Ace Green Recycling, Inc. (“Ace” or the “Company”), a leading provider of sustainable battery recycling technology solutions, today announced it has finalized a lease agreement for a site to build India’s largest battery recycling facility. To be located in Mundra, Gujarat, the facility will build on Ace’s existing Indian commercial operations, which have been recycling lithium-ion batteries since 2023 including lithium iron phosphate (“LFP”) chemistries. As a part of this expansion, Ace announced plans to establish 10,000 metric tons of LFP battery recycling capacity per year in India by 2026, to meet the growing demand for LFP battery recycling. This strategic deployment of LithiumFirst™ LFP battery recycling technology in India will be phased in along with the planned deployment of the Company’s technology in Texas.

Ace’s strategic location in Mundra, near major ports handling over 10% of India’s maritime cargo, significantly streamlines the transportation of battery recycling feedstock and off-take products. The new facility will utilize Ace’s innovative and modular LithiumFirst™ technology to recycle LFP batteries at room temperature in a fully electrified hydrometallurgical process producing no Scope 1 carbon emissions, and with zero liquid and solid waste. Throughout this process, the proprietary Ace technology has maintained commercial lithium recoveries from LFP batteries at levels of around 75%, producing lithium carbonate of purities exceeding 99%, which is fed back into the battery materials value chain.

In addition to recycling LFP batteries, Ace plans to use its GreenLead® recovery technology to recycle lead batteries at its Mundra recycling park. This technology is a far more environmentally-friendly alternative to legacy smelting operations, with its fully electric process producing zero Scope 1 carbon emissions.

“LFP is expected to dominate the lithium battery market by 2030, and Ace is strategically scaling our LFP battery recycling capacity to meet demand and support our growing customer base,” said Nishchay Chadha, CEO of Ace. “We believe that Ace is unique in its ability to sustainably recycle LFP batteries, and we plan to continue our focus on this market to build on our first-mover advantage. Our team recently visited battery recycling facilities in China, and we believe our LFP battery recycling technology to be more advanced despite a more mature and larger scale lithium-ion recycling ecosystem there.”

“Ace’s innovative technology enables profitable recycling of LFP batteries, even with the current low lithium price, by recovering significant amounts of these critical minerals. We believe that our successful operational demonstration positions us for future partnerships and collaborations that will unlock the full potential of our LithiumFirst™ technology in this market,” said Vipin Tyagi, Chief Technology Officer of Ace.

When fully operational, Ace expects the Mundra LFP battery recycling facility to create up to 50 high value jobs in the local economy, bringing the company’s employment in India to over 100.