BlackRock, Temasek and Qatar Investment Authority have participated in a $460m fundraising by a startup focused on the manufacturing of sustainable battery materials for electric vehicles (EV).

Decarbonization Partners, a partnership between BlackRock and Temasek, has co-led the Series D round by the US-based startup Ascend Elements. As part of the investment, a representative of Decarbonization Partners will join the Ascend Elements board.

Massachusetts-headquartered Ascend Elements provides sustainable closed-loop battery materials solutions. The Series D funding will advance the construction of a facility in Hopkinsville, Kentucky.

Decarbonization Partners, which made the investment through its Decarbonization Partners Fund I vehicle said the vehicle has now reached $1bn in committed capital and expects to hold a final close in the fourth quarter of 2023.

Decarbonization Partners is focused on investing in next-generation private companies that support the acceleration of decarbonisation and the transition to a net-zero economy.

Meghan Sharp, the global head of Decarbonization Partners, said: “We are thrilled to partner with Ascend Elements, which has established itself as a leader in the fast-growing sustainable battery materials space that is vital to accelerating the electrification of transport.”

Mike O’Kronley, CEO of Ascend Elements, said: “Our sustainable lithium-ion battery materials will power EV batteries and accelerate the global transition to zero carbon emissions.

“Together, we are investing in North America’s critical EV battery infrastructure and bringing good manufacturing jobs back to the US.”

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