Houston Battery Recycling Company Secures $32M in Financing

Houston-based Ace Green Recycling has secured $32 million in PIPE (private investment in public equity) financing to support its expansion and future public listing. The funding comes through its planned merger with Athena Technology Acquisition Corp. II, a SPAC that will help Ace become a publicly traded company on the Nasdaq under the ticker symbol “AGXI.” The company plans to use the financing to complete the merger, expand operations, and scale its battery recycling technologies. According to CEO Nischay Chadha, Ace aims to modernize battery recycling using its Greenlead® and LithiumFirst™ technologies, which are designed to operate with fully electrified and emissions-free processes. A major portion of the investment will fund the development of Ace’s flagship recycling facility near Beaumont, expected to begin operations in 2027. The plant will process both lead-acid and lithium-ion batteries, supporting growing demand for sustainable recovery of critical battery materials. Ace has also strengthened its long-term supply chain through strategic agreements. In 2024, OM Commodities agreed to supply at least 30,000 metric tons of lead scrap annually for recycling. Earlier, Glencore plc signed a 15-year agreement to purchase up to 100% of products from several of Ace’s planned recycling facilities. In addition to building new infrastructure, Ace says part of the funding may also be used to acquire other companies and further expand its recycling operations globally.