HOPKINSVILLE, KY (CHRISTIAN COUNTY NOW) – The U.S. Department of Energy has discontinued a $316 million grant which was in part supporting the construction of Ascend Elements in Hopkinsville. With over $200 million of the grant already spent by Ascend, they experience a loss of around $100 million in additional funding. Despite this financial setback, the CEO has confirmed that the project will still proceed.
“The DOE’s decision regarding the grant doesn’t change our trajectory. We’re moving forward.” said a statement from Ascend President and CEO Linh Austin. “We are replacing the remaining unused portion of the DOE grant with a mix of other sources of funding available to the company including equity, project finance, municipal bonds, and other forms of debt. Our Kentucky project remains strategic.”
Ascend was notified about this funding change just days ago on Oct. 7. The company has already invested about $600 million into the facility, with additional investors recently brought on. A total investment of around $1 billion expected. Upon completion, the chemical plant will be creating the chemical compound that is inside batteries (pCAM) by transforming black matter. The Apex 1 facility will produce enough pCAM to equip 250,000 EVs per year…