Nexus Circular raises $150M in equity funding in a push for plastic recycling solution
Nexus Circular, an Atlanta-based waste management and energy production company, has raised $150 million in equity funding led by Cox Enterprises. The latest financing will enable Nexus to build additional capacity to serve its expanding customer base and meet the outsized demand for recycled-plastic products.
Nexus also plans to use the new capital infusion to build facilities that have the capacity to process more than 250 million pounds of used plastic annually.
Founded in 2008 by Eric Hartz and Jeff Gold, Nexus has developed a commercial-scale process for converting waste plastics into feedstocks for plastics production and fuels, which can be further refined into a full range of products.
Nexus is at the center of the plastics circular economy. The startup works with recycling organizations to capture used plastics, especially hard-to-recycle films, from landfills and has already diverted millions of pounds of plastics.
“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 by 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 Steve 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.”