HOPKINSVILLE, KY (CHRISTIAN COUNTY NOW) – At the Sept. 4 Hopkinsville City Council meeting, a resolution passed that will provide the Ascend Elements Inc. development with $320 million in revenue bonds for continued construction and infrastructure costs.

Since the funding is through bonds this will not affect city funds, and the bonds will be reimbursed by Ascend Elements Inc. The resolution was created to establish the intent of the city to follow through with providing the revenue bonds, but the city is not currently under any obligation until it is passed through an ordinance at a later date. City chief financial officer Melissa Clayton further clarified that the city is not liable for these bonds and Ascend would be responsible to repay the obligation in a worst-case scenario.

According to public finance attorney, Mark Franklin, who joined the council meeting through zoom, this investment would not put the city at financial risk. “This is something the city, as an act of its own good will, will do to help a corporate citizen save money,” said Franklin. “The city has no financial risk and will not be subject to payment.”

Construction details

A news release from Ascend Elements Inc. in Oct. 2022 announced the beginning of construction for the company’s largest electric vehicle battery recycling and engineered materials manufacturing facility.

“The facility will help meet North America’s growing demand for lithium-ion battery materials, specifically engineered precursor (pCAM) and battery-ready cathode active materials (CAM),” said the news release. “When finished, the Apex 1 facility will produce enough pCAM and CAM to equip 250,000 EVs per year.”

The project is being built at 6505 John Rivers Road, with total construction costs reaching $1 billion, according to Ascend.

“Ascend Elements’ initial announcement made history as the largest development project in Christian County, but with recent announcements the investment has grown to nearly $1 billion and will create 400 full-time jobs, making it the single largest investment in Western Kentucky,” Governor Andy Beshear said during the 2022 groundbreaking.

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