Battery Recycling Race Heats Up After Inflation Reduction Act
The world’s biggest auto makers are betting that recycled material from old batteries will help supply the metal they need to build electric cars. The latest wager is on a startup that says it can take advantage of the Inflation Reduction Act.
Jaguar Land Rover’s In Motion Ventures and SK ecoplant, the environmental unit of the South Korean conglomerate SK Group, are among the investors putting more than $300 million into Ascend Elements, a startup that aims to serve an emerging center of battery production in the Southeastern U.S. The company says it has an efficient way to turn used lithium-ion batteries into new components. Other investors include Fifth Wall, a venture investor with a clean-energy focus.
The funding is split between equity and debt and values Ascend at more than $500 million. Read more at The Wall Street Journal.