SEOUL, South Korea, Jan. 7, 2025 /PRNewswire/ -- SurplusGLOBAL, a leading platform company for semiconductor equipment and parts, announced on the 7th that Stanley Choi, former Vice President of SK Hynix Foundry, has been appointed as the new Chief Executive Officer (CEO) of its subsidiary, EQ GLOBAL.
Stanley Choi brings with him nearly 30 years of experience in the global semiconductor industry, having held leadership roles at LG Semiconductor, Dongbu Anam Semiconductor, SMIC (Semiconductor Manufacturing International Corporation), and SK Hynix Foundry. In particular, he has demonstrated his expertise in areas such as process integration, technology development, and product development engineering. With over 15 years of experience in strategic marketing, he has also excelled in business planning, technology roadmaps, and long-term growth strategies, leveraging his strong marketing and sales capabilities.
Global Strategy and Platform Business Expansion
SurplusGLOBAL expects the appointment to further strengthen EQ GLOBAL's expertise in semiconductor front-end and back-end repair solutions, while contributing to SurplusGLOBAL's global platform strategy for SemiMarket.
Bruce Kim, CEO of SurplusGLOBAL, stated, "Stanley Choi is a leader with extensive knowledge and expertise across the entire semiconductor industry. We believe his technical expertise and leadership will create significant synergies with SurplusGLOBAL's platform business, particularly our SemiMarket initiative." He further added, "EQ GLOBAL's semiconductor equipment and parts repair business will play a pivotal role in the service expansion of the online SemiMarket Parts Mall, which is set to launch in June this year."
Expanding Global Network to Enhance Competitiveness
EQ GLOBAL currently operates repair centers in Wuxi, China, and Singapore, with plans to establish additional repair facilities in the United States and Taiwan(China). This growing global network aligns with SurplusGLOBAL's broader global network strategy, laying the foundation for providing faster and more specialized solutions to customers at major global hubs.
Stanley Choi, the new CEO of EQ GLOBAL, expressed his vision: "EQ GLOBAL is striving to establish itself as a global leader in semiconductor front-end RF equipment (Generator, Matcher) and back-end tester repair solutions. We are committed to maintaining the highest equipment condition for our customers by leveraging our technological expertise and reliability. Moving forward, I will work closely with SurplusGLOBAL to deliver unparalleled solutions and value to our customers in the global semiconductor market."
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SurplusGLOBAL Appoints Stanley Choi as New CEO of Subsidiary EQ GLOBAL, Strengthening Global Semiconductor Competitiveness
Plans to build lithium and lead battery recycling facility close to the strategic port of Mundra to service global markets
HOUSTON, Jan. 8, 2025 /PRNewswire/ -- Ace Green Recycling, Inc. ("Ace" or the "Company"), a leading provider of sustainable battery recycling technology solutions, today announced it has finalized a lease agreement for a site to build India's largest battery recycling facility. To be located in Mundra, Gujarat, the facility will build on Ace's existing Indian commercial operations, which have been recycling lithium-ion batteries since 2023 including lithium iron phosphate ("LFP") chemistries. As a part of this expansion, Ace announced plans to establish 10,000 metric tons of LFP battery recycling capacity per year in India by 2026, to meet the growing demand for LFP battery recycling. This strategic deployment of LithiumFirstâ„¢ LFP battery recycling technology in India will be phased in along with the planned deployment of the Company's technology in Texas.
Ace's strategic location in Mundra, near major ports handling over 10% of India's maritime cargo, significantly streamlines the transportation of battery recycling feedstock and off-take products. The new facility will utilize Ace's innovative and modular LithiumFirstâ„¢ technology to recycle LFP batteries at room temperature in a fully electrified hydrometallurgical process producing no Scope 1 carbon emissions, and with zero liquid and solid waste. Throughout this process, the proprietary Ace technology has maintained commercial lithium recoveries from LFP batteries at levels of around 75%, producing lithium carbonate of purities exceeding 99%, which is fed back into the battery materials value chain.
In addition to recycling LFP batteries, Ace plans to use its GreenLead® recovery technology to recycle lead batteries at its Mundra recycling park. This technology is a far more environmentally-friendly alternative to legacy smelting operations, with its fully electric process producing zero Scope 1 carbon emissions.
"LFP is expected to dominate the lithium battery market by 2030, and Ace is strategically scaling our LFP battery recycling capacity to meet demand and support our growing customer base," said Nishchay Chadha, CEO of Ace. "We believe that Ace is unique in its ability to sustainably recycle LFP batteries, and we plan to continue our focus on this market to build on our first-mover advantage. Our team recently visited battery recycling facilities in China, and we believe our LFP battery recycling technology to be more advanced despite a more mature and larger scale lithium-ion recycling ecosystem there."
"Ace's innovative technology enables profitable recycling of LFP batteries, even with the current low lithium price, by recovering significant amounts of these critical minerals. We believe that our successful operational demonstration positions us for future partnerships and collaborations that will unlock the full potential of our LithiumFirstâ„¢ technology in this market," said Vipin Tyagi, Chief Technology Officer of Ace.
When fully operational, Ace expects the Mundra LFP battery recycling facility to create up to 50 high value jobs in the local economy, bringing the company's employment in India to over 100.
About Ace Green Recycling
Ace Green Recycling, Inc., incorporated in Delaware, is an innovative battery recycling technology platform offering sustainable end-of-life solutions. It has deployed modular, Scope 1 carbon emissions-free recycling facilities for lithium (NMC & LFP) and lead batteries used in various industries including electronics, automotive and energy storage. Ace was founded by Nishchay Chadha, Chief Executive Officer and a veteran in recycling, mining and global supply chain industries, and Dr. Vipin Tyagi, Chief Technology Officer, with extensive experience in battery materials recycling technologies. For more information, please visit www.acegreenrecycling.com.
Contacts:
Media
Media@acegreenrecycling.com
Investors
Investors@acegreenrecycling.com
Forward-Looking Statements
This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements generally can be identified by the use of words such as "may," "could," "will," "should," "would," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "project" or "continue" or the negative of these terms or other comparable terminology. Such statements include statements regarding the intent, belief or current expectations of Ace and members of its management as well as the assumptions on which such statements are based. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties that could cause actual events or results to vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. Forward-looking statements contained in this press release are made as of this date, and Ace undertakes no duty to update such information except as required under applicable law.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Ace Green Recycling expands LFP battery recycling capacity, lays vision for India's largest LFP battery recycling facility
