Some of the world’s biggest manufacturers have made three investments in US recycling infrastructure.
Companies including 3M, Coca-Cola, Colgate-Palmolive, Goldman Sachs, Johnson & Johnson, Keurig Green Mountain, PepsiCo, Procter & Gamble, Unilever and Walmart formed the Closed Loop Fund in April 2014.
It plans to invest $100 million (£65 million) in US recycling infrastructure by 2020.
From the initial capital investment of $7.8 million, Closed Loop Fund will invest in a plastics recovery facility joint venture between QRS and Canusa-Hershman in Baltimore. It will also invest in converting dual stream collection systems to single stream in towns in Iowa and Ohio from the same fund.
Closed Loop Fund managing director Rob Kaplan said: “We’ve spent months reviewing proposals from cities and recycling facilities that have the potential to transform recycling systems across the country.
“We know that when done right, recycling is a profitable business that can save city and taxpayer money.
“That’s why Closed Loop invests in business models like QRS-Canusa, Quad Cities and Portage County that solve key bottlenecks in the recycling system, create economic value for cities, and make recycling more accessible for citizens.”