04:24 AM EST, 12/05/2024 (MT Newswires) -- Athena Technology Acquisition Corp. II ( ATEK ) and Ace Green Recycling said late Wednesday they have agreed to a business combination.

The deal assigns an equity value of $250 million for Ace.

Under the terms of the deal, a subsidiary of Athena, a blank-check company, will merge with and into Ace Green Recycling, the companies said.

Ace will become a wholly-owned subsidiary of Athena, and Ace's lithium-ion battery recycling operations will be the business of the new entity, the companies said.

The proposed business combination is expected to close in H1 2025.