This document discusses the economics of recycling battery materials from lithium-ion batteries to return them to the battery supply chain using various methods. It outlines that hydro-to-cathode direct precursor synthesis is the most efficient and economical method, recovering over $9,100 in material value from a 100kWh EV battery pack. This method allows 95% recovery of cobalt and nickel, 80% recovery of lithium, and transforms the recycled material directly into precursors for new battery cathodes. The company Ascend Elements is commercializing this hydro-to-cathode technology through facilities in Georgia and Kentucky to establish a closed-loop battery materials ecosystem.

1. Economics of Returning Recycled
Battery Materials to the
Li-ion Battery Supply Chain
Michael Coraci
North American Business Development
Ascend Elements, Inc.

2. The Goal: Closed-loop Battery Materials Ecosystem
• Conserve critical materials
• Minimize environmental impact
• Reduce carbon emissions
• Enhance energy independence
• Reduce supply chain inefficiencies
Battery
production
Electric
vehicles
EVs on
the road
Recycling
Battery
materials

3. 3
Commercial Battery Recycling Methods
Direct Precursor
Synthesis
Hydrometallurgy Hydro-to-Cathode
Pyrometallurgy
Metals Extraction
Note:
“Direct Recycling” methods are still not
technically or commercially proven

4. 4
History of Innovation
Pyrometallurgy
2500 BC 2012
Hydro-to-Cathode™
First process designed to
recycle Li-ion batteries
1880s
Sources:
https://www.academia.edu/25351445/A_short_history_of_hydrometallurgy
https://www.asme.org/about-asme/engineering-history/landmarks/179-newell-shredder
Hydrometallurgy Mechanical Shredding
1930s

5. Hydro-to-Cathode™ direct precursor synthesis
“The most
efficient
and economical
way to return
used Li-ion
battery materials
to the supply
chain.”

6. 6
Economic comparison
of typical 100 kWh pack
Nickel
15%
Cobalt
3%
Lithium
11%
Copper
5%
Other
66%
Percent by Weight
EV Battery Pack $ / kg Value
Total Mass 460 kg
Nickel 69 kg $29* $2,016
Cobalt 16 kg $39* $622
Lithium 50 kg $64* $3,212
Copper 23 kg $8* $184
Other 302 kg $0 $0
$6,034
*Commodity pricing Fastmarkets MB 2023
Nickel
34%
Cobalt
10%
Lithium
53%
Copper
3%
Other
0%
Percent by Value

7. 7
Recovered Value: Further
Processing Required
Note:
Plastic, electrolyte and graphite are burned
Lithium is typically lost in the slag

8. 8
100kWh EV Battery Pack
Recovered Value: $2,600
Assumes:
95% recovery rate of Cobalt and Nickel

9. 9
HYDROMETALLURGY
100kWh EV Battery Pack
Recovered Value: $6,000
Assumes:
95% recovery rate of Cobalt and Nickel
80% recovery rate of Lithium

10. 10
HYDRO-TO-CATHODE™ PRECURSOR SYNTHESIS
100kWh EV Battery Pack
Recovered Value: $9,100

11. Nickel Nickel Nickel
Cobalt Cobalt Cobalt
Lithium Lithium
CAM value add
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
Pyrometallurgy Hydrometallurgy Hydro-to-Cathode™
Recovered Value from 100kWh EV battery
11
Ascend Elements Economic Comparison
$2,600
$6,000
$9,100

12. About Ascend
Elements
Commercializing Hydro-to-
Cathode™ direct precursor
synthesis technology
12

13. Lithium
Others
Technology developed for
10+ years
Developed in-house and
exclusively licensed from WPI
70+ scientists and engineers
Global coverage
✓
✓
✓
✓
Cathode
5 patents
pending
Confidential and Proprietary to Ascend Elements
13
Robust Patent Portfolio
4
20
patents
granted
patents
pending
1
4
patent
granted
patents
pending

14. 14
Base 1 Facility (Covington, Georgia)
Shredding scrap batteries into black mass and extracting lithium, nickel, and cobalt
Base 1 facility
$50M investment
30,000 metric tonnes per year input
capacity
150 high-quality jobs
Operational Q4 2022

15. 15
Apex 1 Facility (Hopkinsville, Kentucky)
Transforming black mass into high value materials via Hydro-to-Cathode™ direct precursor synthesis
Material for 250,000 EVs per year
Apex 1 facility
Up to $1B investment
Producing pCAM, CAM, and metal salts
Up to 400 high-quality jobs
Operational in Q1 2024