ACE Green Recycling and Tabono to Form Battery Recycling Joint Venture
ACE Green Recycling (ACE) and Tabono Investments (Tabono) have signed a term sheet to form a joint venture to build and operate two environmentally sustainable battery recycling facilities in South Africa.
December 14, 2022. By News Bureau
Through the joint venture, the companies aim to bring radical change to the management of South Africa's battery waste.
"Green energy is on the rise in South Africa and with it, battery usage," said Liran Assness, Tabono co-founder.
Tabono's other co-founder Reon Barnard added, "Without dedicated recycling facilities, the country is losing valuable materials like lithium and cobalt. We plan to take up this opportunity."
The facilities will separately process and recycle lead-acid and lithium-ion batteries utilizing ACE's proprietary technology that creates zero Scope 1 emissions by operating without fossil fuel-based heating.
Both recycling facilities will be greenfield projects to be developed and operated by the joint venture. Under the new structure, ACE will have 51 percent ownership and Tabono will own 49 percent.
"We are committed to ensuring emerging markets benefit from our clean battery recycling solutions," said Nishchay Chadha, ACE CEO and co-founder. "Combining our expertise with Tabono will ensure development of safe and sustainable closed-loop solutions for battery materials within South Africa."
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