PALO ALTO, Calif. – July 12, 2011 - eCullet Inc., a leading technology-based glass processing company with corporate headquarters in Palo Alto, California, today announced the closing of an up to $38 million investment in the company led by DB Masdar Clean Tech Fund L.P., one of the leading clean-tech and renewable energy investment groups globally, with continuing participation from all existing investors, including Angeleno Group, a Los Angeles based private equity firm investing in high growth alternative energy and natural resources.
“The investment and the caliber of our investors underscore eCullet’s ongoing success at continuing to build out and expand as a market leading glass-recycling company,” said eCullet’s CEO, Craig London. “We believe that DB Masdar’s clean-tech expertise and global perspective will add significant value to our strategic objective of expanding eCullet’s footprint in the glass recycling industry. With our state-of-the-art optical sorting equipment, we remain focused and committed to provide our customers with the highest quality recycled cullet available in the industry.”
“eCullet, Inc. has demonstrated a great ability to combine its own technology with glass processing expertise to define itself over its competition,” said Gisele Everett, a partner at the DB Masdar Clean Tech Fund, L.P. “We are proud to be a part of such a growing company which focuses on providing technology and process to move glass recycling to a higher level.”
GCA Savvian acted as the Financial Advisor to eCullet, Inc.
About eCullet Inc.
eCullet Inc. is a technology-based glass processing company with corporate headquarters in Palo Alto, California. The company utilizes its proprietary technology to produce the highest quality, color-sorted, contaminant-free, furnace-ready cullet which it supplies to the glass container manufacturing industry. Through its collaborative partnerships, eCullet helps glass container manufacturers reduce greenhouse gas emissions, decrease energy consumption and preserve natural resources while helping recyclers divert glass residue away from the landfill. As an environmental technology company, eCullet takes great pride in knowing that its role in the glass container manufacturing cycle contributes to a sustainable planet.
About DB Masdar Clean Tech Fund, L.P.
DB Masdar Clean Tech Fund, L.P. is co-managed by Masdar Capital, the private equity and venture capital arm of the Abu Dhabi based Masdar Initiative, and DB Climate Change Advisors, a unit of Deutsche Bank’s Asset Management division. The DB Masdar Clean Tech Fund seeks to build a diversified private equity portfolio that includes some of the world's most promising and pioneering clean tech and renewable energy companies.
