"Ascend Elements has started Chapter 11 bankruptcy proceedings in the U.S., a heavy blow to investors who had sunk nearly $900 million into the company."
"The market for EVs in the U.S. has hit a rough patch recently, with several automakers dialing back their plans for new EVs."
"Ascend has developed a process to extract valuable critical minerals from scrap and end-of-life batteries, limiting the steps needed to transform waste into precursor materials."
"The company has been building a 1 million-square-foot facility in Kentucky that has been beset by lawsuits and delays, according to local reports."
Ascend Elements has initiated Chapter 11 bankruptcy proceedings, impacting investors who contributed nearly $900 million. CEO Linh Austin cited insurmountable financial challenges. The bankruptcy filing coincides with a downturn in the U.S. electric vehicle market, exacerbated by the cancellation of a $316 million grant for a Kentucky facility. The company has developed a process to extract critical minerals from batteries but faces industry challenges, including competition from Chinese manufacturers and changing automaker specifications. Ascend's Kentucky facility has also encountered lawsuits and delays.
Read at TechCrunch
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