Hakurnas Lead Works Ltd agrees to deploy ACE Green Recycling's GHG emission-free lead recycling technology at their Israeli facilities

Facilities will be able to recycle 50,000 tons of lead batteries per year while potentially preventing 30 million kilogrammes of GHG emissions every year

HOUSTON,June 21,2023 -- ACE Green Recycling (ACE) has signed an equipment supply and licensing deal with Hakurnas Lead Works Ltd to set up greenhouse gas (GHG) emission-free battery recycling facilities in Israel and Romania. ACE will deploy its proprietary zero-emission lead battery recycling technology at Israel's leading secondary lead producer to progressively create 50,000 tons of lead battery recycling capacity per year,which translates to around USD 60 million lead metal sales annually.

Joint Logo_Ace Green Recycling_Hakurnas Lead Works

Hakurnas is the Middle East's leading secondary lead smelter with over 60 years of successful operations in Israel. During this time,it has increasingly become one of the key lead suppliers to Europe and North America with its LME-approved brand and,through this partnership,plans to make a positive impact on the regions' goals towards reducing carbon emissions.

Miron Badin,CEO and owner of Hakurnas,said: "We immediately recognized the value of the technology ACE was offering to us and are thrilled to be joining them to take the industry in a new,more sustainable direction. It is important to us to link with ACE to become very early adopters of such radical technology,as Hakurnas always aims to be at the vanguard of development in our industry."

Lead batteries are a key element in the automotive and telecoms industries,while also playing a crucial role in the energy transition for renewable power storage. Traditionally,lead batteries are recycled via a smelting process which involves operating temperatures of over 1,000°C,producing significant GHG emissions plus toxic solid waste that must go to landfill.

Unlike smelting,ACE's recycling technology replaces the smelting furnace and operates at room temperature,runs on electricity,has zero Scope 1 GHG emissions and reduces solid waste by more than 80%. The process will greatly enhance Hakurnas' profitability and minimize their operator and environmental risks.

"Hakurnas has always been an innovative company and,with this partnership,we see them as setting new benchmarks for lead battery recycling in Europe and the Middle East,thus leading the way for other battery recyclers in the region. This partnership agreement with Hakurnas is a natural fit for both companies' continued commitment to ensuring global electrification is made not just profitable,but also sustainable," saidACE Green CEO Nishchay Chadha.

As part of the deal,ACE will sell its proprietary equipment and chemicals to Hakurnas,and provide technical and engineering support for installation,commissioning and process optimization. Initial operations using ACE's equipment are expected to commence at the Hakurnas plant in Ashdod by Q4 2023,which is then planned to be scaled up in phases following the appropriate authorizations.

Once fully deployed,these facilities are projected to recycle 50,000 tons of scrap batteries every year,thereby preventing the emission of 30,000 tons of CO2,stopping 2,400 tons of solid waste from going into landfill,recycling more than 3,500 tons of plastics,and providing high-paying,sustainable green jobs for the community.

The agreement also allows for further collaboration between the companies to utilize ACE's proprietary lithium-ion battery recycling processes to setup greenfield developments in Israel and Romania,again using ACE's hydrometallurgical technology.

Farid Ahmed,ACE's VP for Global Strategy & Business Development and a long-time stalwart of the international lead industry,commented that "Hakurnas is a natural partner for ACE. We are delighted to be working so closely with a company that also aligns with our belief that the lead industry must continually innovate to secure its mandate to operate. Hakurnas is one of those lead producers that already does a tremendous job of recycling to the highest standards,but also recognizes that we cannot rest on our laurels. We want to give the industry the best tools to do an even better job."

ACE is a market leader in both lead and lithium-ion battery recycling,and aims to raise USD 100 million in its upcoming funding round to support its ambitious expansion plans. The company has a team of over 70 people and is dual-headquartered in the US and Singapore.

Forward-Looking Statements

This document contains certain forward-looking statements regarding ACE's technological capabilities and future business aspirations. All statements are based upon current ACE expectations and involve a number of business and technical risks and uncertainties that could cause actual results to differ materially from anticipated results described,implied or projected in any forward-looking statement,including,without limitation,regulatory approvals,unexpected changes in technologies,uncertainties inherent in technological development,scaling and roll out,intellectual property protection,and sources and availability of third-party financing.