Athena Technology Acquisition Corp. II enters business combinaton with Ace Green

Athena Technology Acquisition Corp. II (ATEK), or ATAC II, and Ace Green Recycling, a provider of sustainable battery recycling technology solutions, have entered into a definitive business combination agreement, pursuant to which a wholly-owned subsidiary of ATAC II will merge with and into Ace, with Ace becoming a wholly-owned subsidiary of ATAC II and Ace’s operations becoming the operating business of the combined entity. Ace’s battery recycling technology focuses on recovering critical battery materials from both lead and lithium-ion batteries. The company’s technologies are fully electrified, producing zero Scope 1 emissions, zero toxic water and zero solid waste. Ace operates commercial facilities in India since 2003 and Taiwan since 2024, with planned project development in the U.S., Europe, and Israel, along with complimentary supply chain operations. The company is currently generating approximately $23M in annual revenue. The proposed business combination is expected to close in the first half of 2025. Concurrently, Ace expects to complete a financing from existing insiders and various strategic and fundamental investors.