RecycleBank’s incentive program is converting millions of U.S. households into avid recyclers. The company is a real success story, having begun operations only a few, short years ago.
On the heels of overwhelming success across East Coast cities like Wilmington, DE, Fairfax, VA and Cherry Hill, NJ, RecycleBank is expanding in the south, mid-west and western states: Ohio, South Dakota, Minnesota, Texas, Florida, Kansas, New Mexico and Tennessee.
RecycleBank rewards people for recycling. Members earn points for every pound recycled, similar to frequent flier miles programs. All recycling carts carry an ID tag read by recycling trucks during curbside pickup. RecycleBank weighs the contents and converts recyclables into Points that get delivered into personal RecycleBank.com accounts. Members use their Points to shop online or via toll free number. Rewards range from groceries and health care products, to movies, spa and travel, and add up to about $300 a year.
Municipalities work with RecycleBank to dramatically increase recycling rates, lower landfill fees and increase revenue through sales of recyclable materials. The company has increased recycling rates by 100% in the municipalities that it services.
Having secured $30 million in Series B funding in April 2008 from leading venture capital firms, Newsweek named RecycleBank as one of "the hottest plays" in green investing.
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