Battery Recycling Pioneer Ace Green Eyes $250M Valuation as It Goes Public in 2025

The Deal

Ace Green Recycling is merging with Athena Technology Acquisition Corp. II (NYSE: ATEK) to go public, with an equity valuation of $250 million. The transaction is expected to close in the first half of 2025. This move marks a significant milestone for the sustainable battery recycling sector, as Ace positions itself to tap into two massive market opportunities: the $20+ billion mature lead battery recycling market and the rapidly expanding lithium-ion recycling space, projected to exceed $35 billion by 2040.

Why This Matters: The Technology Advantage

What sets Ace Green apart isn’t just another recycling plant—it’s the engineering behind it. The company operates fully electrified processes that eliminate the toxic byproducts plaguing traditional smelting operations. Ace produces zero Scope 1 emissions, zero toxic water, and zero solid waste. That’s a game-changer in an industry historically marred by environmental and health hazards.

The company’s LithiumFirst™ technology can recover up to 75% of lithium with purity exceeding 99% from LFP and NMC batteries. Its GREENLEAD® process recovers up to 99% of battery-grade lead at 99.98% purity—replacing the lead smelting operations that have been environmental nightmares for decades.

Already Generating Revenue

This isn’t a speculative play. Ace Green is already operating commercial facilities in India (since 2023) and Taiwan (since 2024), with processing credentials showing more than three million pounds of lead and lithium batteries handled. The company is currently generating approximately $23 million in annual revenue and expects to hit profitability by 2026.

The Supply Chain Fortress

Ace secured a 15-year offtake agreement with Glencore, one of the world’s largest diversified natural resources companies. This anchors the company’s revenue streams and signals serious commitment from a heavyweight in the recycling industry. Beyond Glencore, Ace has built a robust network across the U.S., Europe, Asia, and Africa.

Texas and Beyond

Ace plans to build its flagship battery recycling plant in Texas, positioning itself at the heart of America’s EV and renewable energy supply chain. The expansion strategy centers on creating centralized hubs that will:

• Generate high-quality U.S. manufacturing jobs
• Reduce reliance on foreign critical minerals like lithium, cobalt, and nickel
• Support domestic electric vehicle and renewable energy sectors
• Partner with distributed power generators for renewable captive power

The Investment Thesis

Investors are backing Ace for good reason. The company combines modular, cost-effective deployment with a diversified business model spanning owned facilities, joint ventures, licensing agreements, and supply chain contracts. Its proprietary IP portfolio includes utility patents, stealth patents, and trade secrets developed over more than a decade of R&D, backed by collaborations with institutions like the Indian Institute of Technology and Singapore Polytechnic.

Unlike competitors that typically specialize in either lead or lithium—or only specific lithium chemistries—Ace processes both lead and lithium batteries, including hard-to-recycle LFP batteries. This dual capability, combined with regulatory approval in key global markets, gives the company a differentiation edge.

The Timing

National security concerns, economic initiatives, and the global push for electrification are creating unprecedented tailwinds. Governments worldwide are incentivizing domestic battery material refining and production. Ace Green’s planned U.S. footprint aligns perfectly with efforts to secure critical battery metals supply chains, while the company also collaborates with the U.S. Department of Energy’s National Renewable Energy Laboratory on LFP recycling research.

With approximately $23 million in current annual revenue, profitability expected in 2026, and backed by seasoned investors with deep metals and recycling expertise, Ace Green Recycling is positioning itself as the global leader in sustainable battery recycling as it heads toward its public listing in the first half of 2025.