Circular Services was founded by Closed Loop Partners and Brookfield in late 2022 to aid the development of a circular economy and recycling infrastructure in the US
Circular Services is a privately held recycling company in the US. (Credit: Closed Loop Partners)
Microsoft, Nestle, PepsiCo, SK Group, Starbucks and Unilever are joining UK-based Brookfield Renewable as investors in Circular services, with the commitment reaching nearly $1bn.
The commitment is building on investments from Brookfield and Closed Loop Circular Plastics Fund and the Partnership Fund for New York City.
Established by Closed Loop Partners, a New York-based investment firm, and Brookfield in 2022, Circular Services is a privately held recycling company in the US.
It focuses on several recycled commodities across packaging, organics, textiles and electronics. The company owns and operates 12 facilities across the US.
Circular Services aims to help local authorities like municipalities and businesses to reduce costs associated with landfill disposal by ensuring valuable materials are recycled and reused in the domestic supply chain.
The new investors are committed to advancing the circular economy. They are collectively showing the power of both collaboration and targeted investments to fasten the transition from a linear to a circular economy.
Closed Loop Partners chief strategy officer Jessica Long said: “Expanding access to recycling and reuse services will enable cities and businesses to avoid the cost of landfilling products and packaging and achieve their sustainability goals.
“Circular Services continues its work to accelerate a circular economy, an economic system that invests in the continual use of materials, reduces the reliance on natural resource extraction and landfills, and advances a waste-free future.”
Globally businesses are committing to increased recycled content and waste reduction goals, Closed Loop Partners said.
Starbucks chief sustainability officer Michael Kobori said: “Now is the time for bold action to transform the recycling infrastructure in the US.
“Starbucks is excited to join with Microsoft, Nestlé, PepsiCo, SK Group, Unilever, Brookfield, and the Partnership Fund for New York City to help generate nearly a billion dollar investment in Circular Services.”