ECO2 Plastics (formerly ITEC Environmental Group, ITEC.OB), announced it has closed a convertible debenture financing round of $10 million.
ECO2 Plastics is now fully capitalized, having raised $13 million, $3 million of which was announced previously. The Financing included an investment by Roaring Fork Capital SBIC, L.P., and investments by a number of high net worth investors. The Financing will be used to ramp up the first recycling plant in Northern California to full-scale operation and begin development on a second plant in Southern California. ECO2 Plastics is pursuing a strategy of owning and operating plastic recycling plants worldwide. The Company’s proprietary technology positions ECO2 Plastics as the lowest cost, highest quality producer of recycled plastic flake in the industry.
“With its unique technology, strong management team, compelling business model, and commitment to revolutionizing recycling, ECO2 Plastics is an outstanding addition to Roaring Fork’s portfolio of investments,” said Eugene McColley, co-founder and Managing Partner, Roaring Fork Capital Management.
ECO2’s typical recycling plant can produce 9,000 lbs. of clean plastic flake per hour. A similarly sized water-based plant consumes up to 4,500 gallons of water per hour, twenty-four hours a day, seven days a week, then disposes the water, chemical contaminants, paper and plastic residue back into the environment. ECO2 uses no water and delivers the same high quality recycled plastic flake without the waste or chemicals found in existing water-based processes.
“ECO2’s goal is to establish its clean technology as the standard for all plastics recycling in the United States and ultimately worldwide,” said Rod Rougelot, CEO of ECO2 Plastics.
About Roaring Fork Capital
Roaring Fork Capital SBIC, L.P. is a Denver-based licensed SBIC with offices in Colorado Springs, CO and Dallas, TX. The firm focuses on addressing an underserved and highly inefficient portion of the equity capital spectrum — orphaned microcaps. Defined as public companies with market capitalizations of $140 million or less, these companies have been neglected by the financial community.
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