Athena Technology Acquisition Corp. Ii · OTC:ATEK
Athena Technology Acquisition Corp. Ii — SPAC Merger (January 2026)
35 slides from Athena Technology Acquisition Corp. Ii's SPAC merger presentation, Jan 30, 2026
Slide 1: Investor Presentation February 2026
Investor Presentation February 2026 A battery recycling technology company built on proprietary IP ACE Green Recycling, Inc.
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
2 CAUTIONARY STATEMENT REGARDING FORWARD - LOOKING STATEMENTS This presentation contains statements regarding Ace Green Recycling, Inc. (“Ace Green”), with whom Athena Technology Acquisit ion Corp. II (“Athena”) has entered into a business combination agreement to consummate a business combination (
Slide 3: Legal Disclaimers
3 Legal Disclaimers NO OFFER OR SOLICITATION This presentation is not intended to and does not constitute an offer to buy, subscribe for or sell or the solicitation of an of fer to buy, subscribe for or sell any securities, or a solicitation of any vote or approval, and shall not form the basis of o
Slide 4: Helping Address America's Need for Critical Minerals
4 Helping Address America’s Need for Critical Minerals Commercial Operations • 15 - Year Glencore Partnership • Texas Flagship Expected to Launch 2027
Slide 5: ACE Green Recycling Platform Overview
5 In - demand required materials for the next generation of energy storge and mobility Designated as a critical mineral by the US Department of Energy (3) ACE Green Recycling (“ACE”) i s building a global battery recycling platform — combining proprietary tech with supply chain expertise and operati
Slide 6: Licensing, Plants Owned and Operated, Supply Chain & Partnerships
6 Licensing Plants Owned and Operated Supply Chain & Partnerships • Secured nearly 75,000 MT (1) of lead recycling contracts to date • Additional licensing deals expected in Europe and Asia Pacific • Operating a pilot lithium recycling facility in India with ~2,000 MT capacity • Recycling agreements
Slide 7: Key Highlights and Texas Flagship Launch
7 • National security, economic, and sustainable initiatives have globalized the refinement of feedstock and battery production away from traditional sources in Asia • Aligns with U.S. focus on prioritizing domestic supply chain and manufacturing Texas Flagship Facility Launch Expected in 2027 • Tex
Slide 8: Management Team
8 Dr. Vipin Tyagi CTO 12 years in battery materials cleantech recycling PhD in Mechanical Engineering from Texas A&M University and Bachelor of Technology in Mechanical Engineering from IIT Bombay Co - authored several peer reviewed journal and conference publications Ex Merrill Lynch Trader
Slide 9: Commercial Deployment Across Three Continents
Commercial Deployment Across Three Continents
Slide 10: Global Facilities and Flagship Facility - Silsbee, Texas
10 Flagship Facility - Silsbee, Texas • Solely - owned and operated • Lead battery recycling • In permitting stage, anticipated launch in 2026 Headquarters - Houston, Texas Operating lithium Operating lead Brownfield Expansion Lead Upcoming lithium Taiwan Facility • Licensed with ACME • Lead battery
Slide 11: Solely-Owned & Operated Model
11 Solely - Owned & Operated Model 1B 1A Phase Lead Lead Battery Feedstock Modular, phased Expansion to Full Scale New Stage 2027 Q4 2026 Anticipated Launch 150,000 75,000 Initial Volume (equivalent Scrap Batteries in MT/year) Feedstock & Offtake ACE is developing and building out its flagship U.S.
Slide 12: Planned ACE Flagship Battery Recycling Facility
12 Planned ACE Flagship Battery Recycling Facility (1) Wood Mackenzie, Commodity Market Report Global Lead Strategic Planning Outlook — Q1 2024, Mar. 29, 2024 Silsbee, TX 75,000 metric tons Battery processing ~17,000 metric tons Fully integrated in Phase I (1) (Equivalent to <2% of domestic consumpt
Slide 13: Feedstock Offtake
13 Feedstock Offtake • ACE and Glencore entered into a 15 - year offtake agreement for LIB & LAB materials • Will take effect upon commencement and completion of agreed owned & operated facility (lead and/or lithium) • Ongoing discussions for tech deployment at Glencore’s facilities • Multi - year L
Slide 14: Active and Near Term Facilities
14 Active and Near Term Facilities ( does not include pipeline or anticipated expansions ) Date Operational Tenor Contracted Capital source Deal type Project type Country Expected Q1 2027 Lifetime Yes ACE Own & Operate Lead USA Q1 2026 10 Years Yes Partner Offtake & Marketing Lead Australia Expected
Slide 15: US Feedstock and Offtake Agreements
15 US Feedstock Agreements Feedstock quantity Duration Region Partner Up to 100,000 MT/year (lead batteries) 15 years (provisions to extend additional 5 years) US OM Commodities Up to 100,000 MT/year (lead batteries) 2 years (provisions to extend additional 5 years) US Gold Star Metals Offtake Agree
Slide 16: How ACE Achieves High Purity with Zero Scope 1 Emissions
How ACE Achieves 99.00% Purity in Lithium Carbonate and 99.98% in Lead with Zero Scope 1 Emissions
Slide 17: ACE Green Recycling Battery Technology
17 ACE Green Recycling Battery Technology Critical metals extracted through ACE process LEAD LITHIUM GRAPHITE Nickel Cobalt Copper Aluminium Primary products Secondary products Antimony • “GREENLEAD®”: recovers 99% of battery - grade lead • “ LithiumFirst ”: recovers >98% purity lithium carbonate Ea
Slide 18: Modular System Scaling to Meet Market Demand
18 Lower Cost Broader Geography Flexible Scale • “Right - sized” facilities • Significant reduction in initial CapEx (up to ~40% savings) • Lower minimum viable facility size (5,000 MT/year) • Profitable in smaller and emerging markets • Unlocks domestic supply chain to retain critical metals • Redu
Slide 19: Typical Recycling Smelters vs ACE Green Facility
19 Typical Recycling Smelters ACE Green Facility ACE’s technology supports the global transition from polluting smelters to clean battery recycling
Slide 20: Improving Sustainability of Lead Battery Recycling
20 ACE’s technology can dramatically improve the sustainability of lead battery recycling processes ZERO Scope I carbon emissions For every 1000 kg of lead batteries recycled through ACE’s technology 1 : 150 kg Slag diverted from landfills 43 kg Oxygen generated 70 kg Plastics recycled Minimal Envir
Slide 21: Two Markets Converging: Lead Today, Lithium Tomorrow
Two Markets Converging: Lead Today, Lithium Tomorrow
Slide 22: Demand and Security Initiatives vs Tightening Regulation and Closures
22 Market demand and national security initiatives are at odds with tightening regulatory restrictions and increasing facility closures
Slide 23: Regulatory Landscape by Region
23 • Designated lead as a critical mineral in 2025 • Targets 95% recovery rate on lead batteries • Tightening tariff regime may drive scrap LAB prices down due to lack of domestic recycling capacity while improving premia on refined lead United States European Union China India • Targeting 73% and 6
Slide 24: US Smelter Closures and Market Deficit
24 • As a consequence of these closures, US production has fallen 20% during this period, while consumption has grown by 17% and being replaced by Asian (mainly Chinese) imports • The fallout is a US market moving from nearly balanced in 1990 to now running a 0.5 million tonne annual deficit • Lead
Slide 25: ACE is Building a Solution to America's Collapsing Battery Recycling
25 Lead consumption 2024 (1) US: 1.8 million MT Canada: 0.3 million MT Lead battery market size 2024 (2) US: $12 – $14 billion Canada: ~$3 billion Lead battery scrap exports 2024 (3) US: $534 million Canada: $72 million Lead imports 2024 (3) US: $1.9 billion Canada: $13 million Lead battery imports
Slide 26: Opportunity to Develop Compliant Lead Recycling Across North America
26 (1) Estimates based on facility’s reported information and ACE’s internal research ACE has an opportunity to develop truly sustainable and environmentally compliant lead recycling facilities across North America with the Texas flagship facility serving as an industry - wide example Similar market
Slide 27: Lead and Lithium Battery Recycling Markets
27 0 1000 2000 3000 4000 5000 6000 7000 2020 2025 2030 2040 Available Lithium - ion Battery Material for Recycling (in kt) Production Scrap End of Life 1 4 7 36.5 EV Battery Recycling Market Size ($B) 2020 2025 2030 2040 5 10 15 20 25 30 35 40 2022 2023 2024 2025 2026 2027 2028 2029 2030 Market Size
Slide 28: Proven Model, Path to Profitability
Proven Model, Path to Profitability
Slide 29: Key Investment Highlights
29 Compelling Market Opportunity • $22.3 billion lead battery recycling market by 2030 (1) • $36.5 billion lithium battery recycling market by 2040 (2) • Regulatory tailwinds driving adoption Near - Term Value Catalysts • Texas facility commercial launch in 2027 • First GREENLEAD® and commercial LFP
Slide 30: Appendix
Appendix
Slide 31: Anticipated Timeline of Texas Facility
31 Completed Specific to Phase I – Lead recycling capabilities • Brownfield site selection and lease execution • Major equipment and detailed engineering vendor, owner’s engineer, and EPCM contractor finalization Q1 2026 • Anticipated financing close • Permitting assessment begins • Equipment orderi
Slide 32: ACE vs. Conventional Lead Recovery
32 High Low E nergy requirement No Yes Renewable power >1000 o C Room temperature Operating environment No Yes M odular High Low to none EHS risk 0.5 - 1 kg/kg battery Zero Scope 1 carbon emissions No 43 kg/1000 kg battery Oxygen release 5x higher volume Very low volume Toxic waste creation 95% - 97
Slide 33: ACE vs. Conventional Lithium Recycling
33 Ace Lithium Tech (1) Standard Hydro Process ( Solvent Extraction) Pyrometallurgy 20,000 Tons PA+ 50,000 Tons PA+ 5,000 Tons PA Minimum viable plant size Yes Yes Yes NMC battery recycling Emerging No Yes LFP battery recycling 30 - 75% None 80% (2) Lithium recovery Yes None Yes Graphite
Slide 34: Select Partners, Industrial Associations and Research Partners
34 Select Partners Industrial Associations Select Research Partners ACE is ready to scale globally with a vast network of supply chain partners and synergies with various value participants in the value chain
Slide 35: Circular Supply Chain of LAB Batteries in the United States
35 Battery OEMs Traders Imported lead White labelled batteries Auto companies Car owners Car shredders Smelters Smelters Makes lead ingots and sells to Supplies batteries to Auto dealerships Battery retailers Local vendors If battery replacement is required If vehicle reaches end - of - life Waste a
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