Eureka Recycling, a US-based non-profit materials recovery facility, has secured more than $10m in a new financing round.
The financing was led by Closed Loop Partners’ Closed Loop Infrastructure Group, with contributions from American Beverage and The Recycling Partnership.
This investment aims to enhance the facility’s capacity to sort and recover materials, supporting a circular economy in the Minneapolis-Saint Paul area.
The financing will enable Eureka Recycling to install additional optical sorters, reducing contamination and improving the quality of recovered materials such as mixed paper, old corrugated cardboard, polyethylene terephthalate (PET), aluminium, and polypropylene.
Scheduled for completion in 2025, the upgrades are expected to increase the annual collection of PET by 222 tonnes (t) and aluminium by 248t.
Eureka Recycling co-president and COO Miriam Holsinger said: “This loan funds key upgrades that bolster our resilience to changes in the recycling material stream and shifts in policy across the US.
Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Company Profile – free
sample
Your download email will arrive shortly
We are confident about the
unique
quality of our Company Profiles. However, we want you to make the most
beneficial
decision for your business, so we offer a free sample that you can download by
submitting the below form
By GlobalData
“This new equipment and technology improves our ability to effectively sort recyclables in Minnesota and also prevents environmental deterioration from resource extraction, reduces landfill disposal, and generates economic benefits across the municipalities that we support.”
Currently, the facility processes more than 100,000t of materials annually.
The capital injection will also support the local community by maintaining revenue for cities and customers served by Eureka Recycling, as well as sustaining local jobs.
This collaboration marks the fourth investment from the partnership between Closed Loop Partners’ Infrastructure Group, American Beverage’s Every Bottle Back initiative, and The Recycling Partnership.
