Home / Knowledge / News / Textiles / GlyEco completes $7.1mn private placement
GlyEco completes $7.1mn private placement
12
Oct '13
Waste management systems innovator GlyEco, Inc. announced that the Company closed on $7.1 million in funding on September 28, 2013. TriPoint Global Equities and Security Research Associates acted as the Company's non-exclusive placement agents in connection with this offering.

The Company plans to use funds from this round to accelerate growth and the rollout of its patent-pending GlyEco Technology, including:

- Capital equipment for facility upgrades

- Capital equipment to increase processing capacity

- Purchase of additional facilities

"This funding is a great vote of confidence in GlyEco's vision of shaping the glycol recycling market, as well as in the long-term potential of our company," stated John Lorenz, chairman and CEO of GlyEco. "We are well able to execute our plan for serious growth in this emerging industry."

"In about 12 months, the Company has achieved some major accomplishments. We have purchased and integrated seven recycling facilities and completed initial technology upgrades. We are able to cost-effectively produce Type 1 recycled glycol, and we have begun to expand services into untapped industries. We will continue to aggressively and carefully enact our plans to increase value for our shareholders."

GlyEco Technology improves recycled glycol quality to meet ASTM Type 1 standards – indistinguishable from refinery-grade glycol. This proprietary technology will allow GlyEco to expand its services beyond the used car antifreeze recycling market into four additional large industrial markets that create waste glycol, representing a multibillion-dollar market opportunity.

About GlyEco

GlyEco is a green chemistry company with a patent-pending technology for transforming a hazardous waste into green products. GlyEco Technology has the unique ability to clean the polluted glycols from all five waste-producing industries: HVAC, Textiles, Automotive, Airline and Medical.  This technology recycles waste glycol to meet ASTM Type 1 specifications – the same level of purity expected of refinery-grade glycols.

GlyEco


Must ReadView All

Ethiopia’s Kombolcha Industrial Park attracts foreign firms

Apparel/Garments | On 15th Dec 2017

Ethiopia’s Kombolcha Industrial Park attracts foreign firms

Strategic location, modern factory facilities and proximity to the...

Courtesy: 2XU

Apparel/Garments | On 15th Dec 2017

L Catterton Asia announces JV of GXG and 2XU

L Catterton Asia, the Asian unit of the largest and most global...

15 trade associations urge nations to safeguard WTO system

Apparel/Garments | On 15th Dec 2017

15 trade associations urge nations to safeguard WTO system

Fifteen trade and industry associations from across the world have...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search