ecoATM draws Coinstar investment
ecoATM’s automated kiosks provide recycling and immediate payment for mobile devices

Coinstar, Inc. has announced its investment in ecoATM™, an automated eCycling station that captures, tracks and recycles mobile devices. Investment details were not disclosed.

“Coinstar is continually looking for kiosk concepts that are innovative and compelling,” said Gregg Kaplan, president and chief operating officer of Coinstar, Inc. “We believe ecoATM could be a viable business as it provides an easy way for consumers to properly resell and/or recycle the more than $7 billion in used mobile phones that are annually retired in the United States while creating a sustainable secondary market for these devices.”

Founded in 2008, ecoATM currently has pilot kiosks in a limited number of markets and plans to expand in the United States and internationally over the next several years. EcoATM kiosks visually and/or electronically scan used devices such as mobile phones and iPod® devices, to establish their precise value and pay consumers on the spot. The collected devices are then either sold into worldwide secondary markets or responsibly recycled to reclaim the materials.

“We value Coinstar’s expertise and longevity in the automated retail space and are thrilled with their support in the future success of our automated eCycling solution,” said Tom Tullie, chief executive officer of ecoATM. “EcoATM delivers convenience and immediate financial incentive to consumers looking to retire used devices and simultaneously creates a new standard of accountability and responsibility for the reuse of electronic devices.”

EcoATM was the winner of Coinstar’s 2009 ‘Big Idea’ Contest announced at KioskCom (now called Customer Engagement Technology World) in New York last November.