Nexus Circular, a company focused on circular solutions and recycling has announced it has agreed to terms for an equity raise of $150 million. Cox Enterprises, a private media and automotive company led the round and will become the majority owner.
The company claims these funds will support efforts to deliver on recycled-plastic commitments by accelerating the expansion of Nexus Circular's market-leading advanced recycling process.
The company claims that 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.
Jodie Morgan, CEO of Nexus Circular said: "Cox has been incredibly supportive and continues to be enthusiastic about Nexus,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."
Steve Bradley, vice president of cleantech for Cox Enterprises said: "We're building platforms with the power to impact both business and the environment. 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 added: "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."