Ace Green Recycling, Inc, a provider of sustainable battery recycling technology, and Athena Technology Acquisition Corp II (ATEK II), a publicly listed special purpose acquisition company, have announced a $32 million private investment in public equity (PIPE) financing. The investment is intended to support their previously announced proposed business combination and marks a key step toward completing the transaction.
The PIPE financing, backed by institutional investors with a focus on energy transition and industrial innovation, underscores confidence in Ace Green Recycling’s technology-driven approach to battery recycling. Upon completion of the business combination, the merged entity is expected to be listed on the Nasdaq Stock Market under the ticker symbol “AGXI.”
The funds raised through the PIPE are expected to support the expansion of Ace’s advanced recycling platform for lithium-ion batteries, including nickel-manganese-cobalt (NMC) and lithium iron phosphate (LFP) chemistries, as well as lead batteries. The company’s technology is designed to enable more efficient recovery of critical materials, contributing to the development of domestic supply chains and supporting a circular economy for batteries.
Nishchay Chadha, Chief Executive Officer of Ace Green Recycling, stated that the investment represents an important milestone in the company’s growth journey. He noted that Ace’s proprietary technologies, including GREENLEAD® and LithiumFirst™, are engineered to eliminate Scope 1 emissions and replace conventional recycling processes with cleaner, fully electrified alternatives. He added that sustainable recovery of battery materials will play a crucial role in supporting the future of electrification.
The company expects to receive approximately $32 million in gross proceeds from the PIPE financing, subject to the closing of the business combination and before transaction-related expenses. The capital will primarily be used to fund the development of Ace’s recycling facility in Texas, along with general corporate purposes such as operational expansion and potential strategic acquisitions.
Isabelle Freidheim, Chairman and Chief Executive Officer of Athena Technology Acquisition Corp. II, highlighted that the investment reflects strong investor confidence in both the transaction and Ace’s long-term potential. She emphasized the company’s positioning in building a resilient supply chain for critical battery materials and noted that the financing represents meaningful progress toward completing the merger.
Legal advisory services for the transaction are being provided by Rimon PC for Ace Green Recycling and Latham & Watkins LLP for Athena Technology Acquisition Corp II. The announcement reinforces growing momentum in the battery recycling sector, driven by increasing demand for sustainable resource recovery and advancements in clean technology solutions.
