Funding round
Ascend Elements Growth
Reported as "Growth Equity"
Ascend Elements, which works in advanced battery materials manufacturing in Westborough, raised $50M in a Growth round announced on 1 Sep 2022, led by SK ecoplant. 1 firm took part. It is Ascend Elements' second venture round on record; the one before was a Series B in Apr 2021.
$50M
Amount raised
Not disclosed
Post-money valuation
1
Investors
1 lead
Valuation
What this round says about the price
Ascend Elements did not disclose a valuation in this round; its last disclosed one was $55M at the Series B (Apr 2021). It came 17 months after Ascend Elements' Series B. It is 6.0% of the $830M Ascend Elements has raised in the venture rounds on record. Ascend Elements raised again 1 month later: a Series C round of $300M in Oct 2022.
Ascend Elements' funding rounds
Ascend Elements has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
SK ecoplant led the round.
Lead investor
- SK ecoplant new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to scaling operations.
- Scaling operations
Comparable rounds
How it compares
17 Growth rounds in Batteries within a year either side disclosed an amount; the median was $90M, and this round was 56% of the median. The closest in time, other companies' Growth rounds in Batteries:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Batteries | 7 Sep 2022 | $30M | not disclosed | Equinor |
| Lunar Energy Batteries | 24 Aug 2022 | $300M | not disclosed | Sunrun and SK Group |
| Batteries | 3 Aug 2022 | $90M | not disclosed | not named |
| Verkor Batteries | 7 Nov 2022 | $250M | not disclosed | not named |
| Batteries | 14 Jul 2022 | $135M | not disclosed | GIC |
| Batteries | 20 Jul 2022 | $46M | not disclosed | CVC DIF |
| Batteries | 14 Jul 2022 | $7.0M | not disclosed | not named |
| Batteries | 1 Dec 2022 | $75M | not disclosed | Siemens Financial Services |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Ascend Elements raise in its Growth round?
Ascend Elements raised $50M in its Growth round, announced in Sep 2022.
Who led Ascend Elements' Growth round?
SK ecoplant led it.
What was Ascend Elements' valuation at the Growth round?
It was not disclosed; its last disclosed one was $55M at the Series B (Apr 2021).
How does it compare with other Growth rounds in Batteries?
17 Growth rounds in Batteries within a year either side disclosed an amount; the median was $90M, and this round was 56% of the median.
Did Ascend Elements raise again after this round?
Yes: a Series C round in Oct 2022 of $300M.