Appliance recycling firm received $20 million in New Markets Tax Credit financing.
The appliance recycling firm Recleim LLC
, headquartered in Atlanta, has received $20 million in New Markets Tax Credit financing to complete its recycling facility in Graniteville, S.C. The loan, led by SunTrust Community Capital, will provide equipment financing and working capital for the company’s expansion. AMCREF Community Capital also participated in the deal.
Once completed, the facility will be Recleim’s flagship location and is expected to be operational by this summer. The plant combines exclusively licensed technologies from two European companies to ensure safe and environmentally responsible end-of-life management for a range of items, including refrigerators, washers, dryers and other household electronic devices, according to the company. The 111,000-square-foot facility will employ more than 200 full-time workers when it is fully operational.
“This financing is an exciting step forward because it means we are that much closer to completing the plant, reducing the amount of waste going to landfills and creating more jobs in Graniteville,” says Doug Huffer, general manager of Recleim’s Graniteville facility. “Because of the cutting-edge recycling technology that we are installing at this facility, our customers can be confident they are minimizing their environmental impact when we process their retired devices.”
“Recleim is to be commended for responding to an important need for responsible recycling while also contributing to the well-being of Graniteville,” says Eric Rosen, New Markets Tax Credit program director at SunTrust Community Capital. “We are honored to partner with Recleim because we believe this business will make a real difference both economically in the community and environmentally through its advanced technology.”
Recleim reduces landfill waste by recovering 95 percent of the components in appliances it processes and selling them for reuse in other finished products, as well as properly disposing of nonrecyclable materials.
Recleim says it is the first company in North America to feature an entirely closed-loop resource recovery process.