SK ecoplant sells stake in U.S. battery recycling firm

SK ecoplant Co., the construction arm of South Korea's chip-to-battery conglomerate SK Group, said Monday it has sold its entire stake in a U.S. battery recycling company to secure capital. SK ecoplant sold its entire 9.22 million stocks in Ascend Elements to Seoul-based private equity firm SKS PE for 131.6 billion won (US$98 million), the company said in a statement. The company invested $60.8 million in the stocks, which currently account for 7.7 percent of the U.S. firm's 119.76 million outstanding shares, between 2022 and 2023, it said. Source: Yonhap News Agency