Following years of turbulence at the Ascend Elements Apex 1 facility in Hopkinsville, the questions have come to an end, after the property was bought during a Chapter 11 bankruptcy auction earlier this month.
The facility, which would have housed a battery manufacturing operation run by America-based company Ascend Elements, was purchased during an auction as a part of the Chapter 11 bankruptcy process. Ascend Elements filed for bankruptcy in April, following months of financial troubles, including litigation and then arbitration regarding unpaid construction work at the Apex 1 site.
Southwestern Kentucky Economic Development Council Executive Director Carter Hendricks confirmed that the winning bid was placed by the Turner-Kokosing Joint Venture, which is the joint venture that filed the initial law suit against Ascend Elements. In that lawsuit, they alleged that Ascend failed to pay for work that was done and materials delivered by the joint venture by December 20 of 2024. That unpaid labor was valued to be at $138.4 million.
They are now in control of the site located at Commerce Park 2, though what exactly will happen with that property next is unclear. Construction has been paused for some time during the legal battles and bankruptcy process, but a good amount of the building is built already, leaving a sizable facility sitting empty and unfinished.
With the sale of the property and the assets at the now former Apex 1 facility sold, it will be up to Turner-Kokosing what happens with it next.