Battery recycler Ascend Elements files for bankruptcy
TechCrunch·2h ago·Neutral
What Happened
Ascend Elements, a battery recycling company, filed for Chapter 11 bankruptcy on Friday after facing insurmountable financial challenges. The company had received nearly $900 million in investments. The Trump administration canceled a $316 million grant for Ascend's Kentucky facility under construction, though $204 million was already disbursed. The U.S. electric vehicle market has weakened recently, with automakers reducing EV production plans. Ascend developed technology to extract critical minerals from scrap batteries.
Key Entities
Ascend ElementsLinh AustinTrump administrationKentucky facilityElectric vehicle marketRedwood MaterialsChinese manufacturers