RecycleBank Expands Across U.S.
Recycling has been around for years in America, but the results have been marginal - until now. RecycleBank of New York, NY has an economic model that works for everyone in the recycling stream, and they’re expanding rapidly.
RecycleBank weighs each recycling container it picks up from resident’s homes, and based upon an identification chip embedded in the container, is able to create an online account that accumulates points for every pound recycled. The points can be used for product shopping ranging from groceries to spa trips.
The results are nothing short of dramatic, and the reason is clear. RecycleBank makes the system work for everyone in the chain. Residents enjoy an increased disposable income that averages $200 - $300 per year. Local businesses enjoy revitalized sales. Communities reduce their landfill fees and earn income for the additional recycling of residents. Haulers build brand recognition and loyalty.
It works for everyone.
Recycling rates in the communities RecycleBank operates in are up 100 percent, The company’s initial launches in Wilmington, DE, Fairfax, VA and Cherry Hill, NJ have saved more than 559,475 trees, 37 million gallons of oil, 200 million gallons of water and diverted in excess of 59,946 tons of landfill waste.
The company announced yesterday they’re expanding services into the Southern, Mid-Western and Western states of the U.S. The new launches include Montgomery, OH; Sioux Falls, SD; Eden Prairie and Maple Grove, MN; Carrollton and Plano, TX; North Miami, FL; Wichita, KS; Albuquerque, NM and Knoxville TN.
“The value we are creating in the municipalities we service is fueling tremendous demand for our program,” CEO and co-found of RecycleBank, Ron Gonen said. “This is an incredibly exciting time in our company’s history.”
RecycleBank has partnerships with several local and national haulers such as Allied Waste Services, Waste Connections, Republic Services, Novak Sanitary Service (a Waste Connections company), Rumpke Recycling, AAA Recycling, and Leck and Sons.
RecycleBank raised $30 million in financing in March of this year with the help of the Silicon Valley venture firm Kleiner Perkins Caufield & Byers that more than doubled the $13.1 million raised with the assistance of RRE Ventures and Sigma Partners the year before.
Wikipedia reports that RecycleBank is also a member company of a network of investors, environmental organizations and other groups known as Ceres. The group’s stated mission is to “[integrate] sustainability into capital markets for the health of the planet and its people.”
In the interests of full disclosure, Writer to the WorldTM has seen the RecycleBank operation work quite successfully in the neighboring town of Cherry Hill, NJ, and residents there are very pleased with the program. I did volunteer work to promote the plan in its very earliest stages but have not had any contact with anyone at RecycleBank at any time. This report was entirely generated by the company’s press release and independent research.
But let’s face it - a good idea is a good idea. I’m happy the company is finding acceptance across the country and happier still to write about it here.