Fresno Electronics Recycler Announces Investment and Strategic Partnership
Image via electronic recyclers
published on July 15, 2021 – 12:51 PM
Written by Business Journal staff
An investment firm focused on sustainable businesses has made a strategic investment in a Fresno-based company.
ERI, the world’s largest cybersecurity-focused hardware destruction company, has partnered with New York-based Closed Loop Partners. The investment was described as “significant” in a press release, but the amount and terms were not disclosed.
The private equity group’s Leadership fund focuses on investing in companies that keep packaging, organics, electronics and clothing out of landfills and in a circular system, commonly known as the circular economy. The Fund’s investors include Microsoft, Nestlé and Unilever as well as institutional investors and family offices.
Ron Gonen, Founder and CEO of Closed Loop Partners was also elected to ERI’s Board of Directors.
“ERI is the premier electronics recycler in the United States, consistently demonstrating the viability of closed loop systems for high value materials,” said Gonen. “As Americans throw away $ 55 billion in e-waste a year and the waste stream is expected to grow faster in the years to come, it is critical to divert these materials from landfills to manufacturing supply chains. Our partnership with ERI will strengthen circular supply chains that will ultimately benefit people, planet and businesses. “
“Now is the perfect time for a partnership between ERI and Closed Loop Partners,” said John Shegerian, President and CEO of ERI. “Due to a perfect storm of innovation, the Internet of Things, cars becoming essentially computers on wheels, an increase in wearable technology, the switch from 4G to 5G, the increase in Consumption, data privacy concerns and other factors, e-waste is experiencing the fastest growing waste stream in the world – growing at a rate five times faster than any other waste stream. to our longtime friends at Closed Loop Partners, we are uniquely positioned to play a meaningful role in accelerating change.