A business in the United States and a South African investment business have signed a term sheet to form a joint venture to build and operate two environmentally sustainable battery recycling facilities in South Africa. Through the joint venture, the companies aim to bring radical change to the management of South Africa’s battery waste.
The partners are Tabono Investments, a leading investment company in Africa with experience in mining, logistics and recycling and ACE Green Recycling, an innovative recycling platform for battery materials.
“Green energy is on the rise in South Africa,” said Tabono co-founder Liran Assness, “and with it, lead-acid and lithium-ion battery usage.”
Tabono’s other co-founder Reon Barnard added, “With dedicated environmentally friendly ways of recycling batteries, the world can leverage valuable materials like lead, lithium and cobalt, and power our future in a less harmful way.”
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.”
Once established, the joint venture will leverage each partner’s strengths. ACE has developed a portfolio of proprietary technologies to recycle lead-acid and lithium-ion batteries and capture their critical materials atmarket-leading recovery yields. Tabono brings vast experience in the minerals and industrial services industries across Botswana, Mozambique, Tanzania and South Africa.