Closed Loop Partners to Invest $5 Million to Boost Plastic Recycling

SEATTLE (Scrap Monster): The Closed Loop Infrastructure Fund and Closed Loop Circular Plastics Fund has committed to invest $5 million towards establishing a state-of-the-art flexible film recycling plant in Minnesota for South Africa-based recycler Myplas. The project is being led by MBOLD coalition.

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The investment is aimed at growing recycling infrastructure and increasing the supply of recycled materials available for use. The facility, the first in the U.S. by Myplas, is expected to begin operations in spring 2023. The 170,000-square-foot mechanical recycling facility will produce recycled LDPE pellets and food-grade HDPE pellets. At full capacity, the plant will recycle approximately 90 million pounds of material.

Ron Gonen, Founder & CEO of Closed Loop Partners said that the new facility will helpmeet the demand for recycled materials, reduce greenhouse gas emissions and divert valuable materials from landfill. Although there is a growing demand for recycled polyethylene across the value chain, North America recovers only around 11% of the polyethylene film.

Meantime, Andrew Pieterse, CEO of Myplas USA noted that the new plant willadvance recycling capability in the U.S., especially in the Upper Midwest. The $24 million plant will employ nearly 300 people at full capacity, he added.