NEW YORK, NY -- Closed Loop Partners announced Monday that its Closed Loop Infrastructure Fund (CLIF), together with its Circular Plastics Fund (CPF) and Beverage Fund (CLBF), closed a third loan to the Waste Commission of Scott County (WCSC) in Iowa. The $5 million loan will support equipment upgrades at the county’s materials recovery facility. WCSC will purchase three new optical sorters to increase and improve the facility’s sorting capacity.
The Closed Loop Infrastructure Group, which is responsible for managing and deploying capital from four different investment funds, including CLIF, provided financing to Scott County in 2015 and 2018 to support infrastructure improvements and purchase recycling carts now in use by the county’s residents.
“Investing in modernizing recycling infrastructure is critical to ensuring that valuable materials are pulled back into supply chains at end of life, and never go to waste,” said Jennifer Louie, Managing Director at Closed Loop Partners. “Scott County has made significant progress over the years to advance resilient recycling systems. We are proud to continue our support of their work, grow material recovery capabilities and strengthen local circular economy infrastructure.”
The new loan will help grow the processing of valuable recyclable materials throughout the region. When installed the equipment upgrades will provide more than 1,600 tons of additional capacity and allow for the capture of an additional 900,000 pounds of materials each year.
“Scott County is the third largest county in Iowa and WCSC’s service area reaches 75,000 households,” said Kathy Morris, Director of the Waste Commission of Scott County. “The new equipment helps us increase our tonnage and diversion rates so that we’re diverting more waste from the landfill and into efficient recycling systems.”
About Closed Loop Partners
Closed Loop Partners is at the forefront of building the Circular Economy. The company is comprised of three key business segments: an investment firm, innovation center and operating group. The investment firm invests in venture, growth equity, buyout and catalytic private credit strategies on behalf of global institutions, corporations and family offices. The innovation center, the Center for the Circular Economy, unites competitors and partners to tackle complex material challenges and implement systemic change to advance circularity.
The operating group, Circular Services, has twelve recycling facilities in operation today, and provides holistic, circular materials management to close the loop on valuable materials for municipalities and businesses throughout the United States. Employing innovative technology within reuse, recycling, remanufacturing and re-commerce solutions, Circular Services improves regional economic and environmental outcomes by building resilient systems to keep food & organics, textiles, electronics, packaging and more, in circulation and out of landfill or the natural environment.
Closed Loop Partners is based in New York City and is a registered B Corp. For more information, please visit www.closedlooppartners.com.
About the Closed Loop Infrastructure Fund at Closed Loop Partners
Established in 2014 and funded by some of the world’s largest retailers, corporate foundations, technology and consumer goods companies. The Closed Loop Infrastructure Fund provides below-market rate loans to finance projects that build out circular economy infrastructure in the United States. Investors include 3M, Amazon, Coca-Cola, Colgate-Palmolive, Johnson & Johnson, BlueTriton, Keurig Dr Pepper, Procter & Gamble, PepsiCo, Danone North America, Danone Waters, Starbucks, Unilever and Walmart Foundation. Learn more about the Fund’s investment criteria and apply for funding here.
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. Investors include Dow, LyondellBasell, NOVA Chemicals, Sealed Air and SK Geo Centric Co. Ltd. Learn more about the Fund’s investment criteria and apply for funding here.
About Closed Loop Beverage Fund at Closed Loop Partners
In partnership with the American Beverage Association, the Closed Loop Beverage Fund seeks to improve the collection of the industry’s valuable plastic bottles so they can be made into new bottles through investments in recycling and circular economy infrastructure in the United States. Learn more about the Closed Loop Beverage Fund here.