Advanced recycling company Nexus Circular has raised $150 million to accelerate its proprietary recycling solution supporting the production of virgin-quality plastics from hard-to-recycle and landfill-bound plastics.
Nexus works with recycling organizations to capture used plastics and specifically, hard-to-recycle films from landfills. The company’s proprietary pyrolysis technology and process design converts these films and plastics into high quality materials for use by global companies to create circular plastic products.
To date, the company has diverted over seven million pounds of plastics from landfills.
Jodie Morgan, CEO of Nexus Circular, said:
“Demand for Nexus’ products is driven by the end consumers’ preference for products that incorporate recycled plastic, and we are motivated by the contribution Nexus is making. With this funding, our team and partners can more rapidly execute the next phase of growth, accelerating the circular economy for plastics.”
With the new financing, the company said it will build additional capacity to serve its expanding customer base and meet the outsized demand for recycled-plastic products. The company said that it plans to build facilities that have the capacity to process more than 250 million pounds of used plastic annually.
Cox Enterprises led the investment round and will become the company’s majority owner, working to expand Nexus Circular’s advanced recycling process.
Steve Bradley, Vice President of cleantech for Cox Enterprises, said:
“We’re building platforms with the power to impact both business and the environment. Nexus Circular is an exciting part of our broader cleantech strategy to acquire and scale businesses that have a positive impact on the planet.”
Jeff Gold, Nexus Circular’s Founder and COO added:
“This is a significant milestone for Nexus after over 10 years of keeping our heads down and developing our technology. It builds on the momentum of our commercial-scale Atlanta facility, which has given us market-wide credibility.”