EcoATM's kiosks designed to accept cell phones, other mobile communication devices.
Coinstar Inc., Bellevue, Wash., has announced that it is investing in San Diego-based EcoATM, an automated electronics recycling kiosk that is designed to capture, track and recycle mobile devices.
"As a leader in automated retail, Coinstar is continually looking for kiosk concepts that are innovative and compelling," says Gregg Kaplan, president and COO of Coinstar. "We believe EcoATM could be a viable business, as it provides an easy way for consumers to properly resell and/or recycle the more than $7 billion in used mobile phones that are annually retired in the U.S. while creating a sustainable secondary market for these devices."
The EcoATM kiosks visually and electronically scan used devices such as mobile phones and iPod devices to establish their value, paying consumers on the spot. The collected devices are then sold into worldwide secondary markets or recycled to reclaim the materials.
"We value Coinstar's expertise and longevity in the automated retail space and are thrilled with their support in the future success of our automated e-cycling solution," says Tom Tullie, ecoATM CEO. "EcoATM delivers convenience and immediate financial incentive to consumers looking to retire used devices and simultaneously creates a new standard of accountability and responsibility for the re-use of electronic devices."
Earlier this year, Jens Molbak, Coinstar founder, joined EcoATM as a board member and investor.