Funding for a new $50 million materials recovery facility in Chicago includes an investment from the American Beverage Association.
Closed Loop Partners, a firm that invests in circular economy projects, also helped fund the new facility in the Stockyards neighborhood in Chicago.
LRS calls itself the nation's fifth largest independent waste services and recycling company. MRFs collect and sort mixed residential recyclables collected at curbside, baling the separated materials for further processing other firms, such as plastic processors. MRFs typically handle metals, paper and plastics and some also sort glass.
The MRF, called The Exchange, has a capacity to process 25 tons of recyclables an hour with plans to eventually expand to 35 tons per hour.
"The Exchange stands as a powerful embodiment of our vision to become the safest, most innovative waste recycler globally," said John Larsen, Chief Operating Officer at LRS, in a statement. "It symbolizes our unwavering dedication to spearhead transformative change, not only within our industry but also within the communities we have the privilege to support."
Opening of The Exchange is significant as Chicago historically has lagged behind other major cities in recycling.
"One of our industry's highest priorities is to create a circular economy for our bottles and cans. We are taking action at every step to make sure they are remade as intended," said Kevin Keane, interim president and CEO of ABA.