mobility Fund, Mirae Asset Capital & LS, and Shinhan GIB. The funding is in addition to two recently awarded grants totaling $480 million from the US Department of Energy as part of the American Battery Materials Initiative to accelerate the developments of the electric vehicles’ battery sector in the US.