Closed Loop Partners Provides $2.6 Million Loan to Build and Scale First Curbside Recycling Program in the City of Broken Arrow to Accelerate Circularity
October 20, 2020
October 20 (New York) – Today, Closed Loop Partners announced a $2.6 million loan to finance new recycling and circular economy infrastructure and activities in the City of Broken Arrow, OK. The funds go toward recycling carts for single-stream curbside collection and recycling collection vehicles. Serving 35,000 households across the city, the program aims to increase the recapture of valuable materials in the City of Broken Arrow, helping to keep these materials in manufacturing supply chains and out of landfills.
Closed Loop Partners’ $2.6 million loan adds to a previously-awarded $390,000 grant by The Recycling Partnership to the city, which was provided by the American Beverage Association via its “Every Bottle Back” initiative. In total, the $4.5 million project comes at a key moment for strengthening recycling infrastructure across the United States, particularly in the Southwest, highlighting the importance of collaboration between the public and private sectors to catalyze capital and galvanize stakeholders that can scale impact.
Closed Loop Partners provided the funding through its project finance arm, the Closed Loop Infrastructure Fund. Launched in 2014 in partnership with 12 of the world’s largest consumer goods and retailers, the fund finances recycling infrastructure and innovations across the U.S. to advance the circular economy. With growing pressures from climate change, the need to build resilient local supply chains and mitigate environmental damages has come to the fore. The circular economy provides tangible solutions––lowering greenhouse gas emissions and redirecting waste from landfill, while generating significant economic benefits by keeping valuable materials in circulation. To fully transition to circular material flows, increasing access to strong and stable recycling infrastructure is essential.
Over the next 10 years, the initiative is projected to collect 124 million pounds of recycled material, including over 5 million pounds of new polyethylene terephthalate (PET) and 2 million pounds of new aluminum, creating strong feedstocks for eventual use in various manufacturing streams. The city will send the collected material to American Waste Control, an advanced Materials Recovery Facility (MRF) in Tulsa for processing. By ensuring that the pipeline of collected materials will be met by demand, the economic viability and long-term circular flow of resources is secured.
“We are thrilled to help bring this initiative to fruition for the City of Broken Arrow,” says Bridget Croke, Managing Director at Closed Loop Partners. “Opening access to and advancing recycling systems in Oklahoma is critical to building local and regional circular systems in the Southwest, and will have significant ripple effects to advancing the circular economy across the United States.”
“We are excited to begin curbside recycling in the City of Broken Arrow. We have already had great participation from our citizens, who are interested in the positive economic and environmental impact recycling will have on our city. The Broken Arrow Municipal Authority looks forward to this initiative to make our city more sustainable,” says Mayor Craig Thurmond on behalf of the Broken Arrow Municipal Authority.
The project officially launches in the fall of 2020, and marks the beginning of a cart-based recycling system for the City of Broken Arrow. For more information on this project, visit RecycleBA.com.
About Closed Loop Partners
Closed Loop Partners is a New York based investment firm comprised of venture capital, growth equity, private equity and project finance, as well as an innovation center focused on building the circular economy.
The firm has built an ecosystem that connects entrepreneurs, industry experts, global consumer goods companies, retailers, financial institutions and municipalities. Their investments align capitalism with positive social and environmental impact by reducing waste and greenhouse gas emissions via materials innovation, advanced recycling technologies, supply chain optimization and diversion of materials from disposal.
About the City of Broken Arrow
Located in northeast Oklahoma, Broken Arrow is the fourth largest city in the State of Oklahoma, with an estimated population of over 113,000 people spread out over 61 square miles. Broken Arrow is also home to the third largest manufacturing hub in the state, with many employees working in the energy sector. Residents in Broken Arrow enjoy a high quality of life, characterized by low crime, high performing schools, affordable housing and easy access to many parks and recreational facilities. The City of Broken Arrow sets the standard by providing the best municipal programs and services.
Related posts
Blog Post
How a South Carolina paper mill started recycling your...
In July 2022, Sonoco announced it would accept paper...
Press Release
How AI Could Change the Way We Think About Recycling
Closed Loop Partners’ Center for the Circular Economy...
Reuse Series
Blog Post
Making reuse an everyday reality: 3 things we must...
Reuse is now at a critical stage of development. A...
Blog Post
How Closed Loop Partners’ Multi-Million Dollar Investment...
This is Closed Loop Partners’ third loan to LRS,...
Molecular Recycling
Blog Post
What is chemical recycling, why does it have so many...
Closed Loop Partners spent 18 months investigating...
Reuse Series
Blog Post
How Today’s Single-Use Habits Can Inform the Direction...
To build successful reuse systems, we need to make...
Reuse Series
Blog Post
How Personalized Home Delivery Models Could Spur Successful...
Georgia Sherwin, Senior Director at Closed Loop Partners...
Press Release
Global Corporations Join Brookfield to Invest Nearly...
Six leading companies, Microsoft, Nestlé, PepsiCo,...
Press Release
Closed Loop Partners Releases Playbook of Tangible...
Playbook highlights tried and tested solutions from...
Press Release
Apkudo Secures $37.5 Million in Series C Funding, Accelerating...
The Apkudo Circular Industry Platform enables supply...
Press Release
Closed Loop Partners Joins Forces with U.S. Composters...
Data from the pilot will be shared to help shape international...
Blog Post
That’s the Circular Economy: How A Logistics Company...
A full logistics center inside a shopping mall––this...