Ascend Elements was formerly known as Battery Resourcers and focuses on recycling lithium-ion batteries and manufacturing recycled cathode active materials using its patented Hydro-to-Cathode technology. It is expanding its US manufacturing capacity to 30,000 metric tons per year by 2022 and plans global capacity of 150,000 metric tons per year by 2026. Its Hydro-to-Cathode process directly converts battery materials into new cathode active materials, creating more value from recycling than traditional methods and providing a more sustainable solution for battery materials.

1. Li-ion Battery Recycling and
Material Manufacturing
Roger Lin, VP Marketing and Government Relations
rlin@ascendelements.com

2. Battery Resourcers is now Ascend Elements
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3. Mission
sustainable
materials for
the global
transition to
clean energy
To elevate the
value of
recycled
elements by
engineering

4. *Manufacturing capacity T is material input
• Founded in 2015 as Battery Resourcers with labs, manufacturing sites and
headquarters in the U.S. Name change to Ascend Elements in 2022
• Technology leader in recycled Li-ion battery materials, first patents filed
in 2012
• Recycling Li-ion batteries and manufacturing scrap, patented process for
conversion to sustainable high-grade cathode active materials (CAM)
• Unique Hydro-to-Cathode™ technology provides sustainable, low-cost
and low embedded CO2 active material solutions
• Expanding U.S. manufacturing capacity to 30,000T per year in 2022
• Global capacity plan of 150,000T per year by 2026, including sites in US,
UK, and Europe
About Ascend Elements

5. What we do
Not just recycling. Transforming spent
Li-ion batteries into…
NMC cathode
…new, custom, high
performance active
materials.
Hydro-to-Cathode™
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6. 6

7. Why is recycling Li-ion so
interesting (now)?
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8. 8

9. Large and rapidly growing lithium-ion
battery demand
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LiB demand forecast by application (GWh) Available LiB material for recycling (GWh)
(a) Includes ePBV, LSEV, 2-wheeler, eShip, eVTOL
(b) Includes eBus, eTruck and eLCV
(c) Includes EoL batteries from other transportation, electronics & others and ESS
Source: Avicenne, Fraunhofer, IHS interviews, Roland Berger
63%
66%
69%
12%
18%
18%
25%
16%
13%
363
1,327
3,128
2021 2025 2030
Other transportation , ESS, electronics & others
Commercial vehicles
Passenger vehicles
(a)
(b)
67%
56%
41%
33%
44%
59%
55
226
594
2021 2025 2030
Manufacturing scrap EoL batteries(c)

10. Critical battery elements are hard to extract without
environmental damage and social injustice.
Cobalt mining Lithium mining
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11. 11

12. Source: Press
Legislative imperatives drive
strategic opportunity with
OEMs
Recycled materials transforming battery
supply chain
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13. About Hydro-to-Cathode™
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14. Battery Recycling Process Technology Comparison
Hydro-to-Cathode technology converts streams
of mixed battery chemistries directly into new
cathode active materials (CAM), elevating critical
battery elements to their highest level of value.
Leaching Precursor
Synthesis
Cathode
Production
Shredding Impurity
Removal
Cobalt
Extraction
Material Refiners
Traditional Hydrometallurgy
Battery
Manufacturing
Lithium
Extraction
Nickel
Extraction
Smelting
Disassembly Mixed Alloy
and Slag
Precursor
Synthesis
Cathode
Production
Cathode
Manufacturers
Material Refiners
Traditional Pyrometallurgy
Cobalt
Extraction
Leaching Impurity
Removal
Least efficient
Battery
Manufacturing
Nickel
Extraction
Lithium
Extraction
Leaching Cathode
Production
Shredding Impurity Extraction and
Direct Precursor
Synthesis
Core IP
Hydro-to-Cathode™ Most efficient
Battery
Manufacturing
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15. 1.0x
2.6x
Black Mass Solvent Extraction (Li + Co,
Ni)
Engineered Active Material
(Cathode + Anode)
Maximizing value from spent Li-Ion batteries
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~10x
Value per tonne of spent batteries
Better economics drives more recycling

16. Hydro-to-Cathode is cleaner and more
environmentally-friendly
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AE Recycled NMC622
with Renewables
AE Recycled NMC622
with Renewables and Offsets
Virgin NMC622
Ascend Elements Recycled NMC622 with Offsets & Renewables
Reduces EV and battery environmental impact

17. (a) c-rate is the current through the battery divided by the theoretical current draw under nominal rated capacity in one hour
Source: Company information, Joule, Scientific American
2.7
4.2
0 0.5 1
(Voltage)
Depth of discharge %
(relative IC discharge capacity)(a)
3.5
Cells performance Cathode performance
Cells made from AE materials yield higher charge capacities than
benchmark cells
Cathodes made from AE materials reach up to 20% cycle life
enhancement compared to leading commercial cathode
materials
80%
84%
88%
92%
96%
100%
Capacity
retention
(%)
Battery resources Benchmark cathode materials
Cycle#
Ascend Elements
Sustainability Without Compromises
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3,000 4,000
2,000
1,000

18. Recycling Challenges
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19. • Collection, sorting, and identification
• Safe dismantling
• There are many way to take batteries apart and not all are safe – ensuring
safety for auto scrapyards and dismantlers
• Consider EoL disassembly in upfront design
• A battery designed for recycling will reduce the cost of recycling
• Battery type and cathode composition is important
• What’s in it – Li, Co, Ni, Cu, Graphite, etc. and how much?
• Transportation
• Can be expensive to ship; requires special packaging; what if they’re
damaged?
• Recycling Site Permitting
• Industry and Regulatory Issues
Li-ion Recycling Challenges
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20. • Hot topic in industry is use of EoL EV batteries for stationary or other applications
• Remanufacturing already underway for Li-ion batteries – auto scrap and e-waste recyclers
• Many end-use locations are in low to moderate-income countries which may be at odds with
local strategic mineral goals
• Unlikely viable for utility-scale ESS (energy storage systems)
• Warranty and performance guarantee?
• Characterization and repurposing cost… vs new?
• Could be viable for residential ESS
• Depending on market requirements for reliability and cost savings
• Performance and reliability concern
• Cycle life remaining, impedance growth and thermal management, absolute capacity – all
will have impact on effective $/kWh. Acute failure probability as cells age must be considered
• Safety is a key concern
• Larger batteries are greater hazard; utility-scale and C&I larger than EV
• ESS can run at higher voltages than EV batteries (1500 VDC)
• Consider second life application (specifically) in upfront design
Re-Use / Remanufacture / “Second Life”
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21. Operations scale up and the
future
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22. Covington Georgia: Base-class facility 1
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Shredding scrap batteries into black mass and extracting lithium, nickel, and cobalt

23. Introducing the Apex-class facility
Transforming black mass into the highest value materials using Hydro-to-Cathode™ technology
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24. • Improved recycling economics… driving
to nearly 100% battery recycling rate
• Less reliance on mining
• Completely closed-loop manufacturing
• A truly circular battery economy
We can achieve…
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