March 2, 2023

2 Min Read
Green Giant Energy Texas and ACE Green Recycling Plan to Develop Lithium-ion Recycling Facility in Texas

HOUSTON  -- Green Giant Inc. (NASDAQ: GGE) ("GGE", "Green Giant" or the "Company"), today announced that ACE Green Recycling Inc. (ACE), an innovative recycling platform for battery materials, and Green Giant Energy Texas Inc. (GGE Texas), a subsidiary of GGE, entered into a letter of intent (LOI) for a strategic partnership to build a commercial lithium-ion battery recycling plant in the greater Houston area and boost sustainable battery recycling in North America.

The two companies signed a non-binding LOI to form a joint venture (JV) that will develop and operate the recycling plant, which will be located on land purchased by GGE Texas who will also fund the build-out of the plant with a $3 million investment. The JV will use ACE's proprietary technology and process for sustainably recycling lithium-ion batteries, including end-of life batteries, rejected batteries and other defective batteries sourced from around the region. Once completed, the facility will incorporate ACE's modular equipment design to recycle an estimated 1,800 metric tons of lithium batteries per year.

GGE Texas CEO Junaid Ali said, "Our partnership with ACE furthers our goal of investing in, developing and servicing green energy projects that provide solutions to clean energy transition challenges. The development of a sustainable lithium-ion battery recycling facility in Houston will not only advance circularity of battery materials in the U.S. but will also create positive economic growth for this market."

In addition to setting forth the blueprint to build a greenfield lithium-ion battery recycling facility through the JV, the LOI also stipulates GGE Texas will invest a separate $3 million toward ACE's global operations. Other areas of collaboration in the strategic partnership include providing electricity and solar power solutions for ACE facilities, solar panel recycling, feedstock and equipment procurement, and the sharing of engineering, construction management, operations and maintenance resources to optimize the new Texas facility as well as other ACE facilities.

"We are excited to expand our operations in Houston with our clean battery recycling solutions and are delighted to partner with GGE Texas to create a sustainable, closed-loop battery value chain for the U.S.," said Nishchay Chadha, co-founder and CEO of ACE. "This partnership demonstrates that ACE's modular commercial solutions can help advance electrification in the U.S. with low capital requirements and grow the operations as the EV market grows."

GGE Texas is in the business of partnering with companies to fund and develop green energy solutions to reduce their carbon footprint and help conquer clean energy transition challenges. ACE has developed a portfolio of proprietary, Scope 1 emissions-free technologies to recycle lead-acid and lithium-ion batteries (LAB and LIB) to capture their critical materials. ACE's proprietary technology is powered exclusively by electricity, emits zero greenhouse gases and is believed to have market-leading recovery yields.

Both ACE and GGE Texas are committed to a clean energy transition and, through this strategic partnership, will seek to bring more green energy projects to life.

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