Ace Green Recycling Secures $32 Million PIPE to Support SPAC Merger and U.S. Battery Recycling Expansion

Ace Green Recycling and Athena Technology Acquisition Corp. II have announced a $32 million private investment in public equity (PIPE) financing to support their planned business combination, a step toward listing the combined company on the Nasdaq under the ticker “AGXI”.

The PIPE deal includes participation from institutional investors and is tied to the companies’ previously announced merger. The financing is intended to help advance Ace’s battery recycling platform and strengthen its position in the market for critical battery materials.

Ace Green Recycling develops technologies for processing lithium-ion and lead batteries, with a focus on recovering materials such as lithium, nickel, manganese and cobalt. The company said the new capital will help scale its operations and support development of its planned recycling facility in Texas, alongside broader corporate expansion and potential acquisitions.

The transaction is expected to close alongside the SPAC merger, with proceeds primarily directed toward capital expenditure and expansion of commercial capabilities.

Ace chief executive Nishchay Chadha said the funding supports the company’s goal of building emissions-free recycling systems designed to replace conventional battery processing methods and improve recovery efficiency for critical materials.

The merger is part of a broader wave of investment activity in battery recycling and circular supply chains, as manufacturers and recyclers seek to secure domestic sources of lithium and other strategic metals. SPAC structures continue to be used by clean technology firms aiming to access public markets and fund scale-up phases.

Isabelle Freidheim said investor participation reflects confidence in both the company’s technology approach and its ability to execute a complex public listing process.

Source: Ace Green Recycling

SUNSHINE Spotlight: Battery recycling companies are continuing to attract capital through SPAC-linked PIPE deals as they scale technologies aimed at securing domestic critical mineral supply chains.