US – Polyolefins producers Nexus Circular has raised US$150 million in seed funding to expedite the growth of advanced recycling solutions for plastics.
The funding round was led by Cox Enterprises, a private broadband company based in Atlanta, Georgia, becoming the majority owner.
Nexus will use the funds to fulfill recycled-plastic commitments by accelerating the development of its advanced recycling methods.
The company plans to build more facilities to address the growing demand for recycled plastic products.
These facilities will have a total annual processing capacity of more than 250 million pounds of used plastic.
Nexus Circular CEO Jodie Morgan said: “Cox has been incredibly supportive and continues to be enthusiastic about Nexus.
“We are leading the advanced recycling industry, making a positive impact by 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 cleantech vice-president Steve Bradley said: “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.”
Based in Atlanta, Nexus manufactures and sells high-quality circular products certified according to ISCC PLUS standards.
The company uses landfill-bound plastics to make its products, which are claimed to have diverted more than seven million pounds of waste to date.
In July last year, the firm partnered with Dow to build a recycling facility in Texas capable of processing and converting over 26,000 MTs annually of previously non-recycled plastic into a circular feedstock.
Under the agreement, the feedstock would be delivered back to Dow as a raw material to create new, recycled plastics for food-contact, health, hygiene, and fitness applications.
In the same month, Nexus also extended its partnership with Braskem to secure the output from a new advanced recycling facility planned near Chicago, Illinois.
Nexus says that the new facility has an initial capacity to convert over 30,000 metric tons annually of used plastic into new materials, with the potential to rapidly expand the processing capacity to over 120,000 metric tons annually.
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