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        GFL Environmental Inc, a solid and liquid waste management company, priced USD 210 million in tax-exempt industrial revenue bonds at 4.375%. The Florida Development Finance Corporation will issue the bonds, which have an initial mandatory tender date of October 1, 2031.
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        The proceeds will be used to finance or refinance certain solid waste disposal facilities in Florida. GFL is pursuing this offering in advance of the maturity of its 3.750% Senior Secured Notes due 2025, aiming to shift more debt from secured to unsecured, extend debt maturities, and maintain balance sheet flexibility.
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      <p>
        <b>Analyst QuickTake:</b>
         In 
        <a href="https://sp-edge.com/updates/22169">
          September 2023
        </a>
        , the company reduced borrowing rates for term loans in a bid to help the company save on interest expenses by ~USD 6 million, thereby increasing free cash flow and receiving better credit rating upgrades.
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  <p>
    <a href="https://www.prnewswire.com/news-releases/gfl-environmental-inc-prices-offering-of-us210-million-of-tax-exempt-industrial-revenue-bonds-at-4-375-302263816.html">
      Press release
    </a>
  </p>
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Waste Recovery & Management Tech

ANALYST_QUICK_TAKE

INCUMBENTS_PRESENT

<div>
 <p>GFL Environmental Inc, a company specialising in solid and liquid waste management, has priced USD 210 million in industrial revenue bonds at a rate of 4.375%. These bonds will be issued by the Florida Development Finance Corporation and have a mandatory tender date set for October 1, 2031.</p>
 <p>The raised money will be used to finance or refinance solid waste disposal facilities in Florida. This move is part of GFL's strategy to shift more debt from secured to unsecured, extend debt maturities, and maintain balance sheet flexibility, in anticipation of the upcoming maturity of its 3.750% Senior Secured Notes due in 2025.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> In <a href="https:<br>
//sp-edge.com/updates/22169"> September 2023 </a> , the company reduced borrowing rates for term loans in a bid to help the company save on interest expenses by ~USD 6 million, thereby increasing free cash flow and receiving better credit rating upgrades.</p>

GFL Environmental prices USD 210 million in tax-exempt bonds

PROMINENT_CATEGORY

<div>
 <p>Indian battery recycler, Lohum Cleantech, has partnered with ReElement Technologies and American Metals, raising USD 30 million. They aim to build a lithium-ion battery materials processing facility in the US.</p>
 <p>The raised funding will be utilized in the establishment of a 15.5 GWh integrated battery recycling, repurposing, and critical material production plant in Indiana. Expansion in other locations is also in planning.</p>
 <p>It is expected that the facility will initially provide for more than 315,000 electric vehicles per year, creating 250 green jobs. It will produce materials of over 99.5% purity for the US domestic battery ecosystem.</p>
</div>

Lohum Cleantech raises USD 30 million in joint venture to establish battery recycling facility

<div>
 <p>Biotech firm Carbios, known for recycling PET plastics and polyester fibers through enzymatic processes, has entered a partnership with specialty polyester solutions supplier, Selenis. Over a span of two years, the partnership will aim to produce PETG from PET waste.</p>
 <p>By integrating Carbios' enzymatic depolymerization technology and Selenis' polymerization processes, the venture plans on generating PETG for applications in the cosmetic and healthcare packaging sector. The resulting material promises clarity, durability, and chemical resistance, and is designed to meet sustainability demands of consumers and to conform to regulatory requirements.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> Cabios’ packaging partnerships include L’Occitane en Provence and Pinard Beauty Pack to create a shower oil bottle entirely from enzymatically recycled PET (rPET) in <a href="https:<br>
//sp-edge.com/updates/30416"> June 2024 </a> . In the <a href="https:<br>
//sp-edge.com/updates/30498"> same month </a> , Selenis partnered with Circ to produce recycled PET chips from textile waste.</p>

Carbios partners with Selenis to produce biorecycled PETG for cosmetics packaging

<div>
 <p>Redwood Materials, an e-waste recycling startup based in Nevada, is partnering with BMW of North America to recycle lithium-ion batteries from end-of-life hybrid and electric cars. The partnership will operate across BMW's 700 US locations to extract vital minerals from used batteries, with an aim to reintroduce 95%–98% of these materials back into the battery supply chain.</p>
 <p>This collaboration forms part of a drive to establish a closed-loop circular value chain for lithium-ion batteries in the US. It is reported that Redwood's recycling process offers considerable reductions in energy use, carbon dioxide emissions, and water consumption compared to traditional methods. </p>
 <p>This initiative reflects the broader trend within the automotive industry towards sustainable battery production techniques. Redwood Materials has already entered into similar partnerships with other major car manufacturers.</p>
</div>

Redwood Materials partners with BMW for EV battery recycling in US

<div>
 <p>American Battery Technology (ABTC) has received a $150 million grant from the U.S. Department of Energy to finance the construction of a second lithium-ion battery recycling plant. The facility, which will have the capacity to process about 100,000 tonnes of material annually, is expected to create 1,200 jobs during construction and 300 jobs upon completion.</p>
 <p>The company has partnered with BASF for raw material supply and Siemens for plant engineering. Additionally, collaborations with Clemson University International Center for Automotive Research and Argonne National Laboratory will bring together technological expertise to ensure the project's success.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> The latest grant supplements USD 40.5 million in tax credit funding that the company raised in <a href="https:<br>
//sp-edge.com/updates/28228"> April 2024 </a> to expedite the construction of its planned large-scale recycling facility. In <a href="https:<br>
//sp-edge.com/updates/31352"> July 2024 </a> , the company also secured an agreement to supply the black mass it produces from recycled batteries.</p>

American Battery receives USD 150 million in government grant to build recycling plant

<div>
 <p>Li Industries, a sustainable battery recycling specialist, has been granted USD 55 million by the US Department of Energy's Office of Manufacturing and Energy Supply Chains.</p>
 <p>This grant will mainly be used to set up a recycling and manufacturing plant capable of producing 10,000 tonnes per annum of lithium iron phosphate (LFP) cathode active material (CAM). The company anticipates that their Direct Electrode-to-Electrode recycling technology could potentially lower the production costs of LFP CAM by 23% compared to traditional methods.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> The grant represents the largest single round of funding raised by the company since its inception in 2017. Li Industries last raised USD 42 million in Series B funding <a href="https:<br>
//sp-edge.com/updates/29330"> in May 2024 </a> to support the construction of its recycling facility .</p>

Li Industries raises USD 55 million in Department of Energy grant to establish recycling and manufacturing plant

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  <p>Global chemical industry leader, LyondellBasell (LYB) has partnered with car manufacturer Dacia. They will develop a recycled polypropylene material for use in the exterior design of the new Dacia Duster. </p>
  <p>This collaboration introduces 'Starkle', a material from LyondellBasell's CirculenRecover portfolio. 'Starkle' contains 20% recycled polypropylene from post-industrial waste. The material is used in exterior components such as trims, side moldings, and bumpers. It not only provides a distinctive visual appeal but also reduces CO2 emissions compared to virgin materials. </p>
</div> <p><b>Analyst QuickTake:<br>
 </b> This marks the first major use of CirculenRecover in an automotive application. In <a href="https:<br>
//sp-edge.com/updates/24798"> December 2023 </a> , the company launched a polypropylene copolymer made from recycled maritime gear intended for injection molding applications for automotive interiors and trim.</p>

LyondellBasell partners with Dacia to create recycled material for new Duster model

<div>
 <p>Casella Waste Systems Inc., a reputed waste management services company based in the US, successfully raised an impressive sum of USD 450 million through a public offering of 4,500,000 shares of its Class A common stock. Each share was priced at USD 100.00. This significant offering was led by renowned entities such as Raymond James, J.P. Morgan, and Stifel. Other renowned players such as Goldman Sachs &amp; Co. LLC and the Wolfe/Nomura Alliance were involved as passive bookrunners.</p>
 <p>According to the company, they plan to put the net proceeds to use in various strategic areas. The primary focus would be to finance its previously revealed acquisition of two entities, Royal Carting and Welsh Sanitation. Additionally, they intend to repay borrowings under its existing revolving credit facility and allocate a part of the proceeds for general corporate requirements. It has been predicted that the aforementioned offering would potentially close on or around September 19, 2024.</p>
 <p>Furthermore, Casella Waste Systems has also granted the underwriters an option that allows them to purchase an additional limit of up to 675,000 shares of Class A common stock. This would be at the public offering price, minus the underwriting discounts, and the option would remain available for a 30-day duration. Casella Waste Systems, headquartered in Rutland, Vermont, is a critical provider of resource management services in the eastern region of the US.</p>
 
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Casella Waste Systems raises USD 450 million in public offering to finance Royal Carting and Welsh Sanitation acquisition

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 <p>An Australian minerals and materials company, Neometals, has gained backing and financial support from the European Union for their vanadium recovery project (VRP) in Finland. The project's aim is to transform steelmaking waste into vanadium battery metal, which could establish Neometals as Europe's premier producer of vanadium.</p>
 <p>The financial support, secured in partnership with Germany's EU-supported EIT RawMaterials, might reach up to AUD 42.3 million (roughly USD 29 million). Included in this is an initial grant of EUR 500,000 (approximately USD 558,000) and the possibility for EIT RawMaterials to subscribe to an additional EUR 10 million (approx USD 11.2 million) in equity.</p>
 <p>Neometals' strategy involves initiating a selective financing process for the project, aiming for about EUR 400 million (around USD 4446.8 million), with a balance of 40:60 between equity and debt. The company has announced that it selected Pori, Finland, as the project's location and has secured agreements with SSAB for a supply of slag and with Glencore for product off-take.</p>
 
</div>

Neometals gets EU backing for vanadium recovery project in Finland and AUD 42 million in potential funding

<div>
 <p>Evoralis, a UK-based textile recycling startup, has successfully gathered GBP 2.5 million (~USD 2.8 million) in its seed funding round. The financing was led by LIFTT S.p.A. and saw participation from Cambridge Enterprise Ventures, Parkwalk Advisors, Backbone Ventures, Circular Plastics Accelerator, Archipelago Ventures, and various angel investors. </p>
 <p>The capital raised will be instrumental in advancing the development of Evoralis' enzyme-based recycling technology. This innovative technology is designed for recycling textiles and plastics that have been deemed unrecyclable in the past, particularly those containing mixed or blended fibers that include plastic.</p>
 <p>Established in 2021 as a byproduct of research undertaken at the University of Cambridge, Evoralis offers an ultrahigh-throughput screening platform. This is stated to speed up enzyme screening 1,000 times compared to conventional techniques. Furthermore, the technology provided by the company has the potential to facilitate recycling of more than 80% of textiles, making it a promising solution in the sphere of textile recycling.</p>
</div>

All Updates

GFL Environmental prices USD 210 million in tax-exempt bonds

Lohum Cleantech raises USD 30 million in joint venture to establish battery recycling facility

Carbios partners with Selenis to produce biorecycled PETG for cosmetics packaging

Redwood Materials partners with BMW for EV battery recycling in US

American Battery receives USD 150 million in government grant to build recycling plant

Li Industries raises USD 55 million in Department of Energy grant to establish recycling and manufacturing plant

LyondellBasell partners with Dacia to create recycled material for new Duster model

Casella Waste Systems raises USD 450 million in public offering to finance Royal Carting and Welsh Sanitation acquisition

Neometals gets EU backing for vanadium recovery project in Finland and AUD 42 million in potential funding

Evoralis raises GBP 2.5 million in seed funding to develop enzymatic recycling

Waste Recovery & Management Tech

GFL Environmental prices USD 210 million in tax-exempt bonds

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