Closed Loop Circular Plastics Fund Seeks More Investment

SEATTLE (Scrap Monster): The Closed Loop Circular Plastics Fund received initial investment of $25 million from Dow, LyondellBasell and Nova Chemicals. The fund, managed by New York-based Closed Loop Partners, is seeking additional investments from businesses across the entire plastics value chain. It aims to reach the goal of $100 million. The fund will be utilized to boost advancement of recovery and recycling of plastics in the U.S. and Canada.

The fund’s investment will be in three strategic areas- access, optimization and manufacturing. It will focus on advancing collection systems so as to boost collection of PE and PP plastics. It also seeks to upgrade recycling systems to augment the total amount of plastic sent for remanufacturing. Furthermore, it will make investments in facilities and equipment that manufacture products using recycled content.

The minimum investment size will be $1 million. The average investment period will range from three to five years. It will work closely with the Closed Loop Infrastructure Fund and Closed Loop Beverage Fund.

Since its inception in 2014, Closed Loop Partners have successfully diverted more than 4.6 billion pounds of material from landfills.