SK Ecoplant Becomes Largest Shareholder of US Used Battery Company 'Ascend Elements'

$50 Million Investment... Securing a U.S. Base in the Electric Vehicle Used Battery Market

Park Kyung-il, President of SK Ecoplant (right), and Michael O'Kronley, CEO of Ascend Elements, are posing for a commemorative photo.

[Asia Economy Reporter Kim Min-young] SK ecoplant announced on the 1st that it signed a stock purchase agreement (SPA) worth a total of 50 million USD (approximately 67.4 billion KRW) with the US battery recycling innovation company 'Ascend Elements' on the 31st of last month. This move aims to secure a leading position in the electric vehicle battery recycling market, which is expected to grow to a scale of 600 trillion KRW by 2050.

The signing ceremony took place at SK ecoplant's US subsidiary located in New Jersey, with both companies' representatives attending, including Park Kyung-il, President of SK ecoplant, and Michael O'Kronley, CEO of Ascend Elements. Through this investment, SK ecoplant became the largest shareholder of Ascend Elements.

Ascend Elements, established in Massachusetts in 2015, is a specialized battery recycling company possessing proprietary recycling technology. It is currently recognized as one of the fastest-growing battery recycling companies in the North American market.

SK ecoplant plans to complete the battery recycling business value chain together with TES, an E-waste (electrical and electronic waste) specialist company acquired earlier this year, leveraging this investment as a stepping stone.

Park Kyung-il, President of SK ecoplant, stated, "Through investment in this innovative US company, we have established a global recycling network to secure battery volumes together with TES, which already has major bases worldwide. We will lead the global market by securing both innovation technology and volume, the two core elements of the battery recycling industry."

This content was produced with the assistance of AI translation services.