US-based ACE Green Recycling has signed a term sheet to form a joint venture with the investment company Tabono to build and operate two battery recycling facilities in South Africa, one for lithium-ion batteries and one for lead-acid. ACE will own 51 per cent of the JV while Tabono owns the rest. The facility will be the first recycling facility for lithium-ion batteries in South Africa
Tabono Investments is a South Africa-based investment company with previous experience in mining, logistics and recycling.
ACE Green Recycling has made several announcements during the year with planned facilities in Thailand, India and in the US, both for lead-acid and lithium-ion batteries. The facility India is currently under commissioning. The company has signed an offtake agreement with Glencore under which the leading mining company will buy 100% of ACE’s processed materials from both lead-acid and lithium-ion battery recycling over 15 years.
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