Construction Industry News
ACE Green Recycling (ACE) has signed an equipment supply agreement and a $12 million license agreement for a 10-year period with India's Pondy Oxides & Chemicals to establish the world's largest zero-emission greenhouse gas (GHG) battery recycling facility in Chittoor, Andhra Pradesh, India.
The green technology start-up will license its own zero-emission lead-acid battery recycling technology to India's leading lead-acid battery recycling company to recycle 40,000 tons of batteries, equivalent to approximately $60 million per year.
This technology will reduce the environmental footprint on a global scale as POCL exports their products to international customers in South Korea, Japan, Thailand, Indonesia, Middle East, USA and Europe. The lead-acid battery is a key element in the automotive industry and also plays a vital role in renewable energy storage and telecommunications industry.
“As a leading global player and pioneer in the battery recycling industry in Asia, POCL continuously invests in R&D and keeps abreast of the latest technologies to keep pace with the industry and the ever-changing needs of our customers,” said Ashish Bansal, Managing Director , POCL. “ACE's groundbreaking technology will help us stay ahead of the competition while making a positive contribution to making global electrification positive for the climate.”
“Our partnership with ACE is a positive step towards green technology. POCL aims to become the torchbearer of the circular economy in India and become synonymous with recycling at all times,” said K. Kumaravel, Director of Finance, POCL.
The technology implementation of ACE at POCL is expected to start in Q4 2022 and scale in phases. In ten years, the 30,000 m² facility is expected to recycle more than 28 million lead-acid batteries, prevent 500 million kg of GHG emissions, prevent 40 million kg of solid waste from going to landfills, produce 17 million kg of oxygen enough for 55,000 people, 28 million kg of plastic and provide green jobs for the community. In the longer term, POCL plans to use solar power for the facility, which will also reduce Scope 2 GHG emissions.
“As the electric vehicle industry grows globally, there is a huge demand for an environmentally friendly battery recycling solution as the global population strives for more sustainable and efficient consumption and production,” said Nishchay Chadha, co-founder and CEO of ACE. “We are also close to commercializing our lithium-ion battery recycling technology and believe our solutions will be a breakthrough in the battery recycling industry and help make global electrification sustainable.”
POCL has been in the metal, chemical and battery recycling business for over 27 years and is the first and only 3N7 lead brand in India to be registered on the London Metal Exchange (LME).
