Closed Loop Partners at the United States Senate Environment and Public Works Committee on Recycling
Jun 19, 2020
Launched in 2014, Closed Loop Partners (CLP) is the first investment firm primarily focused on building the circular economy. Our vision is to help build a new economic model focused on a profitable and sustainable future that aligns the interests of shareholders, brands and local communities and the environment that we all share. Closed Loop Partners provides equity and project finance to scale products, services and infrastructure at the forefront of the development of a circular economy. We have over the past 5 years built a development system that connects entrepreneurs, industry experts, global consumer goods companies, retailers, financial institutions and municipalities.
On June 17, 2020, Bridget Croke, Managing Director, at Closed Loop Partners spoke at the United States Senate Environment and Public Works Committee as they held a hearing on “Responding to the Challenges Facing Recycling in the United States.” The following text is drawn from her testimony.
Today, we have over 40 investments in companies and municipal projects in the United States, all focused on helping Americans avoid landfill disposal fees while generating good jobs in the recycling and manufacturing sector. Our investors are a combination of some of the largest American based consumer brands in the world including 3M, Coca-Cola, Colgate Palmolive, Johnson & Johnson, Keurig Dr. Pepper, PepsiCo, Procter & Gamble, Unilever and The Walmart Foundation, as well as the American Beverage Association, institutional investors, family offices and environmental foundations. CLP proves that public–private partnerships are critical to unlocking the capital needed to build robust recycling and circular economy infrastructure needed to create jobs, reduce waste and build the supply chains of the future.
Despite some of the headlines we’ve all seen, recycling is big business in America and should create the manufacturing feedstock for future packaging. In 2019, the recycling industry in America generated over $110 billion in economic activity, $13 billion in federal, state, and local tax revenue and 530,000 jobs. In spite of COVID and market challenges in recent years, 2020 is shaping up to be a year of major innovations in the recycling industry as it becomes central to circular economy business models that major consumer goods companies and cities are deploying. Transitioning US manufacturing to circular supply chains could unlock a $2 trillion opportunity.
Recycling continues to be the most cost-effective option for the vast majority of American cities. The economics are simple. Cities have two choices when it comes to disposal: recycle or landfill. While the value of recycling is generally reported as the amount that a city can be paid for its recyclables, the core economic value of recycling is actually the opportunity for a city to avoid costly landfill disposal fees. Economic analysis conducted has shown that the U.S. scrap recycling industry is a major economic engine powerful enough to create 531,510 jobs and generate $12.9B in tax revenue for governments across the US.
New York City, the largest market in the United States, is an example of how advanced recycling infrastructure and strong local markets create long term profits. New York City has a long-term public-private partnership with Pratt Industries that converts all of its recycled paper locally into new paper products sold back into the NYC market. Via its contract with Pratt, New York City is paid for every ton of paper its residents recycle, as opposed to a cost of over $100 per ton to send paper, plastics and metals to a landfill.
Minneapolis is another good example. Eureka Recycling and the City of Minneapolis invested in local community outreach focused on keeping their recycling stream clean of contamination, defined as non-recyclable material. The result is one of the lowest contamination rates of any municipal recycling program in the country. With a clean stream of valuable recyclables, Eureka consistently shares with Minneapolis the profits earned from the sale of their recyclables. In many other cities, unfortunately, approximately 15% of the material that arrives at the municipal recycling facility is considered contamination. Municipal recycling programs that keep contaminants out of the recycling stream via strong community outreach or enforcement realize lower costs and better revenue opportunities. Municipalities that recognize that recycling is part of the commodities industry, not the waste industry, generate value.
Along with the examples of Pratt Industries in New York City and Eureka Recycling in Minneapolis, Recology in San Francisco and Balcones in Austin, among others, continue to provide their municipal and commercial customers robust recycling service. In addition, municipalities like Pensacola, Florida and Davenport, Iowa that manage their own best in class recycling facilities consistently reduce landfill disposal costs and create local economic value for their constituents.
The value of recyclable commodities continues to have a wide range. The cost to process municipal recyclables at a recycling facility is, on average, $70 per ton. That means that for a recyclable commodity to have value, it must have a market that pays the recycling facility over $70 per ton of that material. A sample of the commodities that are usually profitable to recycle include PET plastic (beverage containers), HPDE plastic (laundry detergent and soap containers), rigid polypropylene (bottle caps, some yogurt containers), cardboard and aluminum.
In 2020, three innovations are driving the increased profit potential of recycling in America and the development of a vibrant and growing Circular Economy.
- The introduction of robotics and artificial intelligence. The future of the industry will be led by the recycling facilities that produce the highest quality commodity bales of materials. Companies like AMP Robotics have introduced robotics (robots) with artificial intelligence systems that enable the sorting and production of high-quality commodity bales, supply chain tracking and safeguards against contamination that were never before imagined in the industry.
- Packaging innovation. We are seeing the emergence and growth of smart refillable packaging systems like Algramo that makes it cheaper and more convenient for consumers to use packaging more than one time. We are also seeing a growth in packaging that is designed to be recycled for value. Temperpack, for example, is a packaging technology that uses recycled cardboard to keep packaged food cold, replacing a significant amount of low value plastics like Styrofoam peanuts, which are both not recyclable and a common contaminant in the recycling system.
- Advanced plastics recycling technologies, including purification technologies and chemical recycling technologies. Purification is an enzymatic process that improves the quality of recycled plastics so they can more easily be used again in packaging. P&G invented a technology and helped launch a company, PureCycle Technologies, that will significantly increase the value of recycled plastic by removing color and smells. Chemical recycling is a process whereby plastic is depolymerized back to the base monomer, intermediary or carbon state in order to remanufacture a new plastic. Some plastics, like PET, HDPE and rigid polypropylene have significant value and are very profitable for the recycling industry, but they can degrade after a number of recycling cycles while some other plastics currently have limited value or are challenging to recycle. Chemical recycling has the potential to create an infinite circular economy value loop for all plastics. Some of the leading innovators are backed by major consumer goods companies. In 2020, we expect a number of emerging companies to move from pilot to commercialization phase.
These and other circular advancements are attracting significant private capital from leading investors. The industry saw investments from leading investors across asset classes. Google and Sequoia invested in AMP Robotics, Goldman Sachs is now the largest shareholder in Lakeshore Recycling Systems, Citi is largest investor in rPlanet Earth, a bottle-to-bottle plastics recycling facility in California and SJF Ventures invested in TemperPack.
The emerging leadership demonstrated by a number of retailers and consumer brands is driving the growth of the circular economy and improvements in recycling. Leadership means designing products and packaging that are free of any non-recyclable material and profitable for recycling. These packages are manufactured with recycled content, while reducing raw material inputs. Brands are telling their consumers that their commitment is to use recycled content in their packaging. Leaders are transparent in their progress, reporting in their annual reports the use of different recycled feedstocks. They know that any product or package that is not recyclable is destined for a landfill (or even worse, a river or ocean), and that cost is passed to the taxpayer.
Walmart has developed design for recycling guidelines for their suppliers to ensure the products sold in their stores are recyclable and piloting refillable packaging models. Unilever’s Seventh Generation Brand uses mostly recycled HDPE plastic in its packaging and recycled paper in its paper products. And over 10 global companies have invested over $150m in CLP’s investment funds so together we can help spur more innovation and create more tons of recycled feedstock coming through systems in the US.
We are also seeing a major trend amongst consumer goods companies looking to increase their use of recyclable material in the packaging and products they sell. It makes sense. At scale, along with the considerable environmental benefits, it should be less expensive for companies to manufacture using recycled material. That is why most major beverage companies including Coca-Cola, Keurig Dr. Pepper, PepsiCo, Nestle and Danone as well as the world’s largest consumer goods companies such as P&G, Unilever and Colgate Palmolive are publicly communicating aggressive goals for the use of recycled materials in their products and packaging.
For Americans, recycling is a matter of economic self-interest. Recycling our cardboard, paper, beverage bottles, rigid plastics containers, and aluminum cans has three important outcomes. First, it reduces the cost to manufacture the products we buy. Second, it reduces the amount of our taxpayer dollars used every year to pay landfills. Third, it generates revenue for our communities via the sale of recyclable commodities. A recent analysis reported the average cost to dispose of a ton of municipal waste in the US in 2019 was $55 per ton, and disposal fees in some states average more than $100 per ton.
Despite these economic incentives, large parts of the United States still have little or no recycling collection or processing infrastructure. Much of the economic activity generated by recycling is accomplished by long standing recycling programs on the West and East Coast as well as the upper Mid-West of America. For those who live in parts of the country with limited or no recycling infrastructure, their tax dollars are wasted on the cost of sending valuable commodities to landfill that could otherwise be sold. While the 90m tons currently recycled in the United States saves American taxpayers and businesses over $3 billion annually in landfill disposal fees, over 180 million tons of recyclable materials are landfilled, costing American taxpayers and businesses over $5 billion annually in landfills fees. We are literally throwing money in the garbage.
It is also important to recognize how China, which has received much press as of late for their role in the American recycling ecosystem, impacts the industry. For much of the past 20 years, the U.S. recycling industry was dependent on China as the leading export market. As consumption and waste has increased in China, the Chinese government has decided to develop their own domestic recycling infrastructure. This may cause some short-term pain in some parts of the United States’ recycling industry, but leading companies in the recycling industry, consumer goods and packaging industry, as well as a number of investors, see this as an opportunity to further develop and profit from domestic recycling and manufacturing infrastructure.
These are exciting times in the recycling industry as the development of the circular economy continues to expand. Major innovations are entering the industry ranging from robotics to supply chain mapping to advanced technologies that recycle plastics. Like any major industry analysis in the U.S., there is no one or two cities that should be extrapolated to define the industry. There are cities where recycling is profitable and a major economic engine and there are cities where the recycling program is struggling. What is clear is that the cities that focus on limiting contamination in their recycling program, build efficient and effective material recovery facilities and who contract with best in class recycling companies benefit from recycling programs that are both profitable and produce good local jobs.
Leading municipalities, recyclers, manufactures and brands are starting to partner together to establish, and profit from, a circular economy in the United States where goods are continually manufactured using recycled material from local recycling programs. This partnership in developing a circular economy will result in one of the largest investment opportunities in the United States over the next decade, major reduction in landfill disposal fee paid by municipalities, and become a primary driver of job creation in local economies.
We encourage policy makers to build incentives and develop policy to spur the market for recycled content and product and system innovation that reduces waste, creates jobs and makes recycled content competitive with the raw material market.
Closed Loop Partners Invests $2 Million in Reterra to Further Close the Loop on PET Plastic & Keep Valuable Materials in Play
Mar 03, 2020
Using advanced recycling technologies, Reterra turns discards from the plastic recycling process into high-value intermediary products.
NEW YORK, March 3 — Today, Closed Loop Partners announces a $2 million investment in Reterra, a Houston-based advanced recycling company founded in 1999. Reterra’s technology turns waste byproduct streams of PET plastic that are produced during the recycling process into high value intermediary products. In doing so, Reterra creates a market for material that would otherwise typically end up in a landfill, while also improving the overall economics of PET recycling.
With 3-6% of material lost throughout the recycling process of PET, and the demand for recycled plastic set to grow, there is a significant and growing opportunity for recapturing the discarded material from PET recyclers. Thirty seven of the world’s largest brands and retailers have made public commitments to incorporate a specified amount of recycled content in their packaging within the next ten years. This demand creates the pull through the recycling system and sends signals to packaging suppliers and manufacturers to shift their supply chains in order to include more recycled content.
“Reterra’s advanced process serves a critical role in lowering the cost of PET recycling by capturing even the smallest discards of material and making a high value product from them. This solves a system-wide issue that will become increasingly important as the market for recycled plastics continues to grow,”
Ron Gonen, CEO of Closed Loop Partners.
Reterra’s innovative technology transforms the discards into a liquid intermediary that becomes useful feedstock for a number of different applications, thus turning waste into value. The investment from Closed Loop Partners will help finance the move into their recently-acquired new facility and upgrade equipment to increase capacity and meet new customer demands. The new plant will double capacity immediately, enabling them to increase processing to almost 100 million pounds of material annually within two years.
“For the last five years we’ve been operating at capacity, but with the help of Closed Loop Partners we are now able to take our business to the next level and capitalize on the growing market demand for our products,”
Jason Ball, President of Reterra.
The investment comes via Closed Loop Partners’ Infrastructure Fund, its first project finance fund. The fund is backed by the world’s largest brands and retailers and aims to build recycling and circular economy infrastructure across the United States to better recapture materials and get them back into manufacturing supply chains.
About Closed Loop Partners
Closed Loop Partners is a New York based investment firm comprised of venture capital, growth equity, private equity, project finance and an innovation center. The firm invests in the circular economy, a new economic model focused on a profitable and sustainable future. Investors include many of the world’s largest consumer goods companies and family offices interested in investments that provide strong financial returns and tangible social impact.
Media contact: [email protected]
America’s Leading Beverage Companies Unite To Reduce New Plastic Use & Increase Collection Of Their Valuable Bottles Through ‘Every Bottle Back’ Initiative
The Coca-Cola Company, PepsiCo and Keurig Dr Pepper Will Support Circular Plastics Economy Through Investment and Action, in Conjunction with World Wildlife Fund, The Recycling Partnership & Closed Loop Partners
WASHINGTON – America’s leading beverage companies – The Coca-Cola Company, PepsiCo and Keurig Dr Pepper – today announced the launch of the Every Bottle Back initiative, a breakthrough effort to reduce the industry’s use of new plastic by making significant investments to improve the collection of the industry’s valuable plastic bottles so they can be made into new bottles. These competitors are coming together to support the circular plastics economy by reinforcing to consumers the value of their 100% recyclable plastic bottles and caps and ensuring they don’t end up as waste in oceans, rivers or landfills. This program is being executed in conjunction with two of the country’s most prominent environmental nonprofits and the leading investment firm focused on the development of the circular economy. The World Wildlife Fund (WWF) will provide strategic scientific advice to help measure the industry’s progress in reducing its plastic footprint and The Recycling Partnership and Closed Loop Partners will assist in deploying funds for the initiative.
“Our industry recognizes the serious need to reduce new plastic in our environment, and we want to do our part to lead with innovative solutions. Our bottles are designed to be remade, and that is why this program is so important. We are excited to partner with the leading environmental and recycling organizations to build a circular system for the production, use, recovery and remaking of our bottles. Every Bottle Back will ensure that our plastic bottles are recovered after use and remade into new bottles, so we can reduce the amount of new plastic used to bring our beverages to market. This is an important step for our industry, and it builds on our ongoing commitment to protecting the environment for generations to come.”
Katherine Lugar, president and CEO of the American Beverage Association (ABA)
The Every Bottle Back initiative, spearheaded by ABA, will:
- Measure industry progress in reducing the use of new plastic in the United States through a collaboration with ReSource: Plastic, WWF’s corporate activation hub to help companies turn their ambitious plastic waste commitments into meaningful and measurable progress by rethinking the way plastic material is produced, used and recycled. Specifically, ABA will use the ReSource: Plastic accounting methodology to track on the collective progress made on executing strategies to reduce the use of new plastic as well as a resource in identifying additional interventions.
- Improve the quality and availability of recycled plastic in key regions of the country by directing the equivalent of $400 million to The Recycling Partnership and Closed Loop Partners through a new $100 million industry fund that will be matched three-to-one by other grants and investors. The investments will be used to improve sorting, processing and collection in areas with the biggest infrastructure gaps to help increase the amount of recycled plastic available to be remade into beverage bottles.
- Launch a public awareness campaign to help consumers understand the value of 100% recyclable bottles through community outreach and partner engagement and reinforce the importance of getting these bottles back, so they can be remade into new bottles. According to a poll conducted by Public Opinion Strategies (POS) on behalf of ABA, nearly half of consumers were unaware that America’s leading beverage companies are already making bottles that are 100% recyclable, including the caps.
- Work together to leverage our packaging to remind consumers that our bottles are 100% recyclable and can be remade into new bottles. Beverage companies will begin introducing voluntary messaging on packages beginning in late 2020.
“Reaching our goal of No Plastic in Nature by 2030 will only happen if business, governments and the NGO community work together to fix a broken plastic material system. ABA is driving this sense of collaboration within the beverage industry to address one critical piece within this system, which is PET recycling in the U.S. Measured by our ReSource: Plastic footprint tracker, the efforts made through Every Bottle Back will be met with data-driven solutions to ensure that real progress is being made. We hope the ambition raised by this initiative will inspire other industries to follow suit within the broader effort to stop plastic waste pollution.”
Sheila Bonini, senior vice president of private sector engagement at WWF
“The beverage industry cannot deliver on its promises of sustainable packaging without serious improvements to the current U.S. recycling system. Working in partnership with the beverage industry on its Every Bottle Back initiative will help to improve local recycling and provide Americans with stronger recycling programs for all materials, including plastic bottles. We applaud ABA’s members for launching meaningful, measurable work.”
Keefe Harrison, chief executive officer of The Recycling Partnership
“The leadership exhibited by The Coca-Cola Company, PepsiCo and Keurig Dr Pepper provides the investment necessary to optimize recycling in these cities and states. This partnership will serve as a model for the effectiveness of industry collaboration in modernizing recycling infrastructure and driving a reduction in the use of virgin plastic.”
Ron Gonen, chief executive officer of Closed Loop Partners
The majority of plastic beverage containers in the United States are made from polyethylene terephthalate, or PET, a strong, lightweight and safe plastic approved by the U.S. Food and Drug Administration (FDA) for use in food and beverage containers. It is unique, and because of its quality and versatility, recycled PET for years has been in high demand for use in an array of products as varied as clothing, carpets and playground equipment. Through the Every Bottle Back initiative, beverage companies are stepping up efforts to reclaim as much plastic packaging as possible to ensure it is remade into new PET bottles.
“We’re proud to come together with our competitors to address the serious issue of plastic waste in our environment. We know we cannot do this alone and, in order to meet our goals and those of our industry, we need to work in partnership to drive collective action to ensure our bottles have second, third and fourth lives through continued recycling and re-use.”
James Dinkins, president, Coca-Cola North America
“At PepsiCo, we are striving to build a world where plastics need never become waste. We are proud to collaborate with others in the industry and respected partners to advance that vision and to do the hard work needed to educate consumers, enable collections and inspire action to recycle our plastic bottles. More recycled plastic lessens the need for new plastic.”
Kirk Tanner, chief executive officer, PepsiCo Beverages North America
“We have seen the meaningful impact this industry can have when we collaborate, and we are proud to be partnering to reduce our collective use of new plastic, while increasing the recycling and reuse of our 100% recyclable bottles. The Every Bottle Back initiative supports KDP’s top environmental priority to reduce packaging waste, as we work to support a circular economy with strong collective action.”
Derek Hopkins, chief commercial officer, Keurig Dr Pepper
The Latest Insights and Analysis from Chris Cui, Director of Asia Programs
The revision of China’s Solid Waste Management and Pollution Prevention Law could have far reaching impact on brands and recyclers.
A proposed revision to the Solid Waste Management and Pollution Prevention Law in China could affect the operations of brands and recyclers. The revised law entered the review phase at the 13th National Congress on June 25, 2019 and is now seeking public opinion. Below are some key implications of the clauses:
Impact on the packaging industry
Clause 2.13: Companies that produce, use, and store solid waste (SW) should publish their waste management information. Publicly listed companies must also publish their preventive measures against SW pollution.
This represents a significant departure from current protocol. Increased transparency and mandatory reporting requirements for public companies will incentivize companies to invest in SW prevention, potentially providing reputational rewards to those best-in-class. This kind of impact oriented investment fits nicely with the growing interest in ESG investing in China.
Clause 3.20: Producers of SW must pay Environmental Protection Tax.
This would add a new expense for manufacturers that could be passed onto consumers too. The commercial real estate sector in China recently had to adjust to the introduction of this, where previously they did not have to worry about their waste management expenses.
Clause 3.21: The design and production of packaging must follow green production standards that will be set up by the State Market Regulation to reduce waste generation. Producers of materials that fall under mandatory recycling categories must be responsible for the recycling of their materials. The list of mandatory recycling materials will be produced by NDRC (National Development and Reform Committee).
Clause 3.22: The government will encourage R&D institutes and producers to develop and use materials that can be easily recycled, safely stored, and that can decompose in a natural environment. Packaging materials that can’t be easily composted will be banned.
Clause 3.21 and 3.22: It’s encouraging to see that the government is not only promoting recycling, but also the reduction of waste through circular design and materials innovation. This will force brands to adopt circular packaging principles, so there will be a lot of room for innovation in eco-friendly packaging.
Clause 3.42: There will be EPR for electric appliances and other products.
Since 2018, this kind of EPR has been in effect for electric vehicle manufacturers, requiring better lifecycle management across the value chain – from product design and consumption to the recycling and waste management related to electronic vehicles at end-of-use.
Impact on the recycling industry:
Clause 3.28: Permits must be required for the transportation of SW across cities.
Demand for distributed, modular recycling units will grow so that waste can be processed more locally. The need for smart logistics will grow in tandem to optimize for more efficient transportation routes, among other things.
Clause 3.29: There should be a complete solid waste import ban by 2020.
While there has been a lot of speculation in the U.S. regarding whether or not China will implement a total waste import ban by late 2020, as declared in 2017, it is clear that the Chinese government plans to move ahead with this.
Clause 3.57: There will be differential charging schemes for residential waste.
The mandatory sorting of residential waste was introduced in certain pilot cities in China on July 1, 2019. In a district in Shanghai, it now costs $17 USD to dispose of 120 liters of food waste. You can read more about this on our blog on Recycling Rises to Power in China.
Although we do not know how likely it is that all of the proposed revisions will pass or when, the fact that there are so many proposed changes to the current law, which came into force in 1995, and that they’ve gone all the way to the desk of the National Congress, is a signal that waste management is a high priority for the central government. By reviewing the proposed changes, companies in China and abroad can better prepare for what’s coming down the line.
Unlike Europe, where the circular economy is championed by investors, the government, and consumers, in China it’s the government taking the driver’s seat. The proposed revisions to the law illustrate the steps the government is willing to take to develop the circular economy in China. In turn, industries are taking note and are seizing the subsequent business opportunities.
I would encourage brands that consider China as one of their key markets to give serious thought on how they can create a circular advantage to meet the growing demand for sustainable products in China before their competitors do. This will be critical in a context where a country is implementing increasingly strict solid waste management laws.
The reform on plastic pollution in China, the next big thing after National Sword?
At the 10th meeting of the Central Committee for Deepening Overall Reform on September 9th, chaired by the Chinese President, plastic waste reform was listed as a key issue. The following was cited:
“Actively responding to plastic pollution by restricting the production, sale, and use of some plastic products, actively promoting recyclable and biodegradable substitute products, and regulating plastic waste.”
We are still waiting for a detailed reform plan, but this is another huge boost for the development of a circular economy in China, supported by the government. Brands and recyclers in China and overseas should start to prepare for the changes brought by a reform like this.
The Key Takeaways from Fortune’s First Global Sustainability Forum:
This September, in Yunnan, China, I attended Fortune’s first Global Sustainability Forum, speaking on a panel on Waste Not. The Forum dived deep into the business opportunities and challenges that arise from the transition from a linear to circular economy, highlighting the following key points:
- There are three key driving forces behind circularity: increasing shareholder activism and interest in public companies’ ESG commitments; public awareness among consumers on the environmental footprint of products and services; and growing regulation in Europe and Asia to tackle waste issues, especially plastic pollution.
- Finance is slowly but surely reckoning with the economic risks posed by climate change and other environmental threats. ICBC, the world’s largest bank by assets, ran a stress test in 2015 and, we learned, issues higher interest loans to firms that are over-exposed to environmental hazards. The stress tests began in 2015, and have changed the way Chinese banks look at the businesses they fund, now reducing their exposure to coal projects and increasing their exposure to renewable energy.
- Building sustainable supply chains is challenging due to limited transparency around data, a lack of focused financing, and water and waste management typically being too cheap to account for negative externalities. Labor specific issues also often take precedence.
Closed Loop Partners Acquires a Stake in Balcones Resources to Further Advance Recycling and the Development of the Circular Economy
Closed Loop Partners and Balcones Resources will expand recycling and circular economy infrastructure and services across the United States, recapturing valuable materials and returning them to the manufacturing supply chain.
Contact: [email protected]
October 3 – Closed Loop Partners, a New York based investment firm focused on building the circular economy, announced today the acquisition of a stake in Balcones Resources through its private equity fund, the Closed Loop Leadership Fund.
Balcones Resources is a nationally recognized, best-in-class environmental services company that has been in business for 25 years, handling commercial and residential recycling, among other services, in Texas and Arkansas. Their commitment to operational excellence, advanced technology, and long-term partnerships makes Balcones an ideal platform to scale the circular economy within their current markets and across the United States.
Kerry Getter, Chairman and CEO of Balcones will continue to lead the company. Getter says,
“The expertise that Closed Loop Partners brings to the new relationship will provide unprecedented opportunities for corporate management and shareholder growth. Balcones and Closed Loop Partners’ cultures are similarly aligned. Together, we will be able to enhance employee opportunities, services to our customers, and assist in achieving a diverse set of ambitious environmental goals.”
The partnership builds on Closed Loop Partners’ extensive network of strategic stakeholders across the recycling and manufacturing value chain, from supplier relationships with corporate partners to recycling facilities to manufacturers across the United States. By better connecting and integrating the system, costs and volatility in the market are reduced.
“We’re investing across the supply chain with a long-term view of a more profitable and sustainable future. By scaling best-in-class businesses like Balcones, we will strengthen recycling and circular economy infrastructure in the U.S.”
Ron Gonen, CEO of Closed Loop Partners
The Closed Loop Leadership Fund brings together corporate investors, institutional investors, family offices, and foundations committed to building circular supply chains that reduce costs, increase margins, and protect the environment we share.
About Closed Loop Partners
Closed Loop Partners is an investment platform that invests in sustainable consumer goods, recycling and the development of the circular economy. Investors include many of the world’s largest consumer goods companies and family offices interested in investments that provide strong financial returns and tangible social impact. Learn more at www.closedlooppartners.com.
About Balcones Resources
Balcones Resources began operations in 1994 and has grown into a nationally recognized firm and one of the top 50 recyclers in North America. With more than 200 employees across its three locations, Balcones is a recycling partner for municipalities, multi-tenant facilities, corporate campuses, manufacturing facilities and distribution centers. For more information on Balcones Resources and its environmental services, visit BalconesResources.com.