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Circular Industries to build Urban Mining Factories that will recover metals from e-waste
2022.06.30 | 10:05 | AMSTERDAM | NETHERLANDS
ING to act as Sole Coordinator and Mandated Lead Arranger of the Senior Debt Facilities
Circular Industries has developed and will build, own and operate Urban Mining Factories that recover metals and precious metals from discarded printed circuit boards, a form of electronic waste.
Circular Industries’ unique and patented factory configuration, based on proven underlying technologies, provides for a flexible recovery method with significant environmental and economic benefits versus existing industrial practices. Circular industries will improve terms to vendors of electronic waste and thereby increase collection rates and aims to create impact, by localizing markets for metals that drive the energy transition
ING has been appointed as Sole Coordinator and Mandated Lead Arranger of the Senior Debt Facilities for Circular Industries. ING Bank’s Metals, Mining and Fertilizers team have worked closely together with Circular Industries to define a structure along which the financing can be closed during the course of 2023. Peter Kindt, Head of Metals, Mining and Fertilizers EMEA for ING remarked: “ING is pleased to support Circular Industries on this innovative project. It fully aligns with our sustainability ambitions, by contributing to the circular economy as well as producing Critical Raw Materials for the energy transition. We look forward to working with Circular Industries over the coming months to realize this exciting project.” As Sole Coordinator, the bank will detail this structure together with Circular Industries and a panel of advisors. The result will serve as a blue-print for the roll-out of multiple similar factories internationally.
The Senior Debt Facilities will be structured as a project financing package for Circular Industries’ first project and will cover approximately two-thirds (2/3) of the project’s funding requirements. The project will be located in the Netherlands.
About Circular Industries
Circular Industries, founded in 2017 in Amsterdam, the Netherlands, are the project developers of the Urban Mining Factory – Printed Circuit Boards (‘UMF-PCB’). They seek to become a leading platform of secondary mining activities internationally.
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 57,000 employees offer retail and wholesale banking services to customers in over 40 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
Niels Wagemaker, CEO of Circular Industries
email@example.com / +31624684244
Press Release (Dutch / English)
ING Mandated Lead Arranger
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Chief Executive Officer
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