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Ascend Elements, a lithium-ion battery recycling and engineered materials company <a href="https://cms.mercomindia.com/battery-materials-company-ascend-elements-raises-162-million/" target="_blank" rel="noopener">announced</a> it has raised $162 million in new equity investments. Major investors include Just Climate, Clearvision Ventures, and IRONGREY. The new funding will advance the construction of Ascend Elements’ Apex 1 facility in Hopkinsville, Kentucky, which will produce sustainable cathode precursor (pCAM) and is expected to open in early 2025.
Singapore-based renewable energy firm Vena Energy <a href="https://www.mercomindia.com/vena-energy-secures-600-million-loan" target="_blank" rel="noopener">signed</a> a five-year sustainability-linked revolving credit facility worth JP¥87 billion (~$600 million) to accelerate its operations in the Asia-Pacific region. The company has a renewable energy capacity of over 3 GW and over 4 GW of additional capacity under construction or contract.
Antora Energy, a developer of thermal batteries, <a href="https://cms.mercomindia.com/thermal-battery-maker-antora-energy-raises-150-million/" target="_blank" rel="noopener">secured</a>  $150 million in Series B funding to help ramp up production. The round was led by Decarbonization Partners, a partnership between BlackRock and Temasek. The funding round also saw participation from Emerson Collective, GS Futures, The Nature Conservancy, and a subsidiary of NextEra Energy Resources alongside existing investors Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC, and Grok Ventures.
Altilium, a battery materials recycling company, <a href="https://cms.mercomindia.com/battery-recycling-firm-altilium-secures-series-a-funding/" target="_blank" rel="noopener">secured</a> $9.43 million from SQM Lithium Ventures,  the corporate venture arm of the lithium business of Sociedad Quimica y Minera de Chile (SQM), bringing its total investment to $12 million. The investment completes Altilium’s Series A funding round. Altilium is expanding its operations in the U.K. and Europe with the help of the funding. SQM Lithium Ventures made an initial investment of $2.57 million in Altilium last year.
India-based shared electric two-wheeler company Yulu has <a href="https://www.mercomindia.com/yulu-raises-1-6-billion-to-meet-demand" target="_blank" rel="noopener">raised</a> ₹1.6 billion ($19.25 million) in equity funding from existing investors Bajaj Auto and Magna International. The company will use these funds to scale up vehicles, operational locations, product and technology innovation, and strengthen market leadership to meet the user demand. Over the last year, the company said it has experienced a 5x growth in its revenue due to the increasing demand for shared mobility.
InSolare Energy, a Bengaluru-headquartered renewable developer and engineering, procurement, and construction (EPC) company, has <a href="https://www.mercomindia.com/renewable-epc-firm-insolare-energy-raises-%e2%82%b9660-million" target="_blank" rel="noopener">raised</a> ₹660 million (~$7.96 million) in a growth funding round. The funding was led by Negen Capital, with participation from Mukul Aggarwal, Anchorage Capital Fund, and Ankit Mittal – Khazana Tradelink. The company plans to utilize the funding to enhance its portfolio and EPC execution capabilities.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-camus-energy-secures/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Ascend Elements Raises $162 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ascend-elements-raises-162-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Ascend Elements, a lithium-ion battery recycling and engineered materials company <a href="https://mercomcapital.com/battery-materials-company-ascend-elements-raises-162-million/" target="_blank" rel="noopener">announced</a> it has raised $162 million in new equity investments. Major investors include Just Climate, Clearvision Ventures, and IRONGREY. The new funding will advance the construction of Ascend Elements’ Apex 1 facility in Hopkinsville, Kentucky, which will produce sustainable cathode precursor (pCAM) and is expected to open in early 2025.
Singapore-based renewable energy firm Vena Energy <a href="https://www.mercomindia.com/vena-energy-secures-600-million-loan" target="_blank" rel="noopener">signed</a> a five-year sustainability-linked revolving credit facility worth JP¥87 billion (~$600 million) to accelerate its operations in the Asia-Pacific region. The company has a renewable energy capacity of over 3 GW and over 4 GW of additional capacity under construction or contract.
Antora Energy, a developer of thermal batteries, <a href="https://mercomcapital.com/thermal-battery-maker-antora-energy-raises-150-million/" target="_blank" rel="noopener">secured</a>  $150 million in Series B funding to help ramp up production. The round was led by Decarbonization Partners, a partnership between BlackRock and Temasek. The funding round also saw participation from Emerson Collective, GS Futures, The Nature Conservancy, and a subsidiary of NextEra Energy Resources alongside existing investors Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC, and Grok Ventures.
Altilium, a battery materials recycling company, <a href="https://mercomcapital.com/battery-recycling-firm-altilium-secures-series-a-funding/" target="_blank" rel="noopener">secured</a> $9.43 million from SQM Lithium Ventures,  the corporate venture arm of the lithium business of Sociedad Quimica y Minera de Chile (SQM), bringing its total investment to $12 million. The investment completes Altilium’s Series A funding round. Altilium is expanding its operations in the U.K. and Europe with the help of the funding. SQM Lithium Ventures made an initial investment of $2.57 million in Altilium last year.
India-based shared electric two-wheeler company Yulu has <a href="https://www.mercomindia.com/yulu-raises-1-6-billion-to-meet-demand" target="_blank" rel="noopener">raised</a> ₹1.6 billion ($19.25 million) in equity funding from existing investors Bajaj Auto and Magna International. The company will use these funds to scale up vehicles, operational locations, product and technology innovation, and strengthen market leadership to meet the user demand. Over the last year, the company said it has experienced a 5x growth in its revenue due to the increasing demand for shared mobility.
InSolare Energy, a Bengaluru-headquartered renewable developer and engineering, procurement, and construction (EPC) company, has <a href="https://www.mercomindia.com/renewable-epc-firm-insolare-energy-raises-%e2%82%b9660-million" target="_blank" rel="noopener">raised</a> ₹660 million (~$7.96 million) in a growth funding round. The funding was led by Negen Capital, with participation from Mukul Aggarwal, Anchorage Capital Fund, and Ankit Mittal – Khazana Tradelink. The company plans to utilize the funding to enhance its portfolio and EPC execution capabilities.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-camus-energy-secures-over-25-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://altilium.tech/" target="_blank" rel="noopener">Altilium</a>, a battery materials recycling company, secured $9.43 million from SQM Lithium Ventures, the corporate venture arm of the lithium business of Sociedad Quimica y Minera de Chile (SQM), bringing its total investment to $12 million. The investment completes Altilium’s Series A funding round.
“The investment in Altilium gives SQM the chance to participate in the creation of a new industry: the recovery of critical minerals such as lithium, nickel, and cobalt from recycled batteries. This will allow us to add value to the new battery supply chain, while at the same time maintaining sustainable levels of resource consumption, water use, and carbon footprint. SQM’s top priorities include attracting technical talent to the company and associating ourselves with the world’s most innovative startups, allowing us to maximize our impact in the industry.” said Carlos Díaz, CEO of the Lithium-Potasium Division of SQM.
SQM Lithium Ventures made an initial investment of $2.57 million in Altilium last year. Altilium’s EcoCathode™ process converts old EV batteries and manufacturing scrap into domestic, sustainable battery precursors, cathode active materials (CAM), and cathode precursor (p-CAM) for direct reuse in new batteries.
Altilium is expanding its operations in the UK and Europe with the help of the funding. The company has several projects planned for 2024, such as:
Building a commercial plant in Plymouth, Devon, that will produce battery materials for automakers and cell makers. The plant will cover 18,000 square feet and start operating in mid-2024.
Setting up a Battery Recycling Station to convert used EV batteries into black mass.
Upgrading an existing plant in Eastern Europe to process 8,000 metric tons of black mass into EV battery components later in 2024.
Finalizing the design of an EV battery recycling facility in Teesside. The facility will be able to handle the battery waste from 150,000 electric vehicles and is expected to supply 20% of the UK’s demand for Cathode Active Materials (CAM).
According to Mercom’s Annual and Q4 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report </a>for Storage &amp; Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.

Battery Recycling Firm Altilium Secures $9.4 Million Series A Funding

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