Ascend Elements files for bankruptcy amid EV market slowdown
Updated
Updated · Benchmark Source · May 7
Ascend Elements files for bankruptcy amid EV market slowdown
14 articles · Updated · Benchmark Source · May 7
The US battery recycler sought Chapter 11 protection in April 2026 after raising more than $1.1 billion, and said it would keep operating during restructuring.
The company cited insurmountable financial challenges, including the withdrawal of the unspent portion of a $316 million US Department of Energy grant for its Kentucky facility.
Its collapse follows Li-Cycle's May 2025 bankruptcy, making it the second major US battery recycler to fail and highlighting mounting strain across the sector.
As US recyclers collapse, is America losing the race for critical battery materials before it even starts?
Was the EV market slowdown a temporary speed bump or a fatal blow for the entire battery recycling industry?