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The world’s biggest automakers are betting that recycled material....

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from old batteries will help supply the metal they need to build electric cars.

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The latest wager is on a startup that says it can take advantage of the Inflation Reduction Act.

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Jaguar Land Rover and South Korean conglomerate SK Group are

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among the investors putting more than $300 million into Ascend Elements

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a startup that aims to serve an emerging center of battery production

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in the Southeastern U.S. The company says it has an efficient way

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to turn used lithium-ion batteries into new components. Other investors include Fifth Wall,

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a venture investor with a clean-energy focus.