Ace Green Recycling, a battery recycling technology startup, has raised over $7 million in a new round led by Circulate Capital. Climate Angels also participated in the round along with angel investors.
The startup has raised about $10 million to date, including this round.
It plans to scale its team of 30 people split between India, US, and Singapore to 50 in the next three months.
Founded by Nishchay Chadha and Vipin Tyagi, Ace Green Recycling has created a lead-acid battery recycling technology and is focusing on the development of fossil fuel-free li-ion battery recycling technology.
The firm 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. It earns revenue through licensing its technology as plug and play and through its own factories.
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.