Ascend Elements
- 🦄Became a unicornSep 2023
- 📈Peak valuation$1.6 Billion ’24
- 💔Became a UnitardApr 2026
- 💸Last valuationWiped out
The rise & fall
7 moments · 2015–2026The key moments.
How it happened
Ascend Elements recycled lithium-ion batteries into new cathode material, a closed-loop pitch that made it one of American climate hardware's best-funded bets — a $542M September 2023 raise led by Decarbonization Partners with Temasek and the Qatar Investment Authority carried it to a roughly $1.6B valuation, on top of hundreds of millions in federal support.
The model depended on both EV demand and government backing, and in 2025-26 it lost both: US EV demand softened, Chinese cathode makers drove prices down, and the administration cancelled a $316M Department of Energy grant for its half-built Kentucky plant.
Calling the resulting financial challenges insurmountable, it filed for Chapter 11 in Texas in April 2026 to sell itself off in pieces, with roughly $900M of investor money gone.
Source: PR Newswire/TechCrunch: $542M raise Sept 2023 incl. $460M Series D (Decarbonization Partners, Temasek, QIA); Asia Business Daily: ~$1.6B post-money as of Feb 2024; TechCrunch/Bloomberg: Chapter 11 filed Apr 2026 (S.D. Tex. per docket) after DOE cancelled a $316M Kentucky grant; ~$900M equity lost, >$1.1B raised incl. grants
Where they went
- Linh AustinCEO (at Chapter 11 filing)Chief Executive Officer at Stealth Mode
- Yan Wangco-founderNot on record
- Diran Apelianco-founderNot on record
- Eric Gratzco-founder & CTONot on record
Current roles as self-reported on LinkedIn, retrieved 2026-08-21. See our methodology.
