Nov. 20, 2012: GlyEco Closes on $3.4 Million in Funding for Glycol Recycling Expansion
PHOENIX — GlyEco Inc. announced that the company has closed on $3.4 million in funding to be used for strategic growth initiatives, including asset purchase of six glycol recyclers, initial plant expansion and upgrades, and Phase I implementation of its patent-pending GlyEco Technology™.
GlyEco said it is aggressively buying capacity to meet customer needs in an underserved market. The company stated that the use of its glycol recycling technology will improve product quality to meet ASTM Type 1 standards — indistinguishable from refinery grade materials. This technology will allow the company to offer waste glycol recycling services to additional industries, including HVACR. According to GlyEco, the majority of potential clients in these industries currently do not have a recycling option when disposing of this hazardous waste.