SK Ecoplant sells stake in Ascend Elements

The South Korean conglomerate SK Group continues its corporate restructuring. As part of this reorganization, its subsidiary SK Ecoplant has divested its stake in the American recycling company Ascend Elements. The aim of this transaction is to raise capital. SK Ecoplant, which operates in both civil engineering and waste management, sold all its 9.22 million shares, representing a 7.7 percent stake in the U.S. company. The sale was made to the Seoul-based SKS Private Equity for an equivalent of 131.6 billion South Korean won (approximately 98 million U.S. dollars). Between 2022 and 2023, SK Ecoplant built its stake in Ascend Elements for 61 million U.S. dollars to become the largest shareholder. The sale yielded a 60 percent capital gain for SK Ecoplant. Ascend Elements, since its inception in 2015, has specialized in recycling. The company employs advanced particle technology processes to convert used lithium-ion batteries and scrap into high-quality precursors and cathode materials, which can be used in new electric vehicle batteries. This news was originally published by Just Auto, a brand of GlobalData.