U.K.-based electronics recycler signs $2.3 million investment with Chinese firm.
E-Waste Systems Inc., an electronic waste management, reverse logistics, environmentally focused services and technology company based in the United Kingdom, has finalized a commitment by Tanke Inc. to make a $2.3 million investment to support its expansion into China.
"Last year we began our journey into the Chinese market with the help of a $650,000 investment from Tanke, tied to a Master Licensing Agreement, and we have been thrilled with the results," says Martin Nielson, founder and CEO of E-Waste Systems. "China continues to be a strong focus for EWSI, and this new commitment from Tanke is proof positive that the market is responding to what we offer."
In addition to the original $650,000 investment and the $150,000 two-year Master Licensing fee from Tanke in 2013, E-Waste Systems received a sales commitment under its EWSI brand of $5 million with a 2 percent royalty. "We are allocating more resources to EWSI based upon the tremendous interest and success experienced in our first year with the company," says Xiaoying Zhang, CEO of Tanke. "Martin is building an exceptional solution to the growing e-waste problems of the world, and he is elevating the game every day with the addition of deeply entrenched talent throughout the regions of China and beyond."