Closed Loop Partners Launches Multi-Million Dollar Circular Plastics Fund with Dow, LyondellBasell,
Three leading plastics and material science companies––Dow, LyondellBasell and NOVA Chemicals––announced the establishment of the Closed Loop Circular Plastics Fund to invest in scalable recycling technologies, equipment upgrades and infrastructure solutions. The Fund, managed by Closed Loop Partners, and with an initial $25 million investment, invites businesses across the plastics value chain to join in advancing the recovery and recycling of plastics in the U.S. and Canada. The goal of the catalytic fund is to grow to deploy $100 million, through a combination of the Fund’s founding investors, additional corporate investors and financial institutions, in order to attract additional capital beyond the Fund’s own commitments. At scale, the Fund’s investments aim to recycle over 500 million pounds of plastic over the Fund’s lifespan. The Closed Loop Circular Plastics Fund will invest in three strategic areas to increase the amount of recycled plastic available to meet the growing demand for high-quality, recycled content in products and packaging:
- Access – Increasing the collection of targeted polyethylene (PE) and polypropylene (PP) plastics by advancing current and next-generation material collection systems, including transportation, logistics and recycling sortation technologies and infrastructure.
- Optimization – Upgrading recycling systems to more efficiently aggregate, classify and sort the targeted plastics to increase the total amount of high-quality plastic, including food-grade and medical-grade plastic, sent for remanufacturing.
- Manufacturing – Investing in facilities and equipment that manufacture ﬁnished products, packaging or related goods using recycled content, including recycled PE and PP.