Jessie Xu

In April 2026, Ascend Elements filed for bankruptcy, citing “insurmountable” financial challenges despite having raised over USD 1.1 billion. It will continue operations through the Chapter 11 restructuring process. The company faced headwinds from a slowdown in the US electric vehicle market, alongside the withdrawal of the unspent portion of its $316 million grant the US Department of Energy (DOE) for its Kentucky facility. This marks the second bankruptcy at a major US battery recycler, following Li-Cycle’s collapse in May 2025, underscoring increasing financial stress across the sector.

Critical metals refining company Nth Cycle has signed a $1.1 billion, 10-year agreement with Trafigura to provide 2,000 tonnes of contained nickel in MHP and 1,500 tonnes of lithium carbonate refined from 12,000 tonnes of black mass. It is the largest multi-metal commercial agreement between a recycled feedstock supplier and refiner of its kind.