Ace Green Recycling, Inc., a leading provider of sustainable battery recycling technology solutions, and Athena Technology Acquisition Corp. II, a publicly traded special purpose acquisition company, announced that they have entered into securities purchase agreements with certain investors for an aggregate $32 million private investment in public equity (PIPE) financing to support their previously-announced proposed business combination, with the common stock of the combined company expected to be listed on the Nasdaq Stock Market under the ticker âAGXIâ following the consummation of the Proposed Business Combination.
The PIPE financing includes participation from sector-focused institutional investors, and is expected to support Aceâs differentiated recycling platform for lithium (nickel-manganese-cobalt & lithium iron phosphate) and lead batteries and its role in enabling domestic supply chains for critical battery materials supporting a circular economy for batteries. The financing is a key milestone toward the completion of the Proposed Business Combination and supports the Companyâs strategy to scale its U.S. footprint, global supply chain management platform, and commercialize its next-generation battery recycling technology.
âThis investment accelerates our mission to redefine battery recycling at a global scale,â said Ace CEO Nishchay Chadha. âAt Ace, we are deploying GREENLEAD® and LithiumFirst™ as a new standard â fully electrified, Scope 1 emissions-free solutions designed to replace legacy processes and unlock a cleaner supply chain for critical materials. We believe that the future of electrification depends on how efficiently and sustainably we recover these resources, and this milestone brings us meaningfully closer to that future.â
Concurrent with and contingent upon the closing of the Proposed Business Combination, Ace expects to receive approximately $32 million in gross proceeds from the PIPE financing before transaction expenses. The Company expects to use these proceeds primarily to fund capital expenditures related to the development of its Texas recycling facility as well as for general corporate purposes, including supporting the expansion of operations and to fund the purchase of other companies , as described in the registration statement on Form S-4 most recently filed with the Securities and Exchange Commission by Athena and Ace on March 24, 2026.