Chemical Recycler Secures $150 Million to Expand Pyrolysis Operations
Cox Enterprises becomes majority owner of Nexus Circular.
announced it has agreed to a $150 million equity raise led by . The deal will fund expansion of Nexus’s pyrolysis operation for plastics recycling, and will make Cox the majority owner of Nexus.
Nexus has diverted seven million lb of plastic waste thus far, using its proprietary pyrolysis technique to produce -certified products. A new line under construction at the company’s Atlanta site is expected to start up later this year, adding 30 million lb/yr of capacity. Future plans include an additional US facility and a goal of increasing capacity to process 250 million lb/yr.
Waste plastic film feedstock ready for reprocessing at Nexus.
Photo Credit: Nexus Circular
Cox Enterprises is a 124-year-old, privately owned conglomerate with communications and media operations that include the website Autotrader. The company also makes strategic investments in emerging technologies for health care, the public sector, and cleantech.
Nexus Circular produces synthetic oil from waste plastics using a proprietary pyrolysis process.
Photo Credit: Nexus Circular
“With this funding, our team and partners can more rapidly execute the next phase of growth, accelerating the circular economy for plastics," said Jodie Morgan, CEO of Nexus Circular.
Related Content
-
Evolving Opportunities for Ambitious Plastics Recycler
St. Joseph Plastics grew from a simple grinding operation and now pursues growing markets in recycled PP, food-grade recycled materials, and customized post-industrial and post-consumer compounds.
-
Automotive Awards Highlight Emerging Technologies
Annual SPE Automotive event gives nods to several ‘firsts’ as well as sustainability.
-
PHA Compound Molded into “World’s First” Biodegradable Bottle Closures
Beyond Plastic and partners have created a certified biodegradable PHA compound that can be injection molded into 38-mm closures in a sub 6-second cycle from a multicavity hot runner tool.