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SK Ecoplan the investment arm of the South Korean conglomerate SK Inc has invested $50 in the battery material and recycling company Ascend Elements. Through the investment Ecoplan becomes recycler’s largest shareholder. The total amount of the series C round is assumed to be $151 million with similar amount raised in debt.
SK Ecoplan is investing in infrastructure projects and has lately focused on recycling and other ESG related investments. As late as in April the company acquired the Singapore-headquartered e-waste and battery recycling company TES which operates battery recycling in Europe, China and Singapore. With and investment in Ascend Elements the investment company strengthens its position in battery recycling and battery materials.
Ascend Elements has already today an agreement with SK On, the battery cell manufacturer which is also part of SK Inc, to process production scrap from the battery company’s plant in Georgia, United States which is also where Ascend Elements is setting up its first full scale recycling plant. SK On has also been investing in recycling through its own operations and lately agreed with the Korean cathode manufacturer POSCO to jointly develop technologies for recycling and plan for the collection of end-of-life batteries.
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