Plastic recycling solutions company Circulus Holdings announced today a commitment of up to $300 million from alternative investment manager Apollo, aimed at supporting the development of the company’s recycling infrastructure. The financing will be provided through a structured solution in the form of a senior, secured loan.
Circulus focuses on the conversion of plastic waste into post-consumer resins (PCR), helping to divert plastic waste away from landfills, incinerators and oceans. The company’s technology uses recycled low-density polyethylene to create PCR products for consumer applications such as plastic bags, shrink film, pouches, and overwraps, among others.
Craig Foster, Circulus CEO, said,
“We are pleased to partner with Apollo to support Circulus’ continued growth as we execute on our expansion plans. Apollo’s substantial resources and industry expertise will be a significant value-add as we continue to solve challenges in the path to a circular economy.”
Circulus currently has two plants producing PCR, with an additional facility coming online in the near term and two more in development.
Corinne Still, Apollo Partner, said:
“With a seasoned management team, first-mover advantage in the North American LPDE market, best-in-class manufacturing technology and strong industry tailwinds, Circulus is well positioned to execute on its growth plans. We look forward to leveraging our deep relationships and experience within the petrochemical industry to support the company’s continued expansion.”
Apollo’s investment follows its recent establishment of a sustainable investing platform focused on financing the energy transition and decarbonization of industries. Apollo has said that it aims to deploy $50 billion in clean energy and climate capital over the next five years with the vision of deploying over $100 billion by 2030.
Within the last five years, Apollo deployed over $19 billion into energy transition and sustainability-related investments, supporting companies and projects across clean energy and infrastructure, including offshore and onshore wind, solar, storage, renewable fuels, electric vehicles as well as a wide range of technologies to facilitate decarbonization.
Geoff Strong, Partner and Co-Head of Infrastructure and Natural Resources at Apollo, said:
“We are always looking for opportunities to invest behind sustainable companies working to build a cleaner economy, and this transaction is the latest example of our ability to provide innovative capital solutions alongside measurable environmentalEnvironmental criteria consider how a company performs as a steward of nature. More impact outcomes.”
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