NEW YORK, NY (June 6, 2022) Closed Loop Partners announced Monday the successful final close of its Closed Loop Leadership Fund, managing in excess of $200 million of total assets. KIRKBI, funds and accounts managed by BlackRock, and Realdania’s mission-driven investment arm join existing investors including Nuveen, a TIAA company; Nestlé; Microsoft; PepsiCo; Unilever; SK Geo Centric Co., Ltd.; donor advised funds and a series of global family offices in Closed Loop Partners’ buyout investment strategy focused on building circular economy platforms across sectors.

Led by a team with decades of operating experience and investment expertise, the Fund’s strategy centers on scaling business models that advance circular supply chains to keep packaging, organics, electronics and apparel out of landfills and within a circular system. The Closed Loop Leadership Fund’s first investment was acquiring Balcones Resources, a top-tier, family-owned recycling business based in Austin, TX. In January 2022, the Leadership Fund led a consortium of investors to acquire the majority stake of Sims Municipal Recycling (SMR), which manages New York City’s municipal recycling contract, the largest in North America. Combined, the Closed Loop Leadership Fund portfolio helps keep over 920k tons of recycled materials in play per year.

“Transitioning to a circular economy represents a capital shift of $4.5 trillion by 2030, according to research. There are strong tailwinds of consumer demand, cost-savings and resiliency driving the shift away from a linear economy,” says Lynn Baranski, Global Head of Investments, BlackRock Private Equity Partners. “Closed Loop Partners has the expertise, thought leadership and differentiated execution ability to help capture the opportunity of this shift and drive positive economic, social and environmental outcomes through its investments.”

“Increased circularity is critical to advance more sustainable production systems and more efficient use of natural resources,” said Damir Hamzic, Head of Circular Plastics Investments at KIRKBI A/S. “Our investment in Closed Loop Partners’ Leadership Fund aims to accelerate circular solutions and ultimately contribute to global sustainable development.”

“Realdania’s mission-related investment in the Closed Loop Leadership Fund supports the development of the circular economy, that holds great potential for the environment and sustainability,” said Kenneth Lillelund Winther, Executive Director & CIO of Realdania. “Investing in the circular economy supports the sustainable management and use of natural resources and reduces waste through recycling and reuse.”

The Leadership Fund is the largest fund to date for Closed Loop Partners, a pioneer in circular economy-focused investing. Over the past eight years, Closed Loop Partners deployed capital across multiple asset classes to help accelerate the transition to a circular economy, while driving returns for investors. The Closed Loop Partners platform now manages over $475 million and has made over 60 investments since its inception.

“Since its launch in 2019, the Closed Loop Leadership Fund, our buyout strategy at Closed Loop Partners, has made significant strides acquiring and building businesses at the forefront of developing circular supply chains at scale,” says Ron Gonen, Founder & CEO of Closed Loop Partners. “This final close of the Fund, which includes a number of leading investors, is a milestone for the development of the circular economy.”

To date, Closed Loop Partners’ investments have kept 3.6 million tons of materials in circulation and avoided 6.8 million tonnes of greenhouse gas emissions. The company’s vision and track record of successfully deploying capital toward circular solutions has enabled the shift away from inefficient, linear, extractive supply chains and toward more efficient, waste-free circular systems. The Leadership Fund is strategically positioned within the broader Closed Loop Partners ecosystem that is comprised of venture capital, growth equity, private equity, catalytic capital and an innovation center focused on building the circular economy.

“As an early investor in the Closed Loop Leadership Fund, one of our key goals was to drive increased investment in circular supply chains from the financial community as we continue our work to help create a waste-free future,” said Chastity McLeod, Director of Technical Packaging, Nestlé USA. “We are thrilled to see the growth and impact of the fund since its launch and are proud to close the fund with such a diverse group of investors that will help scale the solutions needed to advance a circular economy.”

About Closed Loop Partners

Closed Loop Partners is a New York-based investment firm comprised of venture capital, growth equity, private equity and catalytic capital, as well as an innovation center focused on building the circular economy. 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 landfill diversion. Learn more at closedlooppartners.com

About the Closed Loop Leadership Fund at Closed Loop Partners

The Closed Loop Leadership Fund is Closed Loop Partners’ private equity fund, focused on investing in best-in-class circular business models that are fundamental to keeping plastics and packaging, food and organics, electronics and textiles out of landfills and within a circular system.

To learn about the Closed Loop Leadership Fund, visit Closed Loop Partners’ website here.

Disclaimer:

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.

OAKLAND, CA, JUNE 1, 2022 – SOLARCYCLE, a tech-driven solar system recycling platform, today announced that the company has raised $6.6 million in growth funding from leading renewable energy and circular economy investors – including SolarCity founders Peter and Lyndon Rive, former CEO/CTO of Sunpower Corporation Systems Tom Dinwoodie, Urban Innovation Fund, and Closed Loop Partners.

“At SOLARCYCLE we are driven by the urgent challenge to maximize the sustainability of the raw minerals needed to power the clean energy revolution,” said SOLARCYCLE CEO Suvi Sharma. “It is exciting to have the financial backing of investors who helped launch and scale the solar industry, as well as venture funds specializing in creating the needed infrastructure for the circular economy. This funding will allow us to scale our advanced recycling operations in North America, enabling us to start handling the millions of solar systems that will be retiring in the coming years.”

“Solar energy is the fastest-growing energy source in the U.S.,” said Julie Lein of Urban Innovation Fund. “But with more solar panels comes more waste. SOLARCYCLE has an exciting vision to transform the way we recycle and re-use solar panels – and they have the right team to pull it off. The Urban Innovation Fund is thrilled to back SOLARCYCLE.”

“Increasing amounts of solar panels are being replaced with newer versions. The older panels have high value metals like silver, aluminum, and high-grade silicon,” said Peter Rive, Co-founder and CTO of SolarCity. “I invested because SOLARCYCLE has a recycling system that could enable high volume, cost-effective recycling of solar panels at scale.”

“I was involved with commissioning the first wave of large and utility-scale solar installations, and I am excited to be involved with SOLARCYCLE,” stated Tom Dinwoodie, co-founder of Sunpower. “I firmly believe the transition to a renewable economy must be coupled with full attention to developing a circular economy for addressing the mineral scarcity and looming waste problem coming our way. The team at SOLARCYCLE is well positioned to turn this emerging problem into an opportunity, and I welcome them bringing their technical insight and innovation to address the recycling needs of the industry. I am confident that their success will ensure a better world for us all.”

“We are thrilled to invest in the visionary and accomplished team at SOLARCYCLE as they help build out circular economy infrastructure for the solar industry,” said Danielle Joseph of Closed Loop Partners. “As the demand for solar energy grows with an increasingly urgent climate crisis, it is critical that materials used for solar panels do not go to waste in landfills. SOLARCYCLE has the technology, operational experience and mission-driven passion to help address this emerging and pivotally important challenge at scale. We look forward to seeing them advance their climate-friendly and cost-effective platform to return more than 95% of all the valuable materials back into the solar supply chain.”

About SOLARCYCLE

SOLARCYCLE, Inc (www.SOLARCYCLE.us) is a technology-driven platform designed to maximize solar sustainability by offering solar asset owners a low-cost, eco-friendly, comprehensive process for recycling retiring solar panels and technologies and repurposing them for new uses. The company’s proprietary technology allows it to extract valuable metals such as silver, silicon, copper and aluminum and to recycle or repurpose 95% of panels currently in use. SOLARCYCLE was founded in 2022 by experts in solar technology, recycling and sustainability to accelerate build-out of the circular economy for solar and renewables.

Contact: Susan DeVico ([email protected] | +1 415 235-8758)

Source

Disclaimer:

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.

New Jersey, 12 PM ET – Shoppers can now check out reusable bags at in-store kiosks and return them for fresh ones during their next shopping trip. This month, GOATOTE, a winner of the Beyond the Bag Challenge, is piloting their system in select CVS Pharmacy and Target stores across New Jersey, advancing reusable bag alternatives as the state enacts a ban on single-use plastic bags. GOATOTE’s reusable bag kiosks are available in stores across Jersey City, Howell Township, Watchung, North Plainfield, Wall and Marlton. For these pilots, GOATOTE is partnering with 99Bridges for the technology platform that powers their reusable bag system.

As an increasing number of policies, including New Jersey’s ban on single-use plastic bags, come into effect to help address the global plastic waste crisis, solutions that offer an alternative to the single-use plastic bag continue to gain traction. The rollout of GOATOTE and 99Bridges’ systems in New Jersey helps test and strengthen the viability of reusable bag systems, one critical solution to addressing single-use plastic bag waste.

In August 2021, as winners of the Consortium to Reinvent the Retail Bag’s Beyond the Bag Challenge, GOATOTE and 99Bridges participated in the Beyond the Bag pilots––first-of-a-kind multi-retailer reusable bag pilots managed by Closed Loop Partners, with Consortium Founding Partners CVS Health, Target and Walmart. These pilots helped increase collective understanding of the existing enablers of and/or barriers to sustainable design solutions, identifying what resonated most with customers, how customers and employees use reusable bag systems, what provides value to retailers, and how innovators’ solutions can evolve. GOATOTE and 99Bridges’ roll out in New Jersey builds on their participation in last year’s Beyond the Bag pilots, expanding on data points and best practices to help retailers, innovators and customers navigate the changing landscape for retail bags.

GOATOTE’s in-store kiosk to access clean, reusable bags. Photo by Kelsey Floyd.

“We’re excited to see GOATOTE and 99Bridges’ progress and continued work with the Consortium to Reinvent the Retail Bag Partners, such as CVS Health and Target. Their work today builds on the collaboration established through the Consortium, and the collective insights gained from the Beyond the Bag pilots, paving the path forward for more circular bag solutions,” says Kate Daly, Managing Director of the Center for the Circular Economy at Closed Loop Partners. “As the demand for reusable bag alternatives rises, especially amidst recent policy changes and a growing plastic waste crisis, we look forward to seeing continued impact on the ground, as innovators further develop and grow reusable bag solutions.”

“Testing these new solutions that can replace the single-use plastic retail bag builds on our deep commitment to creating a more sustainable world,” said Sheryl Burke, Senior Vice President of Corporate Social Responsibility, CVS Health. “Over the last year, we’ve worked collaboratively with leading retailers and innovators to pilot these new solutions, and we’re excited to bring our customers in New Jersey along on this journey.”

“Our guests are feeling the growing burden of waste, and that includes single-use plastic retail bags,” said Amanda Nusz, senior vice president of corporate responsibility, Target. “Thanks to Beyond the Bag pilot innovators like GOATOTE, and the collective efforts of this consortium, we’re able to build circular capabilities in this space and bring our guests along with us, asking them to help co-create the sustainable and affordable solutions we know we need. We’re grateful to continue these important collaborations.”

“GOATOTE believes that implementing reusable bag systems in cities, states and countries that have enacted or are anticipating single-use plastic bag bans is critical to delivering ease for consumers while lessening impact on the environment,” says Renee Lundahl, Co-Founder of GOATOTE. “We are proud to collaborate with leading retailers to advance our reusable bag system on the ground and help make reuse mainstream!”

“Together, we are creating a game changing alternative to single-use plastic bags; it marks an exciting milestone to make reuse a reality,” says Derek Mak, Founder and CEO of 99Bridges. “Consumers will be all over our innovations! 99Bridges is delighted to be a strategic partner of GOATOTE to continue pushing the boundaries of what is possible.”

Moving forward, the Consortium to Reinvent the Retail Bag, which has worked with 9 winning innovators and convened 15 retailers to date, continues to support the progress of individual innovators, fostering connection and coordination with retailers and identifying best practices for impact on the ground. The Consortium will continue to test, listen, learn and collaborate to gather and disseminate the collective findings from a diverse suite of learning opportunities. The ongoing learnings will be shared with diverse stakeholders including policymakers, industry groups, NGOs, among others, helping to align incentives and efforts to enable the success of new systems. Ultimately, the Consortium, alongside our partners, aims to accelerate the catalytic change to a more circular system.

Find store locations and pricing to use GOATOTE’s reusable bag kiosks here.

About the Center for the Circular Economy at Closed Loop Partners
The Center for the Circular Economy at Closed Loop Partners unites competitors to tackle complex material challenges and to implement systemic change that advances the circular economy. Closed Loop Partners brings together designers, manufacturers, recovery systems operators, trade organizations, municipalities, policymakers and NGOs to create, invest in, and support scalable innovations that target big system problems.

The Center’s first initiative, the NextGen Consortium, assembled leading food and beverage companies, including McDonald’s and Starbucks, to identify and commercialize a widely recyclable, compostable and/or reusable cup. 12 winning cup solutions were selected and the Consortium is supporting the testing of these new solutions as well as conducting pilots to accelerate their path to scale. Learn more about the Center’s work here.

About the Consortium to Reinvent the Retail Bag
The Beyond the Bag Initiative, launched by the Consortium to Reinvent the Retail Bag, aims to identify, pilot and implement viable design solutions and models that more sustainably serve the purpose of the current retail bag. Closed Loop Partners’ Center for the Circular Economy launched the initiative with Founding Partners CVS Health, Target and Walmart. The Kroger Co. joined as Grocery Sector Lead Partner, DICK’S Sporting Goods joined as Sports & Outdoors Sector Lead Partner, Dollar General as Value Sector Lead Partner, TJX as Apparel & Home Goods Sector Lead Partner, and Ulta Beauty as Beauty Sector Lead Partner. Ahold Delhaize USA Brands, Albertsons Companies, H-E-B, Hy-Vee, Meijer, Wakefern Food Corp., and Walgreens are Supporting Partners, and Conservation International and Ocean Conservancy serve as Environmental Advisory Partners. IDEO is the Consortium’s Innovation Partner. Learn more about the Consortium here.

ST. PAUL, Minn., May 04, 2022 (GLOBE NEWSWIRE) — A groundbreaking partnership led by Minnesota’s MBOLD coalition has united leading global businesses and research institutions to catalyze a regional circular economy for flexible films and packaging materials in the Upper Midwest. MBOLD members General Mills, Schwan’s Company, Target, Ecolab, Cargill, Land O’Lakes, Inc. and the University of Minnesota are collaborating across the value chain with film recycler Myplas USA, Inc. and film manufacturer Charter Next Generation.

This new initiative will expand film recycling infrastructure and the supply of recycled resin for use in new products, reducing greenhouse gas emissions and curtailing waste. With investment from MBOLD members and other stakeholders, Myplas USA will establish a state-of-the-art flexible film recycling plant in Minnesota, its first in the U.S. Slated to begin operations in spring 2023, this new 170,000-square-foot mechanical recycling plant aims to recycle nearly 90 million pounds of low- and high-density polyethylene packaging and film annually at full capacity.

“We are excited to collaborate across industries to advance recycling innovation for flexible films used in product packaging and more,” said Jeff Harmening, chairman and chief executive officer of General Mills and MBOLD co-chair. “This initiative reflects General Mills’ commitment to regenerating our planet and shows what’s possible when we work together to find creative solutions to shared challenges.”

The U.S. uses 12-15 billion pounds of flexible packaging and films annually, including select food packaging, shopping bags, shrink wrap, pallet wrap, e-commerce mailers, lawn and garden bags, and hay bale wrap, among many other products. However, only an estimated five percent of flexible films used in the U.S. are recycled each year, with the rest being landfilled, incinerated or even released into the environment.

“We are building a regional ecosystem to support circular approaches for flexible film,” said JoAnne Berkenkamp, managing director of MBOLD, an initiative of GREATER MSP. “By working together, we are catalyzing a new circular economy that will expand access to film recycling in the Upper Midwest, increase the supply of recycled resin for use in new film products and cut emissions.”

The initiative includes a combined $9.2 million equity investment in Myplas USA by lead investors General Mills, Schwan’s Company and Wisconsin-based film manufacturer Charter Next Generation, and supporting investors Target and Ecolab. Myplas’ new film recycling plant will be located in Rogers, Minn., northwest of Minneapolis, and will employ about 300 people.

Dimitrios Smyrnios, Schwan’s Company’s chief executive officer, said, “Reducing the environmental impact of our packaging is a core commitment for Schwan’s. That’s why we’re part of this joint equity investment in new recycling infrastructure. By returning flexible film to new uses, we can reduce waste and curtail dependence on virgin plastic. It’s good for the environment and our business.”

Compared with virgin plastics, studies show that use of recycled polyethylene resins offers significant life cycle benefits, including a 65 percent reduction in total energy used, a 59 percent reduction in water consumption and a 71 percent reduction in global warming potential¹.

“Myplas has a deep passion for plastics recycling, and we’re proud to establish our first U.S. plant and our U.S. headquarters in Minnesota,” said Andrew Pieterse, Myplas USA chief executive officer. “Our partners’ commitment, investment and innovative thinking, paired with Myplas’ technical expertise, will be transformative for the entire region. We can’t wait to get started.”

Building demand for recycled polyethylene resin is also key to a thriving circular economy. To that end, Charter Next Generation will purchase recycled resin from Myplas for use in a variety of food, industrial and healthcare film products. MBOLD members Cargill, General Mills, Schwan’s Company, Land O’Lakes and the University of Minnesota will evaluate potential product applications using recycled resin with Charter Next Generation. Land O’Lakes, Cargill, Schwan’s Company and the University of Minnesota will explore opportunities to direct film waste to Myplas USA for recycling once the plant is operational.

Charter Next Generation Chief Executive Officer Kathy Bolhous said, “This collaboration with MBOLD and Myplas USA is forging a new future for packaging innovation. It will broaden our sustainable film portfolio, create an urgently needed solution for the region and help meet the growing demand for recycled content in packaging.”

The Alliance to End Plastic Waste and Closed Loop Partners are each providing multi-million dollar debt financing to Myplas USA to support development of their new Minnesota recycling facility. The Minnesota Department of Employment and Economic Development is also supporting Myplas USA through $1 million from the Minnesota Investment Fund and $450,000 from the Minnesota Job Creation Fund.

“This is about protecting our environment and driving innovation,” said the State’s Employment and Economic Development Commissioner Steve Grove. “It’s about bringing a new industry to Minnesota and showing the world how the private and public sectors can come together to solve problems. The State of Minnesota is proud to support this effort, and we’re grateful to the companies that made it happen.”

About the Circular Economy Initiative Participants:

MBOLD
Greater MSP
General Mills
Schwan’s Company
Target 
Ecolab
Cargill
Land O’Lakes, Inc.
University of Minnesota
Myplas USA, Inc.
Charter Next Generation
Alliance to End Plastic Waste
Closed Loop Partners
Minnesota Department of Employment and Economic Development

¹The Association of Plastic Recyclers. “Life Cycle Impacts for Postconsumer Recycled Resins: PET, HDPE, and PP.” December 2018.

For further information,
Contact: Jason Dorow
[email protected]

Closed Loop Partners, a circular economy-focused investment firm and innovation center, will work collaboratively with participating states in the NextCycle initiative – currently Colorado, Michigan, and Washington – to identify opportunities to provide competitively priced and flexible financing to organizations and municipalities, up to $5 million per project.

RRS, a sustainable material and resource consulting firm, manages and facilitates NextCycle. Selected teams in the NextCycle initiative receive access to business, industry, and investment experts to develop project plans, make connections with partners and funders, and cultivate investment-ready and implementation-ready projects.

“For a circular economy to be robust and economically sustainable it needs a continuous flow of recycled materials, a viable recycling infrastructure, and accessible end markets,” said Jim Frey, RRS co-founder and CEO. “By leveraging state funds and accelerating the flow of private and non-profit capital into projects focused on infrastructure, technology, and supply chains, we can help mobilize recycling efforts in NextCycle states.”

Initially, this partnership will support innovative recycling projects in three NextCycle markets – Colorado, Michigan, and Washington. Each state, through its NextCycle initiative, will identify projects that develop recovery infrastructure solutions for post-consumer recyclable materials with a focus on polyethylene terephthalate (PET) and aluminum, optimize innovative collection systems for polyethylene (PE) and polypropylene (PP), and divert from landfill back into the supply chain. Over the next three years of partnership, Closed Loop Partners will closely collaborate with the various NextCycle initiatives, identifying investable opportunities that advance collective circularity goals.

“Building a robust circular economy requires multiple stakeholders to be at the table. Closed Loop Partners is thrilled to collaborate with RRS and NextCycle to help identify and accelerate the most promising solutions,” said Jennifer Louie, Executive Director at Closed Loop Partners. “This partnership will continue to drive innovation and develop equitable local economies, while keeping valuable materials in play and out of landfills.”

Since 2014, Closed Loop Partners has invested in circular innovations, with an existing portfolio of more than 50 investments that have collectively diverted more than 4,600 million pounds of material from landfills and back into manufacturing supply chains. The firm’s Closed Loop Infrastructure Group deploys catalytic capital across a range of circular economy projects, companies, infrastructure and enabling technologies. Past investments include a recycling facility expansion and upgrade that included the first artificial intelligence-powered material sorting robots aimed at improving efficiency in Emmet County, Michigan, as well as a new single-stream recycling facility estimated to process thousands of tons of recyclables per year in rural Marquette County, Michigan.

More information on NextCycle can be found on the RRS website: RRS NextCycle.

About Closed Loop Partners 

Closed Loop Partners is a New York-based investment firm comprised of venture capital, growth equity, private equity and catalytic capital, as well as an innovation center focused on building the circular economy. 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 landfill diversion. Learn more at www.closedlooppartners.com. 

About Closed Loop Infrastructure Group 

Closed Loop Partners’ Infrastructure Group provides a flexible mix of financing solutions to support a range of circular economy projects, companies, infrastructure and enabling technologies. The Closed Loop Infrastructure Group deploys catalytic capital, which seeks to accelerate and de-risk the development of high-impact projects and companies. The Group manages four active funds: the Closed Loop Infrastructure Fund, Closed Loop Beverage Fun, Closed Loop Circular Plastics Fund and Closed Loop Local Recycling Fund. Learn more here.  

About RRS 

Founded in 1986 and headquartered in Ann Arbor, Michigan, RRS is a sustainability and recycling consulting firm that strives to create a world where resources are managed to maximize economic and social benefit while minimizing environmental harm. The firm has industry professionals, engineers, economists, technical analysts, and communication specialists who share this vision and possess core strengths in materials and recovery, life cycle management, applied sustainable design, and collaborative action development. www.recycle.com

Source: RRS

Disclaimer:

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.

NEW YORK, March 2, 2022 /PRNewswire/ — The Closed Loop Leadership Fund, L.P., a private investment fund managed by Closed Loop Partners (CLP), has led a consortium of investors, including the Partnership Fund for New York City, in acquiring a majority stake in Sims Municipal Recycling (SMR). The acquisition is expected to further modernize circular economy infrastructure and service in the New York-New Jersey Metro region and Florida, as well as expand SMR’s best-in-class operations into new markets. SMR currently operates four recycling facilities across the New York–New Jersey metro region and Florida, including its Brooklyn materials recovery facility (MRF), which is the largest dual stream recycling facility in North America. SMR also manages the long-term New York City residential recycling contract, which is the largest municipal recycling contract in North America. The investment in SMR is expected to accelerate the recovery of valuable commodities, including plastics, paper, metal and glass, diverting them from landfills and returning them to manufacturing supply chains. In the coming years, SMR’s expansion is expected to create additional local jobs in the recycling and manufacturing sectors.

SMR’s board will become one of the first majority female-led boards in the industry, with Jessica Long, Managing Director at Closed Loop Partners, as Chairperson of the Board. Long says, “Closed Loop Partners’ ecosystem of investors––including strategic corporate partners like Nestlé, PepsiCo Beverages North America, Microsoft and Unilever, pension funds, family offices and foundations––are all interested in developing sustainable business models and markets for recycled content, keeping valuable materials out of landfill. This investment, coupled with the existing portfolio of Closed Loop Partners’ managed investment funds, will enable SMR to expand its services, accelerating the development of circular economy infrastructure in the United States.”

“SMR will continue to provide important recycling services to New Yorkers and communities across the NY-NJ metro region and Florida. We now have an exciting opportunity to combine our strong operating history with Closed Loop Partners’ extensive resources to strengthen circularity for the post-consumer municipal waste stream,” says Tom Outerbridge, President of SMR. “Together, we can accelerate the modernization of recycling across the United States to close the loop on valuable materials and build a truly circular economy.”

SMR produces hundreds of thousands of tons of recycled metals, plastics, paper and glass for sale to mills, smelters, refiners, re-claimers and secondary material processors. Since winning the contract to service the City of New York, SMR has grown to handle more than 600,000 tons of municipal curbside material annually that is collected from more than 10 million people.

“Every year, New Yorkers put hundreds of thousands of tons of valuable materials like plastic, glass, metal and paper into their recycling bins, and Sims Municipal Recycling plays a critical role in processing these to make sure they re-enter manufacturing supply chains, rather than turn into waste,” says Bridget Anderson, Deputy Commissioner, Recycling and Sustainability at NYC Department of Sanitation (DSNY).

In cities across North America, including New York, zero-waste goals are becoming a top priority with the growing urgency of climate risks and increasing landfill costs. According to the Circularity Gap Reporting Initiative, 70% of all global greenhouse gas (GHG) emissions are related to material handling and use, making circular economy infrastructure a critical part of the solution to our climate crisis. Expanding access to recycling services and enabling local circular economy manufacturing can help cities and businesses avoid the cost of landfilling products and packaging, while eliminating the GHG emissions associated with manufacturing using virgin materials, and helping to create thousands of local jobs and more resilient communities.

This investment is made possible by a group of investors, including investment funds managed by Closed Loop Partners, such as the Closed Loop Leadership Fund and the Closed Loop Circular Plastics Fund, as well as the Partnership Fund for New York City, among others. The Closed Loop Leadership Fund, Closed Loop Partners’ managed buyout fund, includes investors Microsoft Climate Innovation Fund, Nestlé, PepsiCo Beverages North America and Unilever, alongside family offices, pension funds and foundations. It also marks the first investment from the Closed Loop Circular Plastics Fund, Closed Loop Partners’ catalytic flexible financing fund that launched in 2021, and includes investors Dow, LyondellBasell, NOVA Chemicals, Sealed Air and SK Geo Centric Co., Ltd. Closed Loop Partners’ Circular Plastics Fund finances technologies, companies and infrastructure projects that increase the quality and quantity of recycled polyethylene and polypropylene. Together, these companies each have ambitious commitments to use recycled materials in their manufacturing supply chains, yet the current supply of recycled plastics meets only six percent of demand for the most commonly used plastics in the U.S. and Canada.

“Sims Municipal Recycling will play a critical role in powering an inclusive circular economy in New York City by reducing waste and supporting a sustainable supply chain for new products,” said Maria Gotsch, President and CEO of the Partnership Fund for New York City. “We are excited to support this acquisition which will help ensure that SMR has the resources and next-generation technology to expand its regional footprint at a time when New York is rethinking its recycling systems and transitioning to a greener economy.”

“Nestlé is committed to helping ensure that after our consumers enjoy the products we create, there is infrastructure in place that allows them to recycle and help keep those plastics out of landfills,” said Chastity McLeod, Director of Technical Packaging at Nestlé USA. “This acquisition is an important step towards making that type of true circular system a reality. We are proud of our investment and partnership with Closed Loop Partners and look forward to continued collaboration as we work together to advance our shared vision for a waste-free future.”

“The recycling landscape in America continues to be challenging, and as companies – including PepsiCo – set ambitious goals to use more recycled content in their packaging, there is more need than ever for partnerships and action to increase access to recycled material,” said Jason Blake, Chief Sustainability Officer and SVP at PepsiCo Beverages North America. “Through our partnership with Closed Loop Partners we are able to advance the necessary work that is being done to transform the recycling system and get access to more high-quality recycled material that will help us to make progress towards our PepsiCo Positive goals and transformation.”

“Investing in recycling infrastructure is central to Unilever’s goal to collect and process more plastic packaging than we sell by 2025,” said Niki King, Head of Sustainability for Unilever North America. “Sims Municipal Recycling already has one of the largest recycling facilities in North America, and we’re happy to see our investment going toward growing this company to unlock great capacity to keep materials in the circular economy.”

“When Dow joined the Circular Plastics Fund as an initial investor, we envisioned projects like the Sims Municipal Recycling acquisition,” said Diego Donoso, President of Dow Packaging & Specialty Plastics. “I know this is just the first of several significant projects that will grow and improve recycling infrastructure in the U.S. as a result of the Fund.”

“Removing plastic waste from the environment is an essential contribution to society and future generations. LyondellBasell is proud to be a founding partner of Closed Loop Partners’ Circular Plastics Fund and is very pleased the fund’s first investment is Sims Municipal Recycling,” said Ken Lane, Executive Vice President, Global Olefins and Polyolefins at LyondellBasell. “Through this investment, we are moving another step closer toward achieving a circular economy.”

“NOVA Chemicals is excited to participate in the Closed Loop Circular Plastics Fund’s first investment in Sims Municipal Recycling. Together, we are committed to enabling the circular economy by finding ways to reuse plastics again and again,” said Luis Sierra, President and CEO of NOVA Chemicals. “The Closed Loop Circular Plastics Fund plays a powerful role in catalyzing capital, attracting more investors, and aligning companies across the plastics value chain so that together we can create a circular, waste-free system for plastics.”

“At Sealed Air, we understand the circularity of packaging is critical for our sustainability purpose, and we are excited about the potential of this investment in partnership with Closed Loop Partners and its managed funds,” said Sergio Pupkin, Chief Growth & Strategy Officer at Sealed Air Corporation. “It’s critical that we grow recycling infrastructure so that we can recover more materials and loop them back into packaging supply chains.”

Investing in the growth and strengthening of recycling infrastructure across the United States will help recover the value of products and packaging, returning materials to manufacturing supply chains and enabling packaging circularity. To learn more about this work, visit www.closedlooppartners.com.

About Closed Loop Partners
Closed Loop Partners is a leading circular economy-focused investment firm and innovation center. The New York-based investment firm manages venture capital, growth equity, private equity and project-based finance funds. The firm’s business verticals build upon one another, bridging gaps and fostering synergies to scale the circular economy. Learn more here.

About the Closed Loop Leadership Fund at Closed Loop Partners
The Closed Loop Leadership Fund is Closed Loop Partners’ private equity fund, focused on investing in best-in-class circular business models that are fundamental to keeping plastics and packaging, food and organics, electronics and textiles out of landfills and within a circular system.

To learn about the Closed Loop Leadership Fund, visit Closed Loop Partners’ website.

About the Closed Loop Circular Plastics Fund at Closed Loop Partners
The Closed Loop Circular Plastics Fund provides catalytic financing to build circular economy infrastructure and improve the recovery of polypropylene and polyethylene plastic in the U.S. & Canada, returning plastics to more sustainable manufacturing supply chains for use as feedstock for future products and packaging. Learn more about the Fund’s investment criteria and apply for funding here.

The Fund’s goal of optimizing recovery infrastructure is one part of Closed Loop Partners’ broader initiative of Advancing Circular Systems for Plastics. This initiative prioritizes scaling reuse and refill models and reducing material usage in design, while bolstering the recovery infrastructure to address plastics waste.

To learn about the Closed Loop Circular Plastics Fund, visit Closed Loop Partners’ website.

About Sims Municipal Recycling
Sims Municipal Recycling (SMR), a leader in the municipal recycling industry, was established in 2003 as a wholly-owned division of Sims Limited, a global leader in recycling and sustainability. Since that time, SMR quickly became the cornerstone of the New York City curbside recycling program. Through its long-term contract with the New York City Department of Sanitation (DSNY), SMR processes and markets 100% of the metal, glass and plastic, and 50% of the paper, collected by DSNY from all New Yorkers. SMR serves New York City and surrounding New Jersey municipalities through its facilities in the Bronx, Brooklyn, Queens, and Jersey City, NJ. SMR manages the curbside recyclables of Palm Beach County, FL, through a long-term operating agreement with the Solid Waste Authority of Palm Beach County, and has been contracted to provide similar services to Lee County, FL. Sims Limited remains a minority stakeholder in SMR, and you can read more about the company’s sustainability goals at www.simsltd.com. Visit www.simsmunicipal.com to learn more about SMR and its commitment to sustainability.

About The Partnership Fund for New York
The Partnership Fund for New York City is the investment arm of the Partnership for New York City, New York’s leading business organization. Our mission is to mobilize our investors’ resources—their money, time and influence—to create jobs, spur new business creation and to expand opportunities for all of the city’s residents and neighborhoods. We invest in innovative nonprofit and for-profit companies to ensure a promising future for New York City. Our investment focus is to make New York City stronger and more inclusive. We prioritize initiatives that create jobs and support social entrepreneurship, particularly in disadvantaged neighborhoods. We facilitate the growth of emerging industries so that New York City is at the forefront of innovation, remains a hub for exceptional talent, and is positioned for the future.

Media Contact:
Georgia Sherwin
[email protected]

SOURCE Closed Loop Partners

Disclaimer:

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.

DENVER, CO (2/22/22) – Several of the world’s leading technology brands, including Google, Apple, Amazon, Dell Technologies, and Microsoft, are working together to launch an electronics collection pilot program in Denver.  The brands selected innovative start-up Retrievr to manage the pilot. Retrievr is a doorstep collection service that specializes in recycling electronics responsibly and safely, and thanks to funding from the collaborating brands, the service will be free for all Denver residents for a limited time.

“We’re thrilled to be able to partner with some of the biggest names in tech to launch this pilot. We all agreed that we are far more likely to solve the critical environmental issue of e-waste if we work together, and the brands have really stepped up to support this mission,” said Kabira Stokes, CEO of Retrievr. “Denver has a clear need for access to convenient and secure recycling programs, and the best way to do that is to provide doorstep service to all residents. Our plan is to make electronics recycling as easy as possible for all Denverites, while also ensuring the highest standard of excellence.”

Denver is known as one of the country’s most environmentally conscious cities, but its recycling rates – including for electronic waste – trail well below the national average. Despite that trend, Colorado’s overall recycling efforts have saved almost two million metric tons of greenhouse gas emissions each year. By offering Denver residents a convenient, simplified doorstep collection service for electronics recycling, Retrievr hopes to exponentially increase rates of electronics recycling throughout the city – and help curb greenhouse gas emissions.

“Having this service launch in Denver is a great way to give our residents a new way to recycle their old electronics all while boosting our city’s diversion rate,” said Denver Mayor Michael Hancock. “Recycling is an easy but critical action we all can take to reverse the effects of climate change and lower our greenhouse gas emissions, and I encourage everyone in Denver to take advantage of this new service.”

To schedule a pick-up with Retrievr, customers simply visit Retrievr’s website, select which items they want to recycle, and schedule a date for the pickup. On that date, a truck will come to your house and take care of the rest.

Retrievr’s service offers one of the highest levels of certification for recycling electronics safely and responsibly. As an e-Stewards Enterprise, Retrievr holds the promise that every electronic device they collect will be processed through a secure chain of custody where each item is tracked until the end of its life. That certification means – among other things – that Retrievr’s data removal process complies with NIST data destruction guidelines.

Click here to learn more about Retrievr.

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Retrievr provides on-demand, doorstep collection of electronics, offering a convenient, data-secure and environmentally responsible way to recycle a personal electronic device. We combine the power of technology with the marketing reach of brands to make it easy for people to return value to their unwanted electronics, right from their door. Currently operating in the Philadelphia metro area, servicing over 1 million homes; Retrievr is thrilled to now bring our electronics collection service to Denver. Incubated in-house by Closed Loop Partners, a New York based investment firm at the forefront of the circular economy, and led by long-time electronics recycling executive, Kabira Stokes, Retrievr looks to increase residential recycling rates and create good, local jobs while doing it.

FEB 8 – Apkudo, the leader in supply chain automation for connected devices, announced today that it completed a $14.4 million growth financing round led by Closed Loop Partners’ Leadership Fund, a circular economy-focused investment firm, with the participation of existing investors, including Harbert Growth Partners, Grotech Ventures, MissionOG and Lavrock Ventures. Apkudo engages, manages and optimizes the global device supply chain ecosystem to achieve efficiencies and intelligent processes, and improve margins. The company will use the funds to further its growth and advance the development of its robust connected device platform (e.g. FedEx Supply Chain Robotics).

The new investment follows the company’s rapid acceleration in the market. Over the past two years, Apkudo has tripled the number of customers on its platform. Late last year, the company expanded to serve computer and laptop brands in addition to the broader wireless mobility services industry, which includes original equipment manufacturers, managed network operators, third-party logistics companies, insurance firms, device resellers and repair companies.

The addition of Closed Loop Partners as an investor expands Apkudo’s robust expertise and continued focus on strengthening circular supply chains for high-value electronic devices. Since 2014, Closed Loop Partners has invested in circular innovations, with an existing portfolio of more than 50 investments that have collectively diverted more than 4,600 million pounds of material from landfills and back into manufacturing supply chains. Closed Loop Partners’ ecosystem connects entrepreneurs, industry experts, global consumer goods companies, retailers, financial institutions and municipalities, bridging gaps and fostering synergies to scale the circular economy.

Today, the number of mobile phones alone on the planet is more than 6 billion, and is expected to grow rapidly with increasing connectivity and consumption across the globe. Electronic devices are made of valuable resources, from the rare earth metals contained in their batteries to their individual electronic components. Yet today, less than 20% of electronics are collected, refurbished or recycled worldwide, which translates to a lost value of more than $50 billion each year. Apkudo’s technology creates greater transparency across the electronic device value chain, empowering businesses to make smart decisions regarding their devices, from early stage inventory management to repair, resale and recycling opportunities at a devices’ end-of-life.

“Apkudo has achieved impressive results in the wireless mobility industry and beyond. We’re especially excited about the traction our trade-in solution has garnered from the top-tier computer brands,” said Josh Matthews, Co-founder and CEO of Apkudo. “The circular economy is changing how consumers and businesses manage their electronic devices; the second and third life of a device is now something that every one of us needs to consider. With this investment from Closed Loop Partners and our existing investors, we have an experienced group of investors that can provide not only capital, but deep industry knowledge and global networks to help facilitate our continued growth.”

“Apkudo helps stakeholders across the electronics value chain better understand the condition and value of their devices, in turn driving smart, sustainable and profitable decision making,“ says Martin Aares, Managing Director at Closed Loop Partners. “Their technology enables vastly improved reverse logistics and resale of connected electronic devices, which helps reduce e-waste. Our partnership with Apkudo will further the circularity of electronics supply chains that ultimately benefit people, the planet and business.”

Apkudo’s Connected Device Platform connects internal systems across an enterprise with ease––unlocking powerful data from silos to enable real-time decisions. By enabling customers to connect their ecosystem partners to the Apkudo platform, Apkudo delivers improved supply chain efficiencies via a single operating system. The result is a flexible platform that reduces complex processes into collaborative business applications. Apkudo’s partnership with FedEx demonstrates how their automation and robotics system supports critical end-of-life decisions based on corporations’ unique needs.

“Apkudo is a key partner for ERI as we work collaboratively to achieve the specific circular economy and sustainability goals of our shared customers. Our partnership helps us to efficiently, securely and responsibly recover and recycle customer assets after their use,” says John Shegerian, Chairman/CEO of ERI. “This shared vision is a critical part of our ongoing commitment to zero waste practices as we help brands of all sizes build strong, resilient and circular economy supply chains.”

“We are proud to continue supporting Apkudo, as they have emerged as a leader in Industry 4.0,” remarked George Krautzel, managing partner of MissionOG. “Over the past year, their real-time inventory management and integrated robotic solutions have quickly scaled and become essential with many of the world’s largest connected device brands.”

About Apkudo

Apkudo is the global leader in supply chain automation with solutions spanning the entire lifecycle of connected devices. From certifying new devices for launch to optimizing liquidation of refurbished products, the Apkudo Platform provides a seamless operating system across both internal and external partner systems. Learn more at apkudo.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. 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 landfill diversion. Learn more at closedlooppartners.com

About the Closed Loop Leadership Fund at Closed Loop Partners

The Closed Loop Leadership Fund is Closed Loop Partners’ private equity fund, focused on investing in best-in-class circular business models that are fundamental to keeping plastics and packaging, food and organics, electronics and textiles out of landfills and within a circular system. To learn about the Closed Loop Leadership Fund, visit Closed Loop Partners’ website.

About Harbert Growth Partners

Harbert Growth Partners (“HGP”) seeks to identify and invest in promising emerging growth-stage technology companies located in attractive technology ecosystems. Based in Richmond, VA, the HGP team combines substantial investment, advisory, and operating experience with capital and an extensive network to support promising entrepreneurial teams in successfully executing their growth plans. For more information, visit: https://www.harbert.net/investment-strategies/private-capital/growth-capital/

About Grotech Ventures

Founded in 1984, Grotech is a leading venture capital firm focused on early-stage, high potential technology companies based outside of Silicon Valley.  With more than $1.0 billion in committed capital, Grotech seeks innovative, early-stage investments across the software landscape and continues to invest and add value throughout the life cycle of each portfolio company. For more information, visit grotech.com

About MissionOG

MissionOG partners with high-growth businesses that have proven models in segments where we have had success as operators and investors, including financial services and payments, data platforms, and software. We apply our experience and capabilities to a group of highly skilled and passionate entrepreneurs whose businesses are on the cusp of exponential growth. Headquartered in Philadelphia, the firm is managed by operators and investors who have effectively built early to growth-stage businesses and guided them through successful acquisitions. For more information visit missionog.com

About Lavrock Ventures

Founded in 2016, Lavrock Ventures is a venture capital firm based in McLean, Virginia. The firm seeks to invest in companies operating in software, cybersecurity, big data, and national security sectors. The firm prefers to invest in companies based in Europe and North America. For more information, visit lavrockvc.com

Image: Example of small scale materials recovery facility: Revolution Recycling at Twin, Steamboat Springs, CO

PURCHASE, N.Y., January 20, 2022 – PepsiCo Beverages North America (PBNA) announced today a $35 million investment with Closed Loop Partners that will create the “Closed Loop Local Recycling Fund,” an innovative circular economy initiative to advance new small-scale, modular recycling systems in communities across the U.S.  The fund aims to increase recycling in areas with no or limited access to recycling, reducing waste and unlocking a new supply of recycled plastic (rPET), among other valuable materials, to support PepsiCo’s pep+ (PepsiCo Positive) sustainable packaging goals.

“As companies – including PepsiCo – set ambitious goals to use more recycled content in their packaging, there is more need than ever for partnerships and investments to increase recycling in the U.S. We need to develop the infrastructure that makes recycling available to more Americans so we can recover the high-quality material that can be used in our packaging,” said Jason Blake, Chief Sustainability Officer and SVP at PepsiCo Beverages North America. “Through pep+, our end-to-end strategic transformation, sustainability is at the heart of everything we do. As the exclusive investor in the Closed Loop Local Recycling Fund, we are actively driving the changes needed to transform the US recycling system and move towards a circular economy.”

Closed Loop Partners will use the investment to deploy small-scale modular Materials Recovery Facilities (MRFs) in underserved communities that currently lack access to larger municipal MRFs. This gap in access is typically due to a lack of funding or geographic proximity to facilities that process the materials. The smaller, local MRFs lay the groundwork for the future of recycling, introducing a new way to meet and adapt to the various needs of communities across the U.S. These modular recycling systems are smaller and less capital intensive than traditional large-scale recycling facilities, reducing the need for the costly transportation of recycled materials to larger MRFs outside of the area. The small-scale MRFs will help recapture valuable recyclables––paper, plastic, glass, and metals––reducing waste sent to landfill and unlocking a new supply of recycled materials. Each individual system creates the capacity to recycle at least 8,000 tons per year of materials, including keeping 400 tons of rPET in circulation every year. They are also expected to yield higher quality plastic while also reducing the costs and greenhouse gas emissions  associated with the longer distance transportation of the materials.

This investment reinforces PepsiCo’s desire to create a world where packaging never becomes waste and to increase recycling rates in the United States. It aims to support PepsiCo’s goal to cut virgin plastic from non-renewable sources across our food and beverage portfolios by 50% by 2030.

“This first-of-a-kind investment from PepsiCo ushers in a new future for local recycling, empowering communities across rural America and small cities to reduce waste and harness the value of their recycled commodities,” says Ron Gonen, Founder & CEO of Closed Loop Partners. “By closing the loop on these commodities, which can then re-enter local manufacturing supply chains, we are better equipping communities with the tools needed for resilience against a globally changing climate, while also creating new revenue opportunities and jobs. We look forward to continuing our long-standing partnership with PepsiCo to build and strengthen circular supply chains.”

This announcement comes on the heels of a $15 million PBNA investment in Closed Loop Partners’ Leadership Fund, a private equity fund that seeks to acquire and grow companies, including those in the packaging value chain, to strengthen recycling infrastructure and build circular supply chains that keep materials out of landfills. These investments are part of a long history of PepsiCo partnering with Closed Loop Partners to make strides on material recovery and infrastructure advancements:

• In 2021, PepsiCo became a founding partner of Closed Loop Partners’ Composting Consortium, managed by their Center for the Circular Economy. The Consortium brings together leading voices in the composting ecosystem in the United States to identify the best path forward and pilot industry-wide solutions to increase the recovery of compostable food packaging and drive toward circular outcomes.
• In 2014, PepsiCo became a founding member of the Closed Loop Infrastructure Fund, which has provided investments that cities, counties, and businesses in the U.S. use to take the steps necessary to move recycling to the next level, including new trucks for pick-up/hauling and cutting-edge technology to make materials recovery facilities work more efficiently.
• Through American Beverage’s Every Bottle Back Initiative, PepsiCo is an investor in Closed Loop Partners’ Beverage Fund, which seeks to improve the collection of the industry’s valuable plastic bottles so they can be made into new bottles using rPET. This fund partners with other beverage companies, as well as nonprofits and NGOs like The Recycling Partnership and WWF to reduce their plastic footprints, improve recycling access, provide education to residents, and modernize recycling infrastructure in communities across the country.

As the Closed Loop Local Recycling Fund begins investing in community recycling, municipalities across the U.S., as well as local haulers, can reach out to Closed Loop Partners if they are interested in exploring a small-scale, modular MRF in their community.

About PepsiCo

PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $70 billion in net revenue in 2020, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker, Tropicana, and SodaStream. PepsiCo’s product portfolio includes a wide range of enjoyable foods and beverages, including 23 brands that generate more than $1 billion each in estimated annual retail sales.

Guiding PepsiCo is our vision to Be the Global Leader in Convenient Foods and Beverages by Winning with Purpose. “Winning with Purpose” reflects our ambition to win sustainably in the marketplace and embed purpose into all aspects of our business strategy and brands. For more information, visit pepsico.com.

About the Closed Loop Local Recycling Fund at Closed Loop Partners

The Closed Loop Local Recycling Fund is a circular economy initiative managed by Closed Loop Partners and funded by PepsiCo, aiming to finance and deploy small-scale, modular Materials Recovery Facilities (MRFs) to increase recycling in communities with no or limited access to recycling, reduce waste and unlock a new supply of recycled plastic. Closed Loop Partners is a New York-based investment firm comprised of venture capital, growth equity, private equity, project-based finance and an innovation center focused on building the circular economy. The firm’s business verticals build upon one another, bridging gaps and fostering synergies to scale the circular economy.

To learn about the Closed Loop Local Recycling Fund, visit Closed Loop Partners’ website.

PepsiCo Cautionary Statement

This release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim,” “anticipate,” “believe,” “drive,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “project,” “strategy,” “target” and “will” or similar statements or variations of such terms and other similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such statements, including future demand for PepsiCo’s products; damage to PepsiCo’s reputation or brand image; political or social conditions in the markets where PepsiCo’s products are made, manufactured, distributed or sold; climate change or measures to address climate change; changes in laws and regulations related to the use or disposal of plastics or other packaging of PepsiCo’s products; failure to comply with applicable laws and regulations; and potential liabilities and costs from litigation, claims, legal or regulatory proceedings, inquiries or investigations. For additional information on these and other factors that could cause PepsiCo’s actual results to materially differ from those set forth herein, please see PepsiCo’s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Disclaimer:

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.

[Press release originally published here] PURCHASE, N.Y., December 14, 2021 – PepsiCo Beverages North America announced today a $15 million investment in Closed Loop Partners’ Leadership Fund, a private equity fund that acquires and grows companies, including in the packaging value chain, to strengthen recycling infrastructure and build circular supply chains that keep materials out of landfills.

“The recycling landscape in America continues to be challenging, and as companies – including PepsiCo – set ambitious goals to use more recycled content in their packaging, there is more need than ever for partnerships and action to increase access to recycled material,” said Jason Blake, Chief Sustainability Officer and SVP at PepsiCo Beverages North America. “Through PepsiCo Positive, our end-to-end strategic transformation agenda, sustainability is at the heart of everything we do. We are honored to expand our partnership with Closed Loop Partners through this investment to advocate for and advance the necessary work that is being done to transform the recycling system.”

“Demand for recycled materials in packaging is growing at an unprecedented rate, signaling an opportunity for greater investment in the recycling infrastructure that keeps these commodities in play. At Closed Loop Partners, we are committed to strengthening the circular systems that make this possible,” says Ron Gonen, Founder & CEO of Closed Loop Partners. “PepsiCo’s investment in the Closed Loop Leadership Fund builds on its existing partnership with our firm, setting a clear path forward for the food and beverage industry to advance circular supply chains for packaging. We look forward to continuing our long-standing partnership with PepsiCo and the beverage industry in building a more waste-free world.”

This investment reinforces PepsiCo’s desire to create a world where packaging never becomes waste and the company’s plans to increase recycling rates in the United States, while simultaneously unlocking access to incremental recycled plastic supply. It aims to help propel progress against PepsiCo’s target to cut virgin plastic from non-renewable sources across our food and beverage portfolios by 50% by 2030. In the U.S., all Pepsi-branded products are expected to be converted to 100% rPET bottles by 2030, with Pepsi Zero Sugar beginning to be sold in 100% rPET bottles by 2022. As shared in the 2020 Sustainability Report, PepsiCo reported that 87% of its packaging is recyclable, compostable, or biodegradable and this investment with Closed Loop Partners’ Leadership Fund will only help to drive even more collection of these valuable materials for use in our packaging.

PepsiCo has a long history of partnering with Closed Loop Partners to make strides on material recovery and infrastructure advancements:

• In 2014, PepsiCo became a founding member of the Closed Loop Fund, now known as the Closed Loop Infrastructure Fund, which has provided investments that cities, counties, and businesses in the U.S. use to take the steps necessary to move recycling to the next level, including new trucks for pick-up/hauling and cutting-edge technology to make materials recovery facilities work more efficiently.
• Through American Beverage’s Every Bottle Back Initiative, PepsiCo is an investor in the Closed Loop Partners’ Beverage Fund, which seeks to improve the collection of the industry’s valuable plastic bottles so they can be made into new bottles using rPET. This fund partners with other beverage companies, as well as nonprofits and NGOs like The Recycling Partnership and World Wildlife Fund to reduce their plastic footprints, improve recycling access, provide education to residents, and modernize recycling infrastructure in communities across the country.
• In 2021, PepsiCo became a founding partner of Closed Loop Partners’ Composting Consortium, which brings together leading voices in the composting ecosystem in the United States to identify the best path forward to increase the recovery of compostable food packaging and drive toward circular outcomes.

About PepsiCo

PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $70 billion in net revenue in 2020, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker, Tropicana, and SodaStream. PepsiCo’s product portfolio includes a wide range of enjoyable foods and beverages, including 23 brands that generate more than $1 billion each in estimated annual retail sales.

Guiding PepsiCo is our vision to Be the Global Leader in Convenient Foods and Beverages by Winning with Purpose. “Winning with Purpose” reflects our ambition to win sustainably in the marketplace and embed purpose into all aspects of our business strategy and brands. For more information, visit pepsico.com.

About the Closed Loop Leadership Fund at Closed Loop Partners
The Closed Loop Leadership Fund is Closed Loop Partners’ private equity fund, focused on acquiring best-in-class circular business models that are fundamental to keeping plastics and packaging, food and organics, electronics and textiles out of landfills and within a circular system. Closed Loop Partners is a New York-based investment firm comprised of venture capital, growth equity, private equity, project-based finance and an innovation center focused on building the circular economy. The firm’s business verticals build upon one another, bridging gaps and fostering synergies to scale the circular economy.

To learn about the Closed Loop Leadership Fund, visit Closed Loop Partners’ website.

PepsiCo Cautionary Statement

This release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim,” “anticipate,” “believe,” “drive,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “project,” “strategy,” “target” and “will” or similar statements or variations of such terms and other similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such statements, including future demand for PepsiCo’s products; damage to PepsiCo’s reputation or brand image; political or social conditions in the markets where PepsiCo’s products are made, manufactured, distributed or sold; climate change or measures to address climate change; changes in laws and regulations related to the use or disposal of

plastics or other packaging of PepsiCo’s products; failure to comply with applicable laws and

regulations; and potential liabilities and costs from litigation, claims, legal or regulatory proceedings, inquiries or investigations. For additional information on these and other factors that could cause PepsiCo’s actual results to materially differ from those set forth herein, please see PepsiCo’s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.