The Pennsylvania Recycling Markets Center (RMC) and Closed Loop Fund (CLF) today announced a historic statewide partnership targeting a $5 million investment in recycling infrastructure in Pennsylvania. This statewide program follows Closed Loop Fund’s successful investment in Philadelphia’s AeroAggregates (www.aeroaggregates.com) in 2017.
The exclusive Pennsylvania partnership is between the Closed Loop Fund and Pennsylvania Recycling Markets Center. The $5M commitment of the Closed Loop Fund is set aside for Pennsylvania projects which flow through the RMC. “We welcome any interested, qualifying party to work with us to access the Closed Loop Fund, said RMC Executive Director Robert Bylone.”
Bylone continued, “In unprecedented volatility of recycled materials markets, we need to aggressively pursue recycling infrastructure and recycled content product manufacturing in Pennsylvania; a recycled item is not truly recycled until it is a new product. We are grateful to the Closed Loop Fund for their assistance in putting Pennsylvania recycling markets at the forefront of their efforts nationwide. We look forward to continuing our work with entrepreneurs, manufacturers, processors, and collection programs but now with the Closed Loop Fund directly paired to these Pennsylvania opportunities.”
The investment will come in the form of zero-percent (0%) loans to municipalities and below market loans to private companies with substantial business operations in Pennsylvania. RMC will assist in the identification and initial due diligence screening for applicants. Closed Loop Fund will make the final evaluation on funding projects.
“This is our first formal partnership with a non-profit corporation to help deploy below market rate capital to enhance and create recycling systems across Pennsylvania. We are eager to make an impact with the Pennsylvania Recycling Markets Center who has a track record of recycling economic development successes”, says Ron Gonen, Managing Partner of Closed Loop Fund.
The Closed Loop Fund is committed to investing in municipalities and private companies developing new technologies focused on elimination of waste or the development of new or improved recycling technologies for projects designed to improve recycling rates, increase demand for products made from recycled content, and grow existing markets and create new markets for recycled material for which conventional sources of funding are unavailable. “In this regard, the Closed Loop Fund greatly aligns with the mission of the Pennsylvania Recycling Markets Center,” said RMC Secretary, Bob Anderson.
The Pennsylvania Recycling Markets Center (RMC) is an independent, 501c(3) non-profit Pennsylvania Corporation.Experts helping industry decision makers, entrepreneurs, inventors, and recyclers, the Pennsylvania Recycling Markets Center has a mission to expand and develop markets for recycled materials; stimulate demand for products with recycled content; and understand up-to-date market trend data. RMC supports the recycling supply chain – manufacturers, end-users of recycled materials and products, recycling processors, haulers, and ultimately the consumer. Beginning at the demand-side of recycling markets, services include one-on-one materials management technical assistance and business growth consultancy; industry outreach and programming; applied research; and service as a portal to recycling markets development information. RMC strategically collaborates with many environmental, economic development, and technical assistance organizations – reducing barriers and fast-tracking time to market for processes or products that use Pennsylvania’s recycled materials. For more information, visit www.pennrmc.org .
Closed Loop Fund invests in sustainable consumer goods, advanced recycling technologies and the development of the circular economy. Closed Loop Fund aims to invest $100 million by 2020 with the goal to create economic value for cities by increasing recycling rates in communities across America. Closed Loop Fund brings together the world’s largest consumer product, retail, and financial companies committed to finding a national solution to divert waste from landfills into the recycling stream in order to be used in the manufacturing supply chain. Key supporters include 3M, Coca-Cola, Colgate-Palmolive, Goldman Sachs, Johnson & Johnson Family of Consumer Companies, Keurig Green Mountain, Nestlé Waters North America, PepsiCo and the PepsiCo Foundation, Procter & Gamble, Unilever, Walmart and the Walmart Foundation. For more information, visit www.closedlooppartners.com/closed-loop-fund .