Ascend Elements files for bankruptcy after raising nearly $900 million
Business
Ascend Elements, a major US battery recycling company, has filed for bankruptcy.
CEO Linh Austin called the financial challenges "insurmountable," even after raising nearly $900 million from investors.
The move comes as the US electric vehicle (EV) market slows down.
Federal $316 million Kentucky grant canceled
Things got worse when a $316 million federal grant for its Kentucky plant was canceled, leaving the project in limbo.
With EV sales dipping after tax credits expired and automakers like Volkswagen shifting back to gas cars, Ascend struggled to keep up, especially against cheaper competition from China.