PROVIDENCE, R.I. (March 9, 2026) — Beginning this month, the City of Providence will start delivering new, standardized trash and recycling collection carts to residents to help divert recyclables from landfills and create new materials with recycled content. These collection carts will replace aging and inconsistent containers and lay the foundation for a stronger, more effective recycling system citywide. The recycling effort is supported by a $7.4 million investment from Closed Loop Partners, American Beverage Association and other major brands, The Recycling Partnership, and the U.S. Environmental Protection Agency’s Solid Waste Infrastructure for Recycling (SWIFR) Grant Program.

The new carts are a major step in a multi-year public-private partnership to address longstanding challenges in Providence’s recycling system. By aligning public funding, private investments, infrastructure upgrades, and resident education, the project is taking direct action to reduce contamination, strengthen recycling operations, and deliver measurable recycling rate improvements citywide. Providence’s current contamination rate is over 47 percent, resulting in over 8,000 tons of valuable materials intended for recycling being rejected and sent to landfills annually instead of being made into new products. That is equivalent to approximately 288 pounds of valuable materials lost to landfill per household.

Contributing to the multi-million dollar project, circular-economy focused firm Closed Loop Partners provided a commitment of over $5 million in financing from its Catalytic Capital & Private Credit group, including its beverage strategy, backed by the American Beverage’s Every Bottle Back Initiative, in partnership with Rhode Island’s beverage companies, and its infrastructure strategy, backed by Amazon, The Coca-Cola Company, Colgate-Palmolive, Danone North America, Kenvue, Keurig Dr Pepper, P&G, PepsiCo, Primo Brands, Starbucks, Unilever, the Venn Foundation and the Walmart Foundation. Additionally, the city secured two grants including $625,000 from The Recycling Partnership, with funding through the Every Bottle Back Initiative, and an additional $1.8 million through the EPA’s SWIFR grant program, which supports improvements of post-consumer materials management and infrastructure. Together these investments aim to improve Providence’s recycling rate of 2.4 percent, currently the lowest in Rhode Island.

“Since the start of my Administration, we have focused on making Providence cleaner, greener and more efficient,” said Mayor Brett Smiley. “That’s why we are investing in new trash and recycling carts, along with education and enforcement strategies to change behavior and get the City’s recycling program back on track. By combining these investments with targeted outreach, we are helping Providence neighbors manage waste more effectively, improve recycling rates and enhance quality-of-life while supporting long-term sustainability.”

“Strategic capital and collaboration across the value chain are critical to building a resilient circular economy in cities across the U.S.,” said Ron Gonen, Founder & CEO of Closed Loop Partners. “The joint funding made possible by this partnership, and bolstered by commitments from the federal government, is a key step toward catalyzing more capital to circular solutions, and laying the groundwork for waste-free cities. We are proud to support Providence, a city that is leading the way towards strengthening the infrastructure, education and partnerships needed to keep more of our valuable materials in circulation.”

Closed Loop Partners’ Catalytic Capital & Private Credit group has an over 10-year track record of deploying flexible catalytic capital to many leading recycling companies and municipal recycling programs in the U.S. The financing to Providence marks a key step in their work to advance circular economy infrastructure. Following this financing, Closed Loop Partners looks to continue to invest capital into solutions that keep a range of valuable materials in circulation.

“Strong partnerships are essential to building recycling systems that actually work for communities,” said Keefe Harrison, founder and CEO of The Recycling Partnership. “This effort goes beyond delivering carts. It brings funding, tools, education, and hands-on implementation together to turn infrastructure into real progress. By working closely with Providence city leaders and trusted partners, we are helping design solutions that meet residents where they are and deliver lasting, measurable results for the community.”

These infrastructure improvements are paired with robust resident engagement. A citywide recycling education campaign is underway, including direct mail, neighborhood outreach, and clear on-cart guidance to help residents understand what belongs in the recycling cart and why it matters.

“This investment reflects our commitment to working hand-in-hand with communities to support good policy and programs that increase the collection of valuable recyclables, including our industry’s aluminum cans and plastic bottles,” said Peg Sweeney, executive director of the Rhode Island Beverage Association. “Then we can ensure they are remade as intended and don’t end up in waterways and green spaces, or wasted in landfills.”

The City of Providence anticipates the delivery of the approximately 55,000 recycling carts to be completed early this summer. For more information about Providence’s cart program, visit http://www.providenceri.gov/carts.

About American Beverage’s Every Bottle Back initiative

The Every Bottle Back Initiative is an integrated and comprehensive initiative by The Coca-Cola Company, Keurig Dr Pepper and PepsiCo, alongside sustainability leaders Closed Loop Partners, The Recycling Partnership and World Wildlife Fund, designed to improve plastics circularity. These efforts support individual sustainability commitments undertaken by The Coca-Cola Company, Keurig Dr Pepper and PepsiCo.

About Closed Loop Partners

Closed Loop Partners is at the forefront of building the circular economy. The company is comprised of three key business segments: its investment group, Closed Loop Capital Management; its innovation firm, the Closed Loop Center for the Circular Economy; and its operating group, Closed Loop Builders. Closed Loop Capital Management manages venture capital, private equity and catalytic capital & private credit investment strategies.

The firm’s Catalytic Capital & Private Credit investment strategy invests across four key strategies that complement and operate alongside each other to bridge existing financing gaps and scale circular economy infrastructure across North America: infrastructure, beverage, circular plastics and local recycling. Across these strategies, Closed Loop Catalytic Capital & Private Credit provides flexible and risk-tolerant capital to support private companies, organizations and municipalities to launch or develop projects, ultimately aiming to attract further investment and meet the criteria of driving net positive environmental and social outcomes. Closed Loop Partners is based in New York City and is a registered B Corp. To learn about Closed Loop Catalytic Capital & Private Credit, visit https://www.closedlooppartners.com

About The Recycling Partnership

The Recycling Partnership is the U.S. nonprofit solving recycling’s toughest challenges, together, by tackling problems no single company, community, or policymaker can fix alone. Since 2014, we’ve helped recover more than 1 billion pounds of new recyclables, avoided 1.4 million metric tons of greenhouse gas emissions, delivered more than 2 million recycling carts to U.S. homes, and catalyzed $650 million in recycling system improvements. Learn more at recyclingpartnership.org.

Disclosure

This publication is for informational purposes only, and nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy any interest in any investment vehicle managed by Closed Loop Capital Management or any company in which Closed Loop Capital Management or its affiliates have invested. An offer or solicitation will be made only through a final private placement memorandum, subscription agreement and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. Closed Loop Capital Management does not utilize its website to provide investment or other advice, and nothing contained herein constitutes a comprehensive or complete statement of the matters discussed or the law relating thereto. Information provided reflects Closed Loop Capital Management’s views as of a particular time and are subject to change without notice. You should obtain relevant and specific professional advice before making any investment decision. Certain information on this Website may contain forward-looking statements, which are subject to risks and uncertainties and speak only as of the date on which they are made. The words “believe”, “expect”, “anticipate”, “optimistic”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. Closed Loop Capital Management undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Past performance is not indicative of future results; no representation is being made that any investment or transaction will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.

In 2025, we saw the circular economy take center stage as demands for resource efficiency, local productivity and durable profitability reshaped investment priorities. Amidst economic shifts, more capital moved toward circular systems, seeking to capture the value of materials that power our economy.

Closed Loop Capital Management’s growth reflects this progress, with an ecosystem that includes 50 of the world’s largest corporations, as well as top financial institutions and family offices. To date, we have backed 100+ companies, technologies and facilities that change the flow of materials in our economy, resulting in $5 billion+ worth of materials kept in circulation.

Last year was pivotal to the progress we have seen to date. I am pleased to share highlights from 2025 that are helping to position us for growth and impact in the year ahead:

Closed Loop Private Equity, our buy-and-build private equity strategy, has been a central player in building platforms for the circular economy––from consolidating best-in-class materials recovery facilities (MRFs) for recovery of paper, metal, glass and plastics across the U.S., to building a leading IT Asset Disposition platform that provides holistic reuse, repair and recycling services for electronics.

In 2025, our team repeated their builder capital approach, acquiring Agri-Cycle, a best-in-class food and organic materials transportation and logistics company, accelerating their national expansion across the U.S. to divert organic waste from landfills and convert valuable resources to clean energy and fertilizer.

What’s next? In 2026, we anticipate the continued growth of our Private Equity strategy, with a continued focus on circular platforms for plastics & packaging, the built environment including metals and critical minerals, food & agriculture, circular technology, energy efficiency, textiles and healthcare.

Closed Loop Ventures has backed 45+ innovative solutions and their founders to date. In 2025, portfolio companies like Molg, a company that provides distributed remanufacturing, robotics and software solutions for the electronics sector, demonstrated the value of our Ventures investment thesis. Our investment focus is on materials––specifically, innovative companies that drive materials efficiency and supply chain resilience. Doubling down on this thesis, we invested in 5 new companies at the cutting edge of circular innovation in 2025, including:

• Supersede, a materials company that aims to replace suboptimal wood-based construction materials with 100% recyclable, higher performance solutions for outdoor, recreational vehicle and marine-related use
• ClearCOGS, an AI-powered platform that optimizes restaurant operations to reduce food waste and maximize potential profit
• Phinite, a technology company that developed a state-of-the-art solution aimed at transforming livestock waste into premium organic fertilizer

What’s next? In 2026, our Ventures team looks to continue their focused investing in materials that underpin and influence a wide array of vital sectors of the economy, including metals and minerals, organics, polymers and water.

Founded in 2014 with the first 13 of our now 50+ firm-wide corporate partners, Closed Loop Catalytic Capital & Private Credit has catalyzed 8 billion+ pounds of materials kept in circulation since inception. The business models, facilities and municipal projects we have invested in have received $1 billion+ of additional co-invest capital to help scale the circular economy.

In 2025, our Catalytic Capital & Private Credit team put a record amount of strategic capital to work, supporting the growth of SFG, an independently owned MRF, as they expanded recycling services to rural communities. We also repeated support of successful portfolio companies like TemperPack, a leader in sustainable, innovative packaging technology, and GreenMantra, a molecular recycling company that creates specialty waxes and polymer additives from recycled plastics.

What’s next? In 2026, our Catalytic Capital & Private Credit team looks to continue accelerating circular plastics & packaging solutions, exploring catalytic opportunities across the built environment, and more sectors tailored to our corporate partners and other catalytic investors.

Over a decade of investing in waste-mitigating solutions has borne out our thesis that the foundation of a resilient economy is circularity––through its ability to eliminate waste, recirculate goods and materials, and regenerate resources. There is growing importance to this work as we look toward opportunities to rethink the status quo.

As more stakeholders recognize the financial and environmental opportunity of reducing waste and its associated costs, we remain dedicated to building the circular economy and advancing our platform to remain at the forefront of the transition.

We thank all of our investors for your partnership. It is through our work with you that we demonstrate the value of a more resilient economic model, what we believe to be one of the greatest investment opportunities since the first Industrial Revolution.

I wish you a purposeful and prosperous beginning to this New Year and look forward to continuing our work together through 2026 and the years to come.

With gratitude,

Tazia Smith and the Closed Loop Capital Management team

This publication is for informational purposes only, and nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy any interest in any investment vehicle managed by Closed Loop Partners or any company in which Closed Loop Partners or its affiliates have invested. An offer or solicitation will be made only through a final private placement memorandum, subscription agreement and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. Information provided reflects Closed Loop Partners’ views as of a particular time and are subject to change without notice. Certain information in the Presentation constitute “forward-looking statements” about potential future results. Those results may not be achieved, due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors. Nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance or otherwise. The companies discussed have been selected for illustrative purposes to demonstrate the platforms, technology and manufacturing capabilities of Closed Loop Partner’s partner companies and are not based on the performance of any investment. Not all Closed Loop Partners investments had or will have similar characteristics or experiences as those included herein.

October 29, 2025, New York, NY –– Closed Loop Partners today announces a multi-million-dollar catalytic loan to Superior Fine Grind (“SFG”), an independently owned materials recovery facility (“MRF”) located in Connellsville, Pennsylvania––approximately 65 miles southeast of Pittsburgh. The financing was deployed by Closed Loop Partners’ Catalytic Capital & Private Credit group, supporting SFG’s plans to expand recycling services to municipalities and commercial businesses in surrounding rural communities. Proceeds of the loan have been used to finance new equipment and upgrades at SFG’s MRF, which will allow it to process and sort the increasing amount of post-consumer and post-industrial materials it is receiving. With the installation of new equipment now complete, SFG is positioned to meet the growing demand for recycling services in the communities it serves.

This loan to SFG reinforces Closed Loop Catalytic Capital & Private Credit’s long-term commitment to supporting private companies and municipalities developing projects that increase recycling capacity and access in the U.S. Founded in 2011, SFG is a MRF operator that is owned by Shawn Pilla, who is also the founder and owner of CAP Glass, one of the largest privately owned glass recycling companies in the United States. SFG processes both residential curbside and drop-off recyclables from several communities in Pennsylvania, including Fayette County, Somerset, Scottdale, South Union Township and North Union Township, as well as communities in West Virginia, such as Morgantown, the home of West Virginia University.

“Interest in recycling is quickly growing within our surrounding community, and we at Superior Fine Grind are dedicated to meeting that demand, supporting job development and expanding capacity to process the growing volumes of recycled materials at our facility,” said Shawn Pilla, Founder and Owner of Superior Fine Grind. “Recycling is a profitable, job creating U.S. industry, and the financing and support from Closed Loop Partners and its extensive network of partners plays a key role in helping us meet our expansion goals.”

Today, the U.S. recycling industry is at a critical point. The industry generates over $5 billion in revenue annually and supports over 600,000 jobs nationwide. As more cities work to meet zero waste goals, global companies demand more recycled material for their production processes to meet sustainability goals, and imported commodity prices increase, the case for investing in regional recycling systems has grown increasingly urgent.

Capital gaps in the credit markets underscore the role of loans with flexible financing terms. Closed Loop Partners has helped bring catalytic capital to the forefront as an important way to finance upgrades and expansions for MRFs, and to support the development of innovative recycling technologies. Closed Loop Catalytic Capital & Private Credit has a 10-year track record of deploying flexible catalytic capital to many leading recycling companies and municipal recycling programs in the U.S., and has played a key role in advancing new recycling technologies and scaling recycling infrastructure, especially in areas that have historically lacked the necessary recycling systems.

“We are proud to back an independent recycling company that has maintained a strong reputation in the industry for many years. Our catalytic loan to SFG creates opportunities to not only support vertically integrated companies which can create greater efficiencies in our recycling system, but also to expand sortation capacity to advance recycling services in rural communities in the U.S.,” said Ray Hugel, Director of Closed Loop Catalytic Capital & Private Credit. “We look forward to supporting more companies like SFG that are scaling recycling systems for all U.S. communities.”

Following this financing, Closed Loop Partners will continue to invest capital into circular economy infrastructure, and in solutions that keep a range of valuable materials––ranging from plastics, packaging and more––in circulation.

If you are interested in applying for funding from the Closed Loop Catalytic Capital & Private Credit group, please visit here.

About Closed Loop Partners

Closed Loop Partners is at the forefront of building the circular economy. The firm is comprised of three key businesses that create a platform for systems change: an investment group managing venture capital, private equity and catalytic capital & private credit investment strategies, Closed Loop Capital Management; an innovation center, the Center for the Circular Economy; and an operating group, Closed Loop Builders.

The firm’s catalytic capital & private credit investment strategy invests across four key strategies that complement and operate alongside each other to bridge existing financing gaps and scale circular economy infrastructure across North America: infrastructure, beverage, circular plastics and local recycling. Across these strategies, the Closed Loop Catalytic Capital & Private Credit group provides flexible and risk-tolerant capital to support private companies, organizations and municipalities to launch or develop projects, ultimately aiming to attract further investment and meet the criteria of driving net positive environmental and social outcomes. Closed Loop Partners is based in New York City and is a registered B Corp. To learn about the Closed Loop Catalytic Capital & Private Credit team, visit https://www.closedlooppartners.com/here.

About Superior Fine Grind

Superior Fine Grind is a leading independent recycling company dedicated to advancing the circular economy. Superior Fine Grind has built a reputation for reliability, efficiency, and community engagement. The company specializes in processing a variety of recycled materials, leveraging new state-of-the-art technology to ensure high-quality output while supporting local workforce development. By collaborating with its community and industry partners and investing in facility upgrades, Superior Fine Grind continues to play a pivotal role in strengthening recycling infrastructure and promoting environmental stewardship across the region.

Disclosure

This publication is for informational purposes only, and nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy any interest in any investment vehicle managed by Closed Loop Capital Management or any company in which Closed Loop Capital Management or its affiliates have invested. An offer or solicitation will be made only through a final private placement memorandum, subscription agreement and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. Closed Loop Capital Management does not utilize its website to provide investment or other advice, and nothing contained herein constitutes a comprehensive or complete statement of the matters discussed or the law relating thereto. Information provided reflects Closed Loop Capital Management’s views as of a particular time and are subject to change without notice. You should obtain relevant and specific professional advice before making any investment decision. Certain information on this Website may contain forward-looking statements, which are subject to risks and uncertainties and speak only as of the date on which they are made. The words “believe”, “expect”, “anticipate”, “optimistic”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. Closed Loop Capital Management undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Past performance is not indicative of future results; no representation is being made that any investment or transaction will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.

October 14, 2025, New York, NY – Today, Closed Loop Partners’ Center for the Circular Economy (“the Closed Loop Center”), in collaboration with American Beverage, releases a new best practices guide for materials recovery facilities (MRFs) in the U.S., supporting MRFs in their work to optimize recovery rates, increase material quality and foster resilient operations. The guide, Materials Recovery Facilities: Effective Operation, Design and Management in Theory and in Practice, draws on insights from leading public and private MRF operators, recycling equipment vendors, recycling industry experts and others, establishing the industry standards needed to improve U.S. recycling infrastructure.

The guide is being released as Extended Producer Responsibility (EPR) laws gain momentum across the U.S.—with seven states already implementing them and more actively evaluating adoption. As these laws expand, there will be a growing need for transparency, performance-based metrics, and targeted education and funds to help MRFs adapt. This guide was created to aid MRF management personnel in identifying areas of improvement at their facilities and optimizing operations to maximize recovery of material streams and strengthen financial outcomes.

“The U.S. recycling industry is at a critical point, with policy changes shifting the status quo and creating opportunities for materials recovery facilities to operate at their highest capacity,” said Kate Daly, Managing Partner and CEO of the Center for the Circular Economy at Closed Loop Partners. “This guide’s insights help lay the foundation for stronger infrastructure, positioning U.S. recyclers to accelerate their critical work building resilient material supply chains.”

“Collaboration with MRF operators, commitment to high standards, innovation and transparency are essential for Producer Responsibility Organizations to achieve EPR targets,” said Jeffrey Fielkow, Chief Executive Officer, Circular Action Alliance. “Circular Action Alliance supports this playbook by Closed Loop Partners’ Center for the Circular Economy, as a practical guide for collaboration to maximize recovery and deliver program compliance and measurable results for a circular economy.”

MRFs play a critical role in managing residential recyclables, and with the right operational strategies, their recovery rates can improve dramatically. The guide outlines proven approaches to material flow design, equipment configurations, maintenance routines, municipal contract updates and staff training, among other areas. Developed through direct engagement with MRF operators—both public and private—as well as equipment manufacturers, the manual draws on site visits, real-world testing and case studies to highlight what works. This guide delivers actionable insights to help MRFs increase material capture, reduce residuals, and enhance both environmental and financial performance.

In addition to the guide itself, a set of complementary templates are available for download and can be utilized by MRFs to establish best practices in their facilities, with key guidance on areas including:

• Metrics and Performance Optimization
• Equipment Maintenance and Spare Parts Management
• Facility Management and Staff Organization
• Industry Relations

The Closed Loop Center commissioned Resource Recycling Systems (RRS) to support this work. “Materials recovery facilities are at the center of how communities recycle, and this guide equips them with clear, tactical practices to optimize performance in today’s evolving policy landscape,” said RRS Co-CEO Resa Dimino. “Through this collaboration with Closed Loop Partners and American Beverage, we’re underscoring practical ways operators can increase material capture, reduce residuals, and strengthen both environmental and financial outcomes as EPR programs expand.”

“One of America’s beverage companies’ highest priorities is creating a circular economy for our valuable, recyclable bottles and cans, and supporting the infrastructure that makes this possible,” said Kevin Keane, CEO of American Beverage. “Through this new guide, we aim to support key players along the recycling value chain to be well-positioned for success.”

This report is part of Closed Loop Partners’ broader work to support recycling and circular economy infrastructure in the U.S. across its platform. Closed Loop Partners’ innovation firm, the Center for the Circular Economy, has partnered with several leading recycling facilities across the country to test the recovery of packaging materials. Closed Loop Partners’ investment firm, Closed Loop Capital Management, has catalyzed millions of dollars to bolster regional recycling infrastructure, stabilize recycling businesses during volatile times, and support novel technologies and facility expansions. And Closed Loop Partners’ operating group, Closed Loop Builders, launched Circular Services, one of the largest private recycling and circular economy infrastructure companies in the U.S., serving many of the fastest-growing markets and largest companies in the country.

Following the release of this report, Closed Loop Partners will continue to collaborate with and invest in recycling programs, facilities and infrastructure across the country. Through this work, the firm aims to support recycling operators who are critical to keeping valuable materials in circulation and building a circular economy.

Download the full report here and learn more about Closed Loop Partners’ broader work to advance material recovery here.

About the Center for the Circular Economy at Closed Loop Partners

Closed Loop Partners is at the forefront of building the circular economy. The firm is comprised of three key businesses that create a platform for systems change. Closed Loop Capital Management is the firm’s investment group, managing venture capital, and catalytic capital & private credit investment strategies on behalf of global corporations, financial institutions and family offices. Closed Loop Builders is the firm’s operating group, incubating, building and scaling circular economy infrastructure and services.

The Center for the Circular Economy is the firm’s innovation center. The Center executes research and analytics, unites organizations to tackle complex material challenges and implements systemic change that advances the circular economy. The Center’s expertise spans circularity across the full lifecycle of materials, connecting upstream innovation to downstream recovery infrastructure and end markets.

Learn more about the Center for the Circular Economy at https://www.closedlooppartners.com/the-center/.

About the American Beverage Association

American Beverage is the national trade organization representing America’s leading non-alcoholic beverage companies. We represent a broad spectrum of beverage producers, distributors and franchise companies that make American products with American workers in America’s hometowns. Together, they provide more than 275,000 family-supporting careers and deliver $324 billion in economic impact nationwide. Visit AmericanBeverage.org for more information.

About Resource Recycling Systems

Resource Recycling Systems (RRS) is a sustainability consulting firm specializing in circular economy and materials management solutions for businesses, communities, and the broader future. With four decades of experience, RRS’s team of diverse experts delivers comprehensive services focused on reducing waste, enhancing recycling processes, and minimizing environmental impacts across supply chains. RRS serves North American and global markets, including MRFs, recyclers, brands, manufacturers, government, and institutions. Learn more at recycle.com.

Today, paper cups are still the most commonly used vessel for spontaneous coffee and beverage runs. Where possible, we must ensure the value embodied in paper cups—specifically the high-quality fiber—is recovered, rather than wasted in the landfill.

Since 2018, the NextGen Consortium, managed by the Closed Loop Partners Center for the Circular Economy, has worked to increase the circularity of foodservice packaging, with a focus on cups––from single-use fiber and plastic cups to reusable cups. The Consortium has worked with stakeholders across the paper cup recovery value chain—paper mills, materials recovery facilities (MRFs), brands, consumers and local communities, as well as industry groups including the Foodservice Packaging Institute (FPI)—to test cup recovery, and scale stronger infrastructure and end markets for paper cup recycling.

Scaling paper cup recovery is hinged on creating solutions that work for different locations. Each city and facility is distinct in their needs, opportunities and challenges, and solutions must be tailored to each context. End markets must exist to strengthen the business case for materials recovery for paper mills and MRFs.

With paper cups now included in Recycled Materials Association’s materials specifications list, momentum is accelerating for cup acceptance at different facilities across the U.S.

Circular Services, the largest private recycling company in the U.S., owns and operates the Austin, Texas, MRF which has been among the facilities that have moved the needle on cup acceptance in the U.S.

To learn more about why the Austin MRF made the decision to accept cups, and the work needed to further scale acceptance in more locations across the U.S., we went straight to the source.

Joaquin Mariel, Chief Commercial Officer at Circular Services, interviewed by Daniel Liswood, Senior Project Director of the NextGen Consortium at Closed Loop Partners’ Center for the Circular Economy:

Dan Liswood: To get us started, can you share more about Circular Services, and why paper cups are a material of interest to your company?

Joaquin Mariel: Circular Services is one of the largest privately held recycling and circular economy services providers in the United States. We are a commodities company––we don’t own landfills or manage waste. Our focus is on recovering materials like paper, plastic, glass and metal because we believe these are not waste, but valuable commodities that should be kept in circulation, not buried. Recovering and selling these materials is not only possible, it’s profitable.

The fiber in paper cups and other polycoated paper items is a valuable commodity. We’re always looking to expand the list of materials we can recover, and any opportunity to divert more from landfill is worth exploring.

DL: After many years of work to advance increased cup recovery across the U.S., we are very excited about the cup acceptance milestone in the City of Austin! Can you share more about what exactly is now accepted at Circular Services’ Austin MRF?

JM: Our MRF in Austin, TX is now accepting polycoated paper items—typically used as food and beverage containers. This includes paper cups (hot and cold), food and beverage cartons, paper plates and paper to-go containers. These items should be recycled like other containers: empty of food or liquid and with lids on.

Further, our partnership with the City of Austin is an additional motivator to expand the accepted materials list. Austin has focused on aggressive zero-waste objectives for several years, so we are mission-aligned. This helped streamline contract updates and community engagement efforts once we were ready to process polycoated paper.

DL: Before we dive into what made this possible, can you share more about why cups and cartons could not be accepted before?

JM: For a material to be accepted at our MRFs, we must have the capability to effectively sort it, either into its own stream or an existing commodity stream, and there must be reliable end-markets that purchase, process and reuse the material. If the material is a new commodity, there also has to be sufficient volume to justify the addition of a dedicated sortation system. In Austin, we did not have dedicated sortation to separate cups and cartons at our MRF and there hadn’t been consistent end markets for polycoated paper.

We’re fortunate that there is increasing focus on end market development––and thanks to generous grant support from the Foodservice Packaging Institute, the Carton Council of North America, and the NextGen Consortium, we’ve now installed the equipment needed to sort and bale these items for sale.

DL: How have broader conditions changed to support cup acceptance at your facility? What needs to be true for cup acceptance to continue growing?

JM: Several conditions have supported cup acceptance at our facility. Grants for sorting technology have enabled us to adapt our processes, and the development of more reliable end markets provides confidence that recovered cups have a sustainable outlet. Collaboration across the value chain has also been critical, ensuring all perspectives are considered in building a system that works.

For cup acceptance to continue growing, we’ll need to see continued investment in sorting capabilities, strong and stable end markets, and ongoing collaboration among stakeholders to align solutions across the system.

DL: Does accepting cups at the Austin facility change your perspective on cup recycling in other markets?

JM: Accepting cups at our Austin facility doesn’t necessarily change our perspective, but it does serve as a valuable proof point. It shows what conditions need to align—sufficient volume, the right infrastructure and strong end markets—for cup recycling to be successful.

Recycling is inherently regional, since material composition and market access vary widely. What we’re learning in Austin will help us identify where similar conditions exist in other markets—or highlight where gaps still need to be addressed. Any opportunity to divert more material from landfill is a win, and we’re always working to make more of those opportunities possible.

September 30, 2025, New York, NY –– Closed Loop Partners today announces a $10 million loan to TemperPack Technologies (“TemperPack”), a leader in sustainable, innovative packaging technology. The financing was deployed by Closed Loop Partners’ Catalytic Capital & Private Credit group and will support TemperPack’s continued growth in the sustainable packaging sector.

This financing marks Closed Loop Catalytic Capital & Private Credit’s third loan to TemperPack since 2018, reinforcing the group’s long-term commitment to supporting private companies that reduce waste and advance circular manufacturing. Deploying capital to innovative private companies such as TemperPack is an important component of Closed Loop Catalytic Capital & Private Credit’s strategy. The group is focused on providing flexible capital to support private companies, organizations and municipalities that have developed or are developing circular economy-focused projects or products, and are seeking more capital to drive net positive environmental and social outcomes.

Based in Richmond, Virginia, TemperPack develops innovative plant-based packaging and manufacturing technologies that help reduce waste and hard-to-recycle materials in supply chains. Its latest offering, WaveKraft, allows customers to simplify their operations and optimize packaging performance with an on-site, on-demand packaging manufacturing platform.

Photo Credit: TemperPack

Over the past several years, TemperPack has demonstrated strong growth and financial stability. This, coupled with near-term plans to further innovate and explore different business models that require outside capital, positioned them well for a follow-on loan. As more packaging companies transition their focus to fiber-based packaging, Closed Loop Catalytic Capital & Private Credit believes TemperPack will benefit from the shift. This financing complements Closed Loop Catalytic Capital & Private Credit’s loans to other entities up and down the circular economy value chain, including materials recovery facilities (“MRFs”) and municipal residential recycling programs, to advance material circularity.

Proceeds of this financing will be used to support TemperPack’s research and development, manufacturing and distribution of more sustainable and easier-to-recycle fiber-based products that help reduce the reliance on harder-to-recycle plastics such as Expanded Polystyrene Foam (EPS). While the use of EPS as a packaging material has declined, it continues to be used in industries such as food and beverage and healthcare. With limited infrastructure that can properly recycle EPS in the U.S., the material typically ends up in landfills or incinerated. Solutions like TemperPack’s helps address this challenge.

“TemperPack is a prime example of the kind of company we seek to support—established, forward-thinking and focused on reducing environmental impact through scalable innovation,” said Jennifer Louie, Managing Director of Closed Loop Catalytic Capital & Private Credit at Closed Loop Partners. “Our continued investment in TemperPack aligns with our mission to build a circular economy, reduce waste and promote sustainable manufacturing, not just through recycling, but by reducing the need for hard-to-recycle materials in supply chains.”

“We’re thrilled to continue our partnership with Closed Loop Partners as TemperPack enters its next phase of growth,” said Peter Wells, CEO of TemperPack. “Closed Loop Partners’ experience in material circularity, and extensive network of partners, has made them a key partner for our company’s growth. With this loan, we look to further scale our capacity and impact, helping reduce waste across major industries––including life sciences, food & beverage, electronics and home goods––while catalyzing the development of new circular products.”

The financing from Closed Loop Catalytic Capital & Private Credit signals its readiness to deploy larger amounts of capital and partner with sophisticated co-investors, including major financial institutions. With this transaction, Closed Loop Catalytic Capital & Private Credit becomes TemperPack’s second-largest lender, demonstrating the group’s ability to help impact-driven companies scale from early-stage innovators to more mature businesses with shovel-ready capital expenditure projects that advance the circular economy.

Following this financing, Closed Loop Partners will continue to support TemperPack as it expands its processing capacity, improves existing facilities and pursues new product development. Closed Loop Catalytic Capital & Private Credit continues to catalyze capital into circular economy infrastructure and solutions that keep a range of valuable materials in circulation.

If you are interested in applying for funding from Closed Loop Catalytic Capital & Private Credit, please visit here.

About Closed Loop Partners

Closed Loop Partners is at the forefront of building the circular economy. The firm is comprised of three key businesses that create a platform for systems change: an investment group managing venture capital, private equity and catalytic capital & private credit investment strategies, Closed Loop Capital Management; an innovation center, the Center for the Circular Economy; and an operating group, Closed Loop Builders.

The firm’s catalytic capital & private credit investment strategy invests across four key strategies that complement and operate alongside each other to bridge existing financing gaps and scale circular economy infrastructure across North America: infrastructure, beverage, circular plastics and local recycling. Across these strategies, Closed Loop Catalytic Capital & Private Credit provides flexible and risk-tolerant capital to support private companies, organizations and municipalities to launch or develop projects, ultimately aiming to attract further investment and meet the criteria of driving net positive environmental and social outcomes. Closed Loop Partners is based in New York City and is a registered B Corp. To learn about Closed Loop Catalytic Capital & Private Credit, visit https://www.closedlooppartners.com/here.

About TemperPack

TemperPack solves the toughest packaging problems, with science and sustainability. Since 2015, we’ve worked to displace legacy plastics with innovative, sustainable alternatives. With expertise in materials science, packaging design, and process engineering, we develop and scale solutions that match the performance of

traditional materials, without unnecessary plastic waste. Our products have protected over 200 million shipments worldwide for industry leaders including HelloFresh, Wild Alaskan Company, Cytiva, and New England Biolabs. For more information, visit www.temperpack.com.

Disclosure

This publication is for informational purposes only, and nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy any interest in any investment vehicle managed by Closed Loop Capital Management or any company in which Closed Loop Capital Management or its affiliates have invested. An offer or solicitation will be made only through a final private placement memorandum, subscription agreement and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. Closed Loop Capital Management does not utilize its website to provide investment or other advice, and nothing contained herein constitutes a comprehensive or complete statement of the matters discussed or the law relating thereto. Information provided reflects Closed Loop Capital Management’s views as of a particular time and are subject to change without notice. You should obtain relevant and specific professional advice before making any investment decision. Certain information on this Website may contain forward-looking statements, which are subject to risks and uncertainties and speak only as of the date on which they are made. The words “believe”, “expect”, “anticipate”, “optimistic”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. Closed Loop Capital Management undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Past performance is not indicative of future results; no representation is being made that any investment or transaction will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.

September 29, 2025, New York, NY — The Composting Consortium, managed by Closed Loop Partners’ Center for the Circular Economy, today announced the selection of municipal and compost producer-led projects across the U.S. that will receive grant funding to advance composting infrastructure and the recovery of food-contact compostable packaging. This milestone was made possible through the Consortium’s leadership and funding partnership with Biodegradable Products Institute (BPI), North America’s leading authority on compostability, with technical support from the US Composting Council (USCC), which is dedicated to the development, expansion and promotion of the compost manufacturing industry. Together, the organizations are working to scale circular outcomes for certified compostable packaging and food scraps across the country, amidst growing industry and consumer demand to reduce food and packaging waste sent to disposal.

A diverse set of eight projects was selected for the funding opportunity—from municipal efforts expanding composting access and education, to infrastructure upgrades at compost facilities that increase regional processing capacity. The grants arrive at a pivotal moment, driving continued momentum for food waste diversion.

“The deployment of these grant dollars is a critical part of Closed Loop Partners’ Center for the Circular Economy’s broader work to develop local circular systems,” said Kate Daly, Managing Partner and Head of Closed Loop Partners’ Center for the Circular Economy. “Our partnership with BPI and USCC on this inaugural grant program showcases the power of industry leadership and collaboration to deliver outsized impact, accelerate infrastructure upgrades, and advance food waste and compostable packaging diversion goals.”

“This grant program is more than just funding. It’s about building a foundation for a circular bioeconomy that works in practice and eventually at scale,” said Rhodes Yepsen, Executive Director of BPI. “Each project helps fulfill the value proposition of compostable packaging, transforming food scraps and food-contact compostables from everyday waste into a valuable soil amendment, creating good green jobs, and fostering resilient, thriving communities.”

“USCC is excited to have provided technical support to a grant program that delivers real, on-the-ground impact and infrastructure building for the small businesses and local governments powering circular organics systems across the U.S.,” said Linda Norris-Waldt, Executive Director of USCC. “The innovation and ingenuity we saw in the applications and selected projects make one thing clear: the composting industry is ready to grow—and targeted funding can unlock transformative change.”

From California to Maryland, the selected projects demonstrate scalable models for compostable packaging recovery and community engagement:

Expanding Access to Organic Collections Across the U.S.

These projects focus on increasing equitable access to composting infrastructure and services, particularly focused on areas or populations that have historically lacked them.

• Washtenaw County, MI – Piloting 2–3 drop-off sites to serve households without access to curbside food waste collection, with the potential to divert up to 45,000 pounds of food waste and compostable packaging.
• City of Takoma Park, MD – Installing organics collection infrastructure in low-income multifamily housing, paired with outreach and data collection to inform citywide expansion.
• Rubber City Reuse (Northeast Ohio) – Launching 15 organics drop-off sites across four counties, serving up to 1.2 million residents.

Increasing Circular Outcomes of Compostable Packaging

These projects are increasing the ability of compost facilities to accept and process certified compostable packaging, a critical step in keeping materials out of landfill and transitioning to a more circular economy.

• Compost Colorado (Denver, CO) – Doubles processing capacity at the only front-range compost producer in Colorado that accepts compostable packaging.
• Veteran Compost (Alexandria, VA) – Installs new infrastructure to double processing capacity to 2 million pounds per year.
• Bennett Compost (Philadelphia, PA) – Updates site to begin accepting certified food-contact compostable packaging for the first time at their Lawncrest facility, serving as a model for other smaller-scale facilities in the region.
• Skagit Soils (Mount Vernon, WA) – Adds new equipment to prepare for increased volumes of food waste and compostable packaging in response to upcoming state legislation.

Strengthening Composting Programs Through Improved Education and Community Engagement

This grant project emphasizes education, storytelling and community engagement to maximize certified compostable packaging diversion and create high-quality finished compost that can be used to enhance local soils.

• City of Modesto, CA – Updates and enhances the City’s educational, outreach and marketing materials to bring clarity and consistency to the community—highlighting certified compostable packaging as a key part of successful composting programs.

Following the deployment of these grants, the Composting Consortium will continue to test, validate and scale solutions across the compostable packaging value chain, from field testing and labeling to infrastructure development and end-market engagement. Together with BPI and USCC, the Consortium is accelerating the transition to a circular economy for organics, where compostable materials are recovered at scale and returned to the soil as valuable resources.

About the Composting Consortium

The Composting Consortium is an initiative of Closed Loop Partners’ Center for the Circular Economy. The Consortium brings together leading voices across the composting and compostable packaging ecosystem––from the world’s leading brands to best-in-class composters running the operations on the ground. Through in-market tests, deep research and industry-wide collaboration, we are laying the groundwork for a more robust, resilient composting system that can keep organics and compostable packaging in circulation. To learn more, please visit: https://www.closedlooppartners.com/composting-consortium/

About Biodegradable Products Institute

The Biodegradable Products Institute (BPI) is North America’s leading authority on compostable products and packaging, certifying over 50,000 products from collection bags to food containers. For more than two decades, BPI has given consumers confidence in compostability claims with the backing of science-based standards, while enabling authentically sustainable choices for brands and packagers. BPI champions a systems-wide transition to the circular bioeconomy through rigorous testing, policy advocacy, and industry collaboration, building the infrastructure for “A World Without Organic Waste”—where food scraps and certified compostable packaging become resources. BPI is a non-profit 501(c)(6). To learn more, visit www.bpiworld.org and follow us on LinkedIn.

 About the US Composting Council

The US Composting Council is dedicated to the development, expansion and promotion of the compost manufacturing industry. The USCC meets this mission by encouraging, supporting and performing compost-related research, promoting best management practices, establishing standards, educating professionals and the public about the benefits of compost and compost utilization, enhancing compost product quality, and developing training materials for compost manufacturers and markets for compost products. USCC members include compost manufacturers, marketers, equipment manufacturers, product suppliers, academic institutions, public agencies, nonprofit groups and consulting/engineering firms. The USCC is a non-profit 501(c)(6) organization and is affiliated with the Compost Research & Education Foundation (CREF), a 501(c)(3) charitable foundation that promotes public and private compost research and education activities.

The Break Up With Single-Use Bags campaign deploys messages in stores and in communities across four southern California counties to remind people to bring their own reusable bag rather than relying on paper or plastic single-use bags.

Photo Credit: Nick Pizzolato

Since its launch, our team has visited hundreds of stores across Southern California, meeting with our retail partners and store teams, and seeing how the campaign is coming to life.

From big retailers to neighborhood shops, we’ve heard the response: customers, retailers and communities welcome a little help in making changes that reduce waste and save money. Read about what we’ve learned so far!

Who is participating in the campaign?

Over the last few months, we worked with retailers big and small to bring this bag reduction and reuse campaign into over 1,300 stores across the Inland Empire, Orange County and San Diego County. Teams were out in the field for weeks, dropping off free signage and talking with store staff. We also connected more than 300 stakeholders, from city governments to community nonprofits, to strengthen a local effort that will reach millions of people.

What does the campaign look like on the ground?

The campaign isn’t limited to just stores. Messaging appears at home, in the community, in the parking lot, and at checkout. In stores, it’s about giving people simple reminders and the confidence to choose what works best for them, bringing a bag or skipping one altogether. Those little nudges add up, turning good intentions into everyday habits. We’ve found that to be true in Beyond the Bag’s past in-market tests in Denver and Tucson, which resulted in up to 9.5 million fewer bags used across those two test markets.

Photo Credit: Nick Pizzolato

What are we hearing so far?

Customers and employees appreciate the support, as California prepares to phase out plastic bags effective January 1, 2026. Many pointed out that the “reusable” bags currently provided by stores don’t always end up being reused. At the same time, customers don’t want to return to the single-use bags of the past and are apprehensive about relying on paper bags, which they consider less durable.

“They’re going away completely? I really don’t like paper bags so I’ll probably start just bringing my own, then.” – Customer in Santee, CA (San Diego County)

Photo Credit: Nick Pizzolato

But shoppers have built routines around their bag use, and breaking those habits takes support. What we are hearing customers ask for are practical options and simple reminders that make it easier to build new habits that move beyond flawed single-use bags. Retailers value the campaign as a way to mitigate challenges with the state’s transition to paper bags while helping customers make choices that work better for them.

“I recently stopped taking plastic bags because I found myself never reusing them, but it can be hard to remember your bag all the time. Signs like these are helpful, I’d love to see them everywhere.” – Customer in Irvine, CA (Orange County)

Why a break-up?

We knew from the start that if we were going to ask customers to change a habit, the message needed to stand out, and ideally, make them smile. The break-up theme grew out of consumer testing in Southern California and landed on the right balance of lighthearted, relatable, memorable and actionable.

It also gives customers choice, whether that means bringing a trusted reusable or skipping a bag altogether, while helping them move beyond the flawed and costly single-use options of the past. The campaign aims to support new habits in a way that feels less like a lecture and more like a wink.

What’s next?

The good news is that there is no definitive end to the campaign––it’s not meant to be a short-term fix. Rather, it is meant to be a tool toward a long-term shift, because we know that sustained change and impact happens over time.

Retailers can join anytime and roll out signage and messaging at their own pace, using free open-source assets, social media content, and step-by-step implementation guides. Smaller stores can even receive pre-printed signage at no cost.

By participating alongside nearly 1,300 other stores, retailers benefit from the higher impact of joint action, and reduce the risks of starting a new program alone. By proactively supporting their customers through this shift, retailers can also mitigate the operational and cost impacts of the state’s transition to paper bags.

The work doesn’t stop here. We’re collecting and analyzing on-the-ground data to understand the full impact of these interventions. The more we learn, the more effective we can be, not just in California, but anywhere retailers and communities want to reduce single-use waste.