MUSCAT: The Oman Investment Authority (OIA) announced on Thursday its investment in the American company – Ascend Elements – which specializes in recycling lithium-ion batteries that are used in electric vehicles.

The move is expected to enhance the portfolio, to achieve financial sustainability and to foray into new investment sectors in line with global trends in this aspect.

Ibrahim bin Saeed Al-Aysari, Director General of Private Equity at ADAA, said: “This new investment is in line with the Agency’s strategy of investing in transformational companies, as this sector in which the American company operates is competitive and rapidly growing and enjoys support in the United States of America, the United Kingdom and Europe. This gives the Authority an opportunity to enter into partnerships with international partners and investors, in addition to the rewarding returns expected from investment in this sector.”

The American company has invented a new technology in the recycling of electric vehicle batteries that focuses on the sustainable use of spent lithium-ion batteries and converting them into high-performance batteries for electric vehicles as this technology reduces the cost of recycling electric batteries by 50% and reduces carbon emissions by 87%.

After investing, the company received support of $480 million from the US government represented by the US Department of Energy.

The US initiative has raised its market value and tied up with auto giants such as Jaguar, Land Rover, Ford, and Tesla.

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