April 16, 2014
Recleim LLC, an appliance and electronics recycler, announced that it received $20 million in New Markets Tax Credit financing to complete its recycling facility at Graniteville’s historic Hickman Mill.
Led by SunTrust Community Capital, the loan provides equipment financing and working capital for the company’s expansion. AMCREF Community Capital also participated in the deal.
Once completed, the facility will be Recleim’s flagship location and is expected to be operational this summer. The plant combines exclusively-licensed technologies from two European companies to ensure safe and environmentally responsible end-of-life management for a range of items including refrigerators, washers, dryers and other household electronic devices. The 111,000 sq. ft. facility will employ more than 200 full-time workers when it is fully operational.
“This financing is an exciting step forward because it means we are that much closer to completing the plant, reducing the amount of waste going to landfills and creating more jobs in Graniteville,” said Doug Huffer, general manager of Recleim’s Graniteville facility. “Because of the cutting-edge recycling technology that we are installing at this facility, our customers can be confident they are minimizing their environmental impact when we process their retired devices.”
Recleim reduces landfill waste by recovering 95 percent of the components in appliances it processes and selling them for reuse in other finished products, as well as properly disposing of non-recyclable materials.
“Recleim is to be commended for responding to an important need for responsible recycling while also contributing to the well-being of Graniteville,” said Eric Rosen, New Markets Tax Credit program director at SunTrust Community Capital. “We are honored to partner with Recleim because we believe this business will make a real difference both economically in the community and environmentally through its advanced technology.”
For more information on Recleim, visit www.recleim.com