Image courtesy of Lincoln Brown

A lithium ion battery manufacturer halted plans for a new 101,000 square-foot world headquarters and tech center at the Devens business park.

Westborough-based Ascend Elements leased the entire new building at 39 Jackson Road in 2023 from developer King Street Properties. The company recently listed the building for sublease and will remain at its Westborough location, Ascend Elements confirmed.

“Due to changing market conditions in the battery materials industry, Ascend Elements is putting its previously announced headquarters relocation on hold,” spokesman Thomas Frey said in an email.

The sublease listing is being marketed by CBRE.

Ascend Elements is also developing a $1 billion manufacturing facility in Hopkinsville, Kentucky, but announced in February it was canceling a portion of the project. The company and U.S. Department of Energy mutually agreed to cancel a $164-million grant, Ascend Elements announced at the time, citing changing market conditions. Work on another portion of the project connected to a $316 million DOE grant is continuing.

Ascend Elements’ rapid growth was fueled by a mixture of venture capital and federal funding. The company received $200 million in venture capital investment led by Fifth Wall Climate in 2022.

Ascend Elements’ lease completed the 550,000 square-foot first phase of King Street Properties’ 45-acre Pathways campus at Devens, which includes life science clean room provider Azzur Group and clean energy companies Commonwealth Fusion Systems and Electric Hydrogen.

Greater Boston’s 302 million-square-foot industrial market had an 8.5 percent vacancy at the end of the first quarter, according to a report by brokerage Hunneman. The market had 810,890 square feet of negative absorption year-to-date