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JUST IN: Ascend Elements, one of the most prominent battery recycling startups in the United States, filed for Chapter 11 bankruptcy protection after facing a financial crisis that its CEO described as insurmountable.
The decision comes at a challenging time for the electric vehicle market, marked by slower sales, reduced government support, and increasingly fierce international competition.
Ascend Elements initiated Chapter 11 bankruptcy proceedings in the U.S. after raising approximately $900 million.