Plastics recycler Nexus Circular, Atlanta, has agreed to terms on an equity raise of $150 million. Atlanta-based investor Cox Enterprises led the round of funding and will become the majority owner.
Nexus Circular says the funding will support its efforts to deliver on recycled-plastic commitments by accelerating the expansion of its advanced recycling process, which includes the processing of hard-to-recycle plastic films. The company claims it has consistently produced and commercially sold high-quality, ISCC Plus certified circular products made from landfill-bound plastics, diverting over 7 million pounds to date.
The company says the financing will enable it to build additional capacity to serve its expanding customer base and meet an outsized demand for recycled plastic products. It plans to build facilities that have the capacity to process more than 250 million pounds of used plastic annually.
“Cox has been incredibly supportive and continues to be enthusiastic about Nexus,” Nexus Circular CEO Jodie Morgan says. “We are leading the advanced recycling industry, making a positive impact addressing the challenges of used plastics in our environment. Demand for Nexus’ products is driven by the end consumers’ preference for products that incorporate recycled plastic, and we are motivated by the contribution Nexus is making. With this funding, our team and partners can more rapidly execute the next phase of growth, accelerating the circular economy for plastics.”
Cox Enterprises Vice President of Cleantech Steve Bradley says, “We’re building platforms with the power to impact both business and the environment. Nexus Circular is an exciting part of our broader cleantech strategy to acquire and scale businesses that have a positive impact on the planet. We continue to look for opportunities to partner with companies like Nexus, which is helping to build a better future for the next generation. That’s what we’re all about at Cox.”
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