Signs US$50mn SPA with Ascend Elements
SK ecoplant has become the largest shareholder of Ascend Elements, a U.S. battery recycling company that has expertise in extracting rare metals from electric vehicle (EV) batteries. The U.S. startup is valued at about 600 billion won.
SK ecoplant signed a US$50 million stock purchase agreement (SPA) with Ascend Elements on Aug. 31 (local time). A signing ceremony was held at SK ecoplant’s U.S. subsidiary in New Jersey with the attendance Park Kyung-il, president of SK Ecoplant, and Mike O'Kronley, CEO of Ascend Elements.
This investment is part of a Series C funding round. Ascend Elements plans to use the investment to complete a battery recycling plant in the United States within this year.
Established in Massachusetts in 2015, Ascend Elements has developed a proprietary battery recycling technology. Currently, it is evaluated as one of the fastest growing battery recycling companies in the North American market.