From Scrap to Stock: Ace Green Recycling Eyes Nasdaq

Ace Green Recycling and Athena secure $32M PIPE financing to back their SPAC merger and list on Nasdaq under ticker AGXI

23 Jun 2026

Ace Green Recycling has secured $32m in private investment financing to support its planned merger with Athena Technology Acquisition, a blank-cheque vehicle, and list on the Nasdaq exchange under the ticker AGXI.

The funding, structured as a PIPE (private investment in public equity), will finance Ace's primary facility in Texas and support expansion outside North America. No closing date has been confirmed.

Demand for domestic battery recycling capacity has grown sharply as electric vehicle sales rise and pressure mounts on critical mineral supply chains. Lithium-ion batteries require specialised end-of-life processing, and commercially viable recycling at scale remains limited. Ace's Texas plant is designed to address that gap directly.

Isabelle Freidheim, Chairman and CEO of Athena, said the PIPE outcome "demonstrates investor confidence in Athena's ability to partner with high-quality companies through complex transactions and the public market process."

A successful listing would give institutional investors direct exposure to battery recycling through a dedicated public vehicle, a structure that does not yet exist widely in the market. For manufacturers and battery waste producers, a publicly traded Ace would carry greater reporting obligations, adding transparency to how recovered materials re-enter supply chains.

The deal's progress will be closely watched. SPAC mergers have faced growing regulatory and investor scrutiny in recent years, and many have struggled to close on schedule. Whether the Ace-Athena transaction avoids those pitfalls will depend on conditions closer to the listing date.