Ascend Elements Files Bankruptcy, EV Market Faces Headwinds
Tech News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Ascend Elements, a battery recycling startup, files for Chapter 11 bankruptcy, leaving investors with a $900 million loss. CEO Linh Austin cites financial hurdles and a cooling US EV market, exacerbated by the Trump administrations cancellation of a $316 million grant for their Kentucky facility. EV sales plummeted after tax credits ended, and automakers like Volkswagen are shifting focus to gas-powered models. Ascends struggles highlight the challenges in the competitive battery industry, where long lead times and shifting specifications pose significant risks for startups chasing EV dreams.
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