Closed Loop Partners launches Circular Services, North America's largest privately held recycler; Brookfield Renewable to invest US$700.0M in Circular to grow US recycling infrastructure for paper, plastic, organics, textiles, electronics, metal, glass

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NEW YORK , November 16, 2022 (press release) –

With up to $700M investment from Brookfield, Circular Services will expand circular economy infrastructure and services to municipalities and businesses

Closed Loop Partners (CLP) and Brookfield Renewable (“Brookfield”) officially announce the establishment of Circular Services, a leading developer of circular economy and recycling infrastructure in the United States. Circular Services owns and operates municipal recycling facilities across the U.S. that enable municipalities and businesses to eliminate the billions of dollars spent annually on landfill disposal costs by ensuring that valuable commodities are recycled and reused in domestic supply chains.

Circular Services is majority owned and managed by Closed Loop Partners. Brookfield is committing up to $700M towards the growth of Circular Services via its Brookfield Global Transition Fund (“BGTF”), which is the largest fund in the world focused on accelerating the transition to a net zero economy. Brookfield has invested an initial $200M in Circular Services, with an additional $500M committed to pursue growth opportunities. Closed Loop Partners is also including the Partnership Fund for New York City as an investor in Circular Services.

Circular Services will be the largest privately held recycling company in North America, including major municipal and commercial contracts to recycle and reuse paper, metal, glass, plastic, organics, textiles and electronics in New York, New Jersey, Pennsylvania, Arkansas, Florida, Texas and Arizona. The company owns or operates twelve facilities, several long-term municipal and commercial contracts, a total annual recycling capacity of over one million tons and a large pipeline of actionable growth opportunities.

Circular Services uses advanced technology to improve sortation, processing and reuse of valuable commodities, including consumer packaging, organics, textiles, electronics and more, for continual reuse in domestic supply chains. Its facilities increase the number of sustainable jobs in the communities they serve, promote local re-commerce and remanufacturing, and enable resilient communities.

“The United States has operated with a very linear system for product manufacturing and waste management for the past 75 years, costing municipalities and business billions of dollars in landfill disposal and damaging our environment,” said Ron Gonen, Founder and CEO of Closed Loop Partners. “Circular Services is building circular economy infrastructure that will serve the financial and environmental interests of cities, consumers, businesses. We are excited to accelerate the transition to the circular economy, an economic system that invests in the continual use of commodities, reducing the reliance on natural resource extraction and landfills.”

“We cannot create a net zero economy without significantly scaling the infrastructure required for a circular economy,” said Natalie Adomait, Managing Partner and Chief Investment Officer of BGTF. “Brookfield has developed a blueprint for transition investing, combining a prudent and patient approach to long-term infrastructure development with the emerging business models that are critical to lowering carbon emissions while generating attractive risk adjusted returns for our investors. We look forward to working with Closed Loop Partners, clear leaders in the circular economy sector, to support Circular Services to scale up its impact across the United States.”

“Circular Services’ operations will expand the potential to bring innovative solutions to recycling infrastructure and bolster broader sustainability goals throughout the region. As Circular Services helps more cities across the U.S. adopt a more circular approach to waste management, its presence in New York City will be a welcomed boost to local efforts to position New York as a leader in the growing circular economy,” said Maria Gotsch, President and CEO of the Partnership Fund for New York City. “We are excited to be an investor in the largest privately held recycling company in the U.S. that will be headquartered in New York City.”

In cities across North America, zero-waste goals are becoming a top priority due to the combined urgency of climate risks and increasing landfill costs. According to the Circularity Gap Reporting Initiative, 70% of all global greenhouse gas (GHG) emissions are related to material handling and use, making circular economy infrastructure a critical part of the solution to our climate crisis. Expanding access to recycling and reuse services will enable cities and businesses to avoid the cost of landfilling products and packaging and achieve their sustainability goals.

About Closed Loop Partners
Closed Loop Partners is at the forefront of building the circular economy. The company is comprised of three key business segments: an investment firm, innovation center and operating group. The investment firm invests in venture, growth equity, buyout and catalytic private credit strategies on behalf of global institutions, corporations and family offices. The innovation center, the Center for the Circular Economy, unites competitors and partners to tackle complex material challenges and implement systemic change to advance circularity.

The operating group, Circular Services, has twelve recycling facilities in operation today, and provides holistic, circular materials management to close the loop on valuable materials for municipalities and businesses throughout the United States. Employing innovative technology within reuse, recycling, remanufacturing and re-commerce solutions, Circular Services improves regional economic and environmental outcomes by building resilient systems to keep food & organics, textiles, electronics, packaging and more, in circulation and out of landfill or the natural environment.

Closed Loop Partners is based in New York City and is a registered B Corp. For more information, please visit www.closedlooppartners.com.

About Brookfield Renewable
Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 24,000 MW of installed capacity and an over 100,000 MW and 8 million metric tons per annum (“MMTPA”) of carbon capture and storage development pipeline.

Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with over $750 billion of assets under management.

The Brookfield Global Transition Fund, co-led by Mark Carney, Brookfield Vice Chair and Head of Transition Investing, and Connor Teskey, CEO of Brookfield Renewable, is Brookfield’s inaugural impact fund focusing on investments that accelerate the global transition to a net-zero carbon economy, while delivering strong risk-adjusted returns to investors. The Fund targets investment opportunities relating to reducing greenhouse gas emissions and energy consumption, as well as increasing low-carbon energy capacity and supporting sustainable solutions. Consistent with its dual objectives of earning strong risk-adjusted returns and generating a measurable positive environmental change, the Fund will report to investors on both its financial and environmental impact performance.

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