Elemental Recycling receives funding boost
Elemental Recycling receives funding boost
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Freestone Holdco LLC, a portfolio company of Dallas-based Tailwater Capital LLC, has announced signing definitive agreements to make an investment in Houston-based Elemental Recycling. That firm is developing a process designed to convert discarded plastic and tires into what it calls high-quality graphite and hydrogen.
Founded in 2019, Elemental’s goal is to own and operate recycling facilities that use its patented single-step conversion process. Elemental says the spherical graphite produced from the process can be used in lubricants, lithium-ion batteries, construction materials and other products. Additionally, the resulting hydrogen can be used “to decarbonize traditionally hard-to-abate sectors,” says the firm.
The process is free from Scope 1 greenhouse gas emissions, provides a clean, domestic source of a critical energy transition mineral and will reduce create an additional end market for discarded plastic, says Elemental.
“The company has proven its technology at its pilot facility, and Freestone’s investment will be used to fund the company’s first commercial recycling plant,” states a news release from Freestone and Tailwater Capital. That first commercial facility will be located in Houston and is expected to be operational by mid-2023.
“The massive growth expected in the electric vehicle and energy storage industries will drive significant demand for high-quality graphite, a key mineral for lithium-ion battery production that is currently produced primarily by China,” says Alan Boswell, managing director of Freestone. “Elemental provides a low-cost source of graphite supply that is both environmentally friendly and made right here in the United States.”
Remarks Tom Samuels, CEO of Elemental, “We are excited to partner with Freestone and Tailwater as we grow our business to a commercial scale and bring much needed solutions to the plastic waste and graphite industries. Freestone and Tailwater’s experience in the recycling, critical minerals and energy infrastructure industries will be invaluable as we seek to establish Elemental as a leading provider of recycling solutions and low-cost, clean graphite supply.”
Regarding that experience, Tailwater is part of a joint venture with Houston-based WM (formerly Waste Management) formed to provide financial, commercial and operational support to Continuus Materials, a Houston-based manufacturer of roof cover boards made from plastic and paper scrap materials.
Freestone says it previously announced an investment in Dallas-based Momentum Technologies, a lithium-ion battery and rare earth magnet recycling company.
“This is another exciting transaction that demonstrates Freestone and Tailwater’s commitment to partnering with innovative growth infrastructure businesses that solve bottlenecks as we transition to a low-carbon economy,” says David Cecere, a partner at Tailwater Capital.
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Source: Recycling Today
Elemental Recycling receives funding boost
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