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SK Ecoplant sells stake in Ascend Elements


  • Understood to have sold all of its 9.22m shares


lithium ion
Ascend Elements recycles lithium ion batteries

SK Ecoplant, a unit of South Korean conglomerate SK Group, announced it had sold its stake in US lithium ion battery recycling company Ascend Elements to raise capital, as part of a broader business reorganisation by the parent company.


SK Ecoplant, a construction engineering and waste management company, was understood to have sold all of its 9.22m shares, equivalent to a 7.7% stake in the US company, to Seoul based SKS Private Equity for KRW131.6bn (US$98m).


SK Ecoplant built up its stake in Ascend Elements between 2022 and 2023 at a cost of US$61m, to become the largest shareholder with the sale generating a 60% capital gain for the company.


Ascend Elements was established in 2015 as a recycling specialist, using advanced particle engineering technology to transform used lithium ion batteries and scrap into high quality precursors and cathode materials for use in new electric vehicle (EV) batteries.


For more details, please refer to the original article

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