Ascend Elements: $320M Polish Grant Ushers European Expansion
Deal News | May 07, 2025 | At One Ventures
Ascend Elements, a U.S.-based lithium-ion battery recycler, has been offered up to $320 million by Poland's Ministry of Economic Development and Technology to construct a precursor cathode active material (pCAM) manufacturing facility. This grant, worth 1.22 billion Polish Zloty, is part of the European Union's initiative to achieve net-zero emissions. Ascend Elements aims to establish a sustainable battery materials supply chain on both sides of the Atlantic and has already selected a site in Poland for its first European facility. This project epitomizes one of the most substantial U.S. investments in recent times within Poland, reinforcing the country’s vital role in the battery supply chain. The company plans to introduce its Hydro-to-Cathode technology at the new facility, with a focus on sustainable production of nickel, manganese, and cobalt (NMC) pCAM using recycled materials. Additionally, Ascend had previously partnered with Elemental Strategic Metals in 2024 to manage a battery recycling facility in Poland. This new venture will be wholly owned by Ascend, further solidifying its European presence.
Sectors
- Battery Manufacturing
- Recycling
- Renewable Energy
Geography
- United States – Ascend Elements is based in Westborough, Massachusetts, making the U.S. a relevant geography.
- Poland – The grant and the new facility construction will occur in Poland, making it a significant geography in the article.
- European Union – The grant is part of the EU's Temporary Crisis and Transition Framework, highlighting the EU's strategic involvement.
Industry
- Battery Manufacturing – The article involves the construction of a battery material manufacturing facility, indicating relevance to the battery manufacturing industry.
- Recycling – Ascend Elements is a lithium-ion battery recycler, indicating involvement in the recycling industry.
- Renewable Energy – The project supports Europe's transition to a net-zero economy, aligning with renewable energy and sustainability initiatives.
Financials
- 1.22 billion Polish Zloty ($320 million) – The amount offered by the Polish government to Ascend Elements to build a pCAM facility.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ascend Elements | Target company | Company | A U.S.-based lithium-ion battery recycler and manufacturer of precursor cathode active material. |
| Polish Ministry of Economic Development and Technology | Grant provider | Government | The Polish governmental body offering the $320 million cash subsidy to Ascend Elements. |
| Elemental Strategic Metals | Joint venture partner | Company | Partner with Ascend Elements in the AE Elemental JV battery recycling facility. |
| Polish Investment and Trade Agency (PAIH) | Government investment agency | Government | Supports investment projects in Poland, emphasizing battery sector projects. |
| European Union | Regulatory framework provider | Government | Provides the Temporary Crisis and Transition Framework supporting EU net-zero goals. |