The startup has raised around $10 Mn funding in total
The funds raised will be used to develop its li-ion reusable technology and expand the 30-member team to 50 in the next three months
Ace Green claims it is working on commercialisation of lithium-ion battery recycling in an environmentally sustainable manner
Battery recycling technology startup Ace Green Recycling has secured more than $7 Mn in a funding round led by Circulate Capital. Adding this round, the startup’s total fund raised stands at $10 Mn.
Climate Angels also participated in the round along with angel investors. The funds raised will be used to develop its li-ion reusable technology and expand the 30-member team to 50 in the next three months, said the startup.
The battery tech startup said it has developed the world’s cleanest and most efficient lead-acid battery recycling technology and is focusing on developing fossil fuel-free li-ion battery recycling technology.
“Batteries play a crucial role in the shift towards sustainable energy production. Ace has developed an electric powered, emission-free lead-acid battery recycling technology and is at the fore-front of the green economy,” Ace’s website says.
Its battery operates at room temperature, contains zero air emissions, and wastes and reduces heavy metal emissions, resulting in significantly lower environmental damage, the startup said.
Further, it said it is working on commercialisation of lithium-ion battery recycling in an environmentally sustainable manner.
“Ace is working on commercialisation of an e-waste recycling process that will separate heavy metals and plastics, so that every raw material can be utilised in a new product,” as per its website.
The startup was founded by Nishchay Chadha and Vipin Tyagi who have more than 25 years of experience in the metals and recycling industry. Nishchay is an alumnus of IIT (ISM) Dhanbad and ISB Hyderabad, and has experience in global trading, recycling, mining, and supply chain.
Before founding Ace Green, he had worked with global giants such as Trafigura & Vedanta Resources while also gaining management experience in two startups.
Tyagi is a battery cleantech recycling expert with more than 10 years of experience in developing battery recycling technologies. He has a PhD degree in mechanical engineering from Texas A&M University and BTech degree in Mechanical Engineering from IIT Bombay.
Ace focuses to ensure the battery recycling industry contributes positively to the sustainability of global electrification.
“With the help of investors like Circuit Capital and Climate Angels Fund, we are confident of becoming industry leaders in the next 5 years,” said Nishchay Chadha, cofounder & CEO, ACE Green Recycling.
Lead and li-ion batteries play an important role in the automobile, telecom, and power generation sectors. With the growing demand of electric vehicles in India, recycling environment-friendly batteries will become even more important.
The startup has a recycling plant in the National Capital Region and plans to expand its footprint in the international market, including Thailand. It is also looking for expansion in Vietnam and Dubai. Ace has recently signed a memorandum of understanding with Massive Mobility in India.
The startup earns revenue by licensing its technology as plug and play and also through its own factory.
Meanwhile, the phrase plug and play commonly refers to various types of electronic hardware that can be plugged in and used, typically without any other intervening steps.
