Nexus Circular LLC is attracting another major investment from a company that already has stakes in chemical recycling companies.
Cox Enterprises has agreed to lead a so-called “$150 million equity raising” in Nexus.
Atlanta-based Nexus uses pyrolysis to turn waste plastic into oil, which it uses to make new plastic. Pyrolysis uses heat and pressure in the absence of oxygen to transform used plastics.
Steve Bradley, vice president of cleantech at Cox Enterprises, said in a statement: “We are building a platform that has the power to impact both business and the environment.”
Atlanta’s Cox Enterprises operates the country’s largest privately held broadband company, serving the automotive industry including Autotrader, Kelley Blue Book and Manheim, the country’s largest automotive wholesale market. The company also has a minority stake in Cox Media, the television and radio division previously sold to Apollo Global Management.
“Cox has been very supportive and continues to be enthusiastic about Nexus,” CEO Jody Morgan said in a statement. , can accelerate the circular economy of plastics.”
Cox Enterprises is making its latest investment through its Cox Cleantech division, which also invests in fertilizer, food and decarbonization companies.
Nexus Chief Operating Officer Jeff Gold said in a statement: