Rymarz Zdort Maruta advises Kinterra Capital on acquisition of Polish assets as part of restructuring of Ascend Elements

We are pleased to announce that we advised Kinterra Capital, a Canadian private equity fund, on the acquisition of the Polish assets of Ascend Elements and the related bridge financing (DIP financing).

In 2025, Ascend Elements, a US company specialising in the development and production of active materials for batteries made from recycled feedstock, announced a giga-investment in Poland worth PLN 6.7 billion. The company planned to build a plant in Opole producing precursor cathode active material (pCAM), which is used in the battery industry. However, the future of the investment was thrown into doubt in April 2026, when Ascend Elements filed for Chapter 11 restructuring proceedings before a court in Texas in order to seek protection from creditors.

As a result of the transaction conducted as part of the Chapter 11 restructuring proceedings, Kinterra Capital acquired the Polish subsidiary of the Ascend Elements group for USD 100 million.

The fund is currently seeking a strategic partner to help implement the planned investment in the construction of the pCAM plant in Opole.

Kinterra Capital is a Canadian private equity fund focused on investments in the critical minerals sector and related infrastructure. To date, it has invested in Canada, the United States and Australia.

The Rymarz Zdort Maruta team was led by Magdalena Pyzik-Waląg (managing partner) and Dr Paweł Mazur (counsel). The team also included: Iwona Her (partner), Marek Kanczew (partner), Łukasz Lech (partner), Dr Jakub Rachwol (partner), Jakub Kowal (counsel), Tomasz Bąkowski (senior associate), Filip Książczak (associate), Justyna Niezgoda (associate), Przemysław Nycz (associate), Augustyna Porzucek (associate), Engjell Sokoli (associate) and Bartosz Ulczycki (associate).