eCullet Inc., a technology-based glass processing company with corporate headquarters in Palo Alto, California, has announced the closing of an up to $38 million investment in the company led by DB Masdar Clean Tech Fund.
DB Masdar Clean Tech Fund is a clean-tech and renewable energy investment fund and is launched by Abu Dhabi-based Masdar Capital and Deutsche Bank. Masdar Capital currently manages two clean technology funds with assets worth over $540 million.
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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.
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