Allen & Overy advises Ascend Elements on its USD542m Equity Financing

Published Date
Sep 12, 2023
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Allen & Overy (“A&O”) has advised Ascend Elements, Inc. (Ascend) on its  USD542m equity financing, including a USD460m Series D round and USD82m of additional equity investments. The USD542m equity financing is one of the largest U.S. cleantech equity private placements of 2023, and one of the top 10 equity private placements in the U.S. across all sectors.

The Series D round was led by Temasek, Decarbonization Partners (an ESG-focused joint venture between Temasek and BlackRock) and Qatar Investment Authority. Other investors include Tenaska, Alliance Resource Partners, PULSE – CMA GGM Energy Fund, BHP Ventures, Fifth Wall, Mirae Asset, Alumni Ventures, Agave Partners, Hitachi Ventures and At One Ventures.

Ascend manufactures sustainable battery materials by recycling spent lithium-ion batteries through a patented process. The funding will advance construction of Ascend’s facility in Hopkinsville, Kentucky, which will be North America’s first sustainable cathode precursor and cathode active material manufacturing facility.  

Silicon Valley Corporate Partner Jesse Debban, who led the cross- practice Allen & Overy team, commented: “We are delighted to have advised Ascend on its fundraising activities. This transaction indicates the importance of technology in the movement towards global energy transition. The deal exemplifies A&O’s emerging company and venture capital expertise, and solidifies our role as a leaders in the energy transition and tech space.” 

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This content was originally published by Allen & Overy before the A&O Shearman merger