Partnership provides long-term financing to Plastic Bank, a root-cause solution that empowers the world to stop ocean plastic while improving the lives of collection communities in vulnerable coastal areas.
SAN DIEGO, June 8, 2023 /PRNewswire/ — ETHOS ASSET MANAGEMENT INC USA, a leading investment firm committed to sustainable and impactful investments, is thrilled to announce a strategic investment in The Plastic Bank Recycling Corporation, a pioneering social enterprise dedicated to stopping ocean plastic while empowering collection communities. This collaboration marks a significant milestone in Ethos Asset Management’s commitment to driving positive environmental and social change through its investment portfolio.
Plastic Bank has garnered global recognition for its Social Recycling movement to tackle the plastic waste crisis. The social enterprise creates a dual solution by incentivizing coastal communities in developing regions to collect ocean-bound plastic, which is then exchanged for income and life-improving benefits. This unique model not only protects the ocean and the environment, but also provides socio-economic opportunities for community members to pave a path out of poverty.
Carlos Santos, CEO of Ethos Asset Management Inc, stated,
“We are thrilled to announce this very important and high-impact project with Plastic Bank, to protect our ocean and environment where we see more than 14 million tonnes of plastic waste entering the ocean each year. Plastic Bank is building ethical recycling ecosystems in coastal communities and reprocessing ocean-bound plastic for reintroduction into the global manufacturing supply chain. Collection community members receive bonuses for the materials they collect, which helps them provide basic family necessities such as groceries, cooking fuel, access to education and health insurance. The collected plastic is reborn as Social Plastic®, which can be easily reintegrated into products and packaging as part of a closed-loop supply chain. Plastic Bank’s solution is stopping ocean-bound plastic and helping alleviate poverty by turning plastic into a currency.
We are proud to be partnering with such an inspirational group of people led by the dynamic David Katz, Founder and Chairman. We look forward to working with David and the whole team at Plastic Bank in developing this new and exciting project harnessing the power of blockchain to empower Social Recycling in the world.”
The investment from Ethos Asset Management will further strengthen Plastic Bank’s capacity to expand its waste collection infrastructure, increase recycling capabilities, scale its impact, and empower more communities worldwide to tackle plastic pollution.
David Katz, Founder and Chairman, Plastic Bank expressed his appreciation for the collaboration, stating, “We are delighted to partner with Ethos Asset Management, an organization that shares our vision for a wasteless world. This investment will be instrumental in growing the Social Recycling movement, allowing us to reach more communities, create more social impact, and make significant strides in our fight against ocean plastic pollution.”
Hans Kastensmith, Executive Director, Ethos, North and Central America, stated,
I am very pleased to be a part of bringing two innovative companies together for such a worthwhile endeavor and being an avid sailor, the project is of a personal interest. I am pleased to announce that this is the first deal in Canada for Ethos, a market we are now focusing on and will continue to expand. A special thank you to Nino Petoia of Nirick Corporate Finance who represented Plastic Bank in the transaction.
About Ethos Asset Management Inc:
Ethos Asset Management (Ethos) is an independent, US-based company with global reach in resource mobilization and project financing.
For more information, please visit https://www.ethosasset.com
About The Plastic Bank Recycling Corporation:
Plastic Bank envisions a wasteless world. We empower the Social Recycling movement that stops ocean plastic and helps alleviate poverty. Our collection communities exchange plastic waste as currency for income and life-improving benefits. Exchanges are recorded through our proprietary blockchain-secured platform that enables traceable collection, secures income, and verifies reporting. Collected material is processed into Social Plastic® feedstock for reuse in products and packaging.
PlasticBank® and Social Plastic® are trademarks of The Plastic Bank Recycling Corporation.
Learn more at plasticbank.com.
+1 604 263 7443 ext. 704
Ethos Asset Management INC:
SOURCE Ethos Asset Manangement Inc; The Plastic Bank Recycling Corporation