Electronics recycler expands its business arrangement with Tanke Inc.
The U.K.-based electronics recycling company E-Waste Systems Inc. (EWSI) has signed a $30 million contract with Tanke Inc., headquartered in Shanghai, to expand its business in China.
“Tanke was instrumental to helping us launch our China business last year and with their help we are now dramatically expanding our joint commitment to the EWSI strategy for this new year,” says Martin Nielson, founder and CEO of EWSI. “Conservatively, we expect this will add $30 million or more to EWSI’s 2014 revenues, and we see significant additional opportunities for growth beyond that.”
Tanke President Xiaoyong Zhang says, “We are very happy to expand our commitment to and involvement with EWSI. EWSI offers a comprehensive solution to a global problem, and our partnership with EWSI will enable us to promote best practices of management as well as the continued development and implementation of state-of- the-art technologies and processes. We are equally proud of our joint commitment to achieving the highest standards of public health and environmental protection.”
Earlier in the year, EWSI reported a $2.3 million investment from Tanke via an exchange of shares. This is in addition to investments last year of $650,000 and $800,000, and a master licensing agreement that amounted to another $150,000.
Nielson adds, “Tanke continues to play a key role in our expansion efforts in a part of the world that is fast becoming the global leader in e-waste generation and processing. In China, domestic and foreign e-waste streams are very large and there is considerable work required to build the proper infrastructure to manage it.”