Eureka Recycling has been collecting and recycling waste from Twin Cities residents for more than two decades. The nonprofit secured $10 million from Closed Loop Partners to upgrade its recycling facilities and ramp up capacity from its current 100,000 tons a year for materials including glass bottles, sheet paper and metal cans.
Closed Loop, the New York-based circular economy investor, invested via its private credit arm, Closed Loop Infrastructure Group, which provides flexible or below-market rate loans for recycling infrastructure in the US.
Closed Loop Partners launched in 2014 with capital from strategic investors including Pepsi and Walmart to invest in circular economy companies and infrastructure. It has invested more than $500 million in 80 companies. Its portfolio companies and projects support more than 1,000 jobs and have diverted nearly five million tons of material from landfills.
The firm’s investment in Eureka includes $3 million from its partner American Beverage, a beverage industry trade association. The Recycling Partnership, a nonprofit launched by the Aluminum Association to promote curbside residential recycling, provided grant funding.
Eureka is the partners’ fourth deal together.