US recycler Nexus Circular has agreed to an equity investment of US$ 150 million (EUR 141.6 million), led by Cox Enterprises, who will become the majority owner.
The new funds enables Nexus to build additional capacity to serve its expanding customer base and meet the ‘outsized demand’ for recycled plastic products. The Atlanta-based recycler plans to build several facilities with a joint processing capacity of around 115 million tonnes per year.
Since its launch in 2008, Nexus has treated more than 3 175 tonnes of hard-to-recycle plastic scrap destined for landfill. ‘With this funding, our team and partners can more rapidly execute the next phase of growth, accelerating the circular economy for plastics,’ says ceo Jodie Morgan.
‘We are on a trajectory to convert billions of pounds of hard-to-recycle plastics into circular materials to support our global partners’ 2025-2030 sustainability commitments.’
Nexus’ proprietary technology and process design converts used plastics, notably film, into clean, ISCC Plus certified circular products. This allows global brands to use virgin-equivalent plastics and meet their recycled content goals.
‘Nexus Circular is an exciting part of our strategy to acquire and scale businesses that have a positive impact on the planet,’ says Steve Bradley, vice president of cleantech for Cox Enterprises. ‘We continue to look for opportunities to partner with companies like Nexus, which is helping to build a better future for the next generation.’