SK Ecoplant sells its stake in Ascend Elements

SK Ecoplant which through its acquisition of TES-Amm in 2022 entered the electronics and battery recycling industry has sold its share in the American battery recycling startup Ascend Elements. SK Ecoplant was with its 13% share of Ascend Elements the company's largest shareholder after an investment of $60.84 million in 2022. The buyer, Seoul-based private equity company SKS PE payed $98.23 for the stake. Representatives from SK are also referring to the sharply raised valuation in coming funding rounds as a reason for why SK divests only two year after it made the first investment. The value of Ascend Elements is believed to be close to $1.5Bn.

SK Ecoplant will however continue to invest in battery recycling in North America through TES-Amm which lately changed its name to SK Tes. Nothing has been communicated about the joint pre-processing plant SK Ecoplant and Ascend Elements is setting up in Hopkinsville, Kentucky. The $65M plant with a capacity to process 24,000 tonnes per annum will be owned jointly by SK Ecoplant and SK Tes (75%) and Ascend Elements (25%) and is scheduled to start operation in the beginning of 2025.