BOARDROOM
A $10mn loan to Eureka Recycling will boost Minnesota’s recycling infrastructure
The non-profit recycling center in Minneapolis, Minnesota will use a $10mn loan from Closed Loop Partners, the American Beverage and the Minnesota Beverage Association. The funding will allow them to implement new technology and equipment, allowing them effectively sort recycling, reduce landfill disposal and create economic benefits for the Minneapolis-St. Paul region. The loan, complemented by a grant from The Recycling Partnership, will also increase the volume of materials Eureka has the capacity to collect and process, currently over 100,000 tonnes per year. This is the fourth loan made to Eureka in nearly a decade by Closed Loop Partners, which was formed to advance the circular economy.
Quatt raises $25mn for smart heat pump project
Amsterdam-based smart heat pump company Quatt has raised $25mn in a funding round aimed at supporting expansion beyond Dutch markets. Quatt has provided intermediate solutions for decarbonised heating in over 7,500 homes in the Netherlands through its hybrid pump, which is attached to existing water boilers. Plans are now in motion for a fully electric upgrade, and an air conditioning system for existing heat pumps by the middle of next year. The ultimate goal for the team – which has been supported in this funding round by Blue Earth Capital – is installation in over three million homes, with a focus on Europe.
TS Conductor Corp clinches $60mn raise for future-fit power lines
TS Conductor has announced a successful $60mn funding round for its new facility at an undisclosed location in the eastern US, as it seeks to increase production of its high capacity and weather-resistant power lines. As increases in both extreme weather and demand for power continue to put the grid under strain, demand for the technology has also grown. Expanding the US power grid will cost at least $21.3trn by 2050 and involve laying 50mn miles of wires, according to Bloomberg. The company is keeping many details of its expansion a secret for now, but hopes to increase production at the existing site which is running at capacity.
AgroEknor secures funding to support and train Nigeria’s female hibiscus farmers
Aruwa Capital Management, a growth equity and gender-lens fund based in Nigeria and Ghana has agreed to continue its support for AgroEknor, a Nigerian hibiscus exporter. Through the Farmers Education and Empowerment Project, they have registered almost 3,000 farmers, the majority of whom are women. The project supports smallholder farmers to increase their yields – which they will now do with an operating system called YieldPro. Since a first investment by Aruwa in 2022, the company has experienced rapid growth in demand for hibiscus, which has drawn attention as a potential superfood for its many health benefits. This latest investment will be spent on bringing more farmers into the group and increasing outputs whilst creating secure and sustainable livelihoods.
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