The startup has raised about $10 million to date, including this round.
It was founded by Nishchay Chadha and Vipin Tyagi who have over 25 years of experience in metals and recycling industry.
The startup claims to have created the world’s cleanest and most effective lead-acid battery recycling technology and is focusing on the development of fossil fuel-free li-ion battery recycling technology. Unlike the typical recycling process that involves smelting, ACE operates at room temperature, has zero air emissions and effluents and reduces heavy metal emissions, resulting in substantially less environmental harm, it said.
Lead and li-ion batteries are used in the automobile sector, telecom, power generation, data centres to name a few. With the growing development of the electric vehicle industry in India and globally, environmentally friendly battery recycling will only become more crucial as battery recycling from traditional methods can be a significant environmental polluter.
The startup has a recycling plant in New Delhi’s National Capital Region and plans to expand its footprint in international markets including Thailand. It is also exploring Vietnam and Dubai. The startup has a global client base and recently signed a memorandum of understanding with Massive Mobility in India. It will also use the funds to develop its li-ion recycling technology.
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“At ACE Green our vision is to ensure that battery recycling industry positively contributes to making global electrification sustainable. With the support of impact-focused investors like Circulate Capital and Climate Angels Fund, we are very confident of becoming an industry leader in the next 5 years,” said Chadha, cofounder and CEO, ACE Green Recycling.
It plans to scale its team of 30 people split between India, US, and Singapore – to 50 in the next three months.
The startup earns revenue through licensing its technology as plug and play and through its own factories.
