TechCapsules

AI-summarised brief · reviewed before publication

Ascend Elements has initiated Chapter 11 bankruptcy proceedings in the US, citing "insurmountable" financial challenges. The company, which developed a process to extract critical minerals from scrap batteries, had received nearly $900 million in investment. A softening US electric vehicle market and the cancellation of a $316 million grant likely contributed to the decision. Ascend's 1 million-square-foot Kentucky facility was also plagued by lawsuits and delays.