Battery recycler Ascend Elements files for bankruptcy
Ascend Elements said on Friday it has started Chapter 11 bankruptcy proceedings in the U.S., a heavy blow to investors who had sunk nearly $900 million into the company. Linh Austin, Ascend’s CEO, announced the decision in a post on LinkedIn. He said the company faced “insurmountable” financial challenges. Ascend’s filing comes amid a softening market for electric vehicles in the U.S. and was likely compounded by the Trump administration’s decision to cancel a $316 million grant intended for a Kentucky facility that was under construction. At the time, $204 million was disbursed, but Ascend had to look for additional capital to make up the shortfall. The market for EVs in the U.S. has hit a rough patch recently. Though sales surged prior to the end of tax credits…
