Ace Green Recycling Inc., a company focused on renewable energy, has reached an agreement to go public by merging with special-purpose acquisition company (SPAC) Athena Technology Acquisition Corp. II. The deal values Ace Green’s equity at $250 million and is slated to close in the first half of 2025.
Houston-based Ace Green specializes in battery recycling technology that helps minimize waste and conserve crucial minerals like lithium. It serves industries including electronics, automotive, and energy storage, with annual revenue reaching $23 million. If the merger is finalized, Ace Green will obtain Athena’s New York Stock Exchange listing and secure related proceeds from an additional private funding round to support its expansion efforts.
Ace Green’s business model utilizes a modular, fully electrified approach to recycling lead and lithium-ion batteries. CEO Nishchay Chadha highlighted that this strategy allows the company to tap into two distinct and sizable markets, helping Ace Green scale quickly while diversifying its feedstock and customer base.
