Nexus Circular LLC is attracting another major investment from a firm that already has a stake in the chemical recycling company.
Cox Enterprises has agreed to lead what is being called "an equity raise of $150 million" in Nexus, a move that will make it the majority owner of the firm.
Nexus, based in Atlanta, uses pyrolysis to transform waste plastics into oil that can then be used to make new plastics. Pyrolysis uses heat and pressure in the absence of oxygen to transform the used plastics.
"Nexus Circular is an exciting part of our broader clean tech strategy to acquire and scale businesses that have a positive impact on the planet," said Steve Bradley, vice president of clean tech for Cox Enterprises, in a statement. "We're building platforms with the power to impact both business and the environment."
Cox Enterprises, of Atlanta, operates the country's largest privately held broadband company and provides services to the automotive industry, including Autotrader, Kelley Blue Book and Manheim, the country's largest automotive wholesale marketplace. The company also retains a minority state in Cox Media, a television and radio division previously sold to Apollo Global Management.
"Cox has been incredibly supportive and continues to be enthusiastic about Nexus," CEO Jodie Morgan said in a statement. "With this funding, our team and partners can more rapidly execute the next phase of growth, accelerating the circular economy for plastics."
Cox Enterprises is making the latest investment through its Cox Cleantech division, which also has stakes in fertilizer, food, and decarbonization companies.
"This is a significant milestone for Nexus after over 10 years of keeping our heads down and developing our technology," Nexus Chief Operating Officer Jeff Gold said in a statement.