ACE Green Recycling to Go Public Following SPAC MergerACE Green Recycling to Go Public Following SPAC Merger

Battery recycler Ace Green Recycling Inc. has announced a merger with Athena Technology Acquisition Corp. II (NYSE: ATEK), a special-purpose acquisition company (SPAC).

Under the agreement, the Delaware-based company will become a wholly-owned subsidiary of Athena, allowing it to be publicly traded and positioning the combined entity to expand its innovative recycling solutions for lead and lithium-ion batteries.

"Ace is advancing electrification by building a global recycling technology to create sustainable supply chain solutions for critical metals that will enable next-generation technologies," said Nishchay Chadha, Ace CEO. "Compared to other recyclers, we employ a modular, fully electrified, low CapEx strategy, addressing two distinct and sizeable markets in lead and lithium-ion batteries. We believe that this approach will allow us to rapidly achieve commercial scale while diversifying both our feedstock and end-markets. Our planned focus on the U.S. market makes listing on a U.S. exchange a strategic move that better aligns our goals with our core stakeholders."
Ace specializes in hydrometallurgical recycling technologies that eliminate smelting and thermal processes. The company operates a commercial lithium-ion battery recycling facility in India and has licensed its lead battery technology in Taiwan.

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The merger is expected to accelerate Ace’s U.S. expansion and global growth.

Ace's expansion into the U.S. aims to bolster domestic supply chains, reduce reliance on foreign critical minerals nd create high-quality jobs. The company plans to establish recycling hubs to support the growing demand for electric vehicles and renewable energy. Plans are underway to establish a U.S. recycling plant, with Texas as a key location.

Ace is collaborating with the U.S. Department of Energy's National Renewable Energy Laboratory on advanced recycling research and maintains partnerships with major players like Glencore.

Ace, which generates $23 million in annual revenue, expects profitability by 2026 through a diversified business model that includes owned facilities, joint ventures, and licensing agreements. Backed by industry experts and seasoned investors, Ace aims to leverage its industry-leading intellectual property portfolio to address the $20 billion lead battery recycling market and the rapidly expanding $35 billion lithium-ion sector.

Source: Ace Green Recycling