This photo provided by SK ecoplant Co. shows an energy storage system (ESS) made of used batteries at an apartment construction site in Anyang.
SEOUL, Sept. 2 (Korea Bizwire) — South Korean builder SK ecoplant Co. said Thursday it has invested US$50 million in Ascend Elements, a U.S.-based lithium-ion battery recycling and engineered materials company, as part of efforts to gain a stronger foothold in the waste battery market.
The investment is a part of Ascend Elements’ Series C funding, and SK ecoplant became the largest shareholder of the American company.
Ascend Elements was founded in Massachusetts in 2015 and is assessed as one of the fastest-growing waste battery recycling companies in the North American market.
SK ecoplant noted that in combination with TES Envirocorp, a Singapore-based electronics waste management solution provider that it acquired early this year, this investment would contribute to completing its value chain in the waste battery recycling market.
The company plans to make forays into the waste battery recycling market by leveraging the waste batteries of TES, which has multiple processing facilities in Europe and Asia, and the huge North American client pool of Ascend Elements.
Ashley Song (ashley@koreabizwire.com)
