The financing will aid efforts to fulfil recycled-plastic commitments by accelerating the development of Nexus Circular's advanced recycling methods

Nexus-Cox Enterprises

Nexus raises $150m to develop advanced recycling solution for plastics. (Credit: PRNewswire/ Cox Enterprises)

Waste management and recycling company Nexus Circular has raised $150m to expedite the growth of advanced recycling solutions for plastics.

The funding round was led by US-based Cox Enterprises, which will become the majority owner. The firm focuses on firms in the cleantech and environmental sustainability sectors.

The funds will aid efforts to fulfil recycled-plastic commitments by accelerating the development of Nexus Circular’s advanced recycling methods.

US-based Nexus produces and sells ISCC PLUS-certified circular products made from landfill-bound plastics, diverting more than seven million pounds to date.

The funding is expected to help Nexus increase capacity to better serve its growing client base and meet the demand for recycled-plastic items.

Nexus intends to construct facilities that can handle more than 250 million pounds of used plastic per year.

Nexus Circular CEO Jodie Morgan said: “Cox has been incredibly supportive and continues to be enthusiastic about Nexus. We are leading the advanced recycling industry, making a positive impact by addressing the challenges of used plastics in our environment.

“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.”

Leveraging its end-to-end solution, the advanced recycling firm partners with recycling businesses to divert millions of pounds of plastic from landfills.

Its proprietary technology and process design transform used plastics into clean, high-quality, ISCC Plus-certified circular products for multinational corporations that convert them to virgin-equivalent plastics to meet their recycled content goals.

Cox Enterprises cleantech vice president Steve Bradley 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.”