Nexus Circular Secures $150 Million to Accelerate Momentum of Advanced Recycling Solution for Plastics
The funding round, led by Cox Enterprises, will accelerate the growth of Nexus Circular's market-leading advanced recycling process
ATLANTA, Jan. 3, 2023 /PRNewswire/ -- Today, Nexus announced it has agreed to terms for an equity raise of $150 million. Cox Enterprises, focused on building the world's most innovative businesses in cleantech and environmental sustainability, led the round and will become the majority owner. These funds will support efforts to deliver on recycled-plastic commitments by accelerating the expansion of Nexus Circular's market-leading advanced recycling process. Nexus has consistently produced, and commercially sold, high-quality, ISCC PLUS certified circular products made from landfill-bound plastics, diverting over seven million pounds to date.
This financing enables Nexus to build additional capacity to serve its expanding customer base and meet the outsized demand for recycled-plastic products. Nexus plans to build facilities that have the capacity to process more than 250 million pounds of used plastic annually.
"Cox has been incredibly supportive and continues to be enthusiastic about Nexus," said Jodie Morgan, CEO of Nexus Circular. "We are leading the advanced recycling industry, making a positive impact 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."
"We're building platforms with the power to impact both business and the environment," said Stve Bradley, vice president of cleantech for Cox Enterprises. "Nexus Circular is an exciting part of our broader cleantech strategy to acquire and scale businesses that have a positive impact on the planet. We continue to look for opportunities to partner with companies like Nexus, which is helping to build a better future for the next generation. That's what we're all about at Cox."
Jeff Gold, Nexus Circular's Founder and COO said, "This is a significant milestone for Nexus after over 10 years of keeping our heads down and developing our technology. It builds on the momentum of our commercial-scale Atlanta facility, which has given us market-wide credibility."
Nexus Circular is an advanced recycling company at the center of the plastics circular economy. Nexus accelerates plastic recycling so that people, economies, and the environment can thrive. Nexus believes it has a market-leading, environmentally efficient, and scalable solution. Using its proprietary end-to-end solution, Nexus works with recycling organizations to capture used plastics, especially hard-to-recycle films, from landfills and has already diverted millions of pounds of plastics. By leveraging efficient technology, operations that scale, and people that deliver, Nexus Circular's proprietary technology and leading process design converts used plastics into clean high-quality, ISCC Plus certified circular products for global companies who convert them to virgin-equivalent plastics to meet their recycled content goals. Nexus believes it is on a trajectory to convert billions of pounds of hard-to-recycle plastics into circular materials to support their global partners' 2025-2030 sustainability commitments. Nexus Circular. Advanced Recycling. Accelerated. For more information, visit www.nexuscircular.com.
ABOUT COX ENTERPRISES
Cox Enterprises is dedicated to empowering people to build a better future for the next generation. Cox is a leader in the broadband, automotive and media industries, while strategically investing in emerging technologies driving the future of cleantech, health care, and public sector services. Its major operating subsidiaries are Cox Communications and Cox Automotive, which includes brands like Autotrader and Kelley Blue Book. Headquartered in Atlanta, Georgia, Cox is a global company with $21 billion in annual revenues and a proud 125-year history. To learn more about Cox and its commitment to its people, planet and communities, visit coxenterprises.com.
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SOURCE Cox Enterprises