Coca-Cola invests $2 million in RecycleBank
RecycleBank™, a rewards program that motivates people to recycle, announced that Coca-Cola has invested $2 million in the company to help enable RecycleBank to expand nationwide. The investment is part of a larger relationship with RecycleBank to increase curbside recycling rates in the United States.
“Through our additional investment in RecycleBank, we are fulfilling our commitment to advance economically viable approaches to recycling collection in the communities we serve,” said Scott Vitters, director of sustainable packaging, The Coca-Cola Company. “We believe this program will revolutionize the way consumers view their trash, from disposables to valuable reusables.”
Last year, RecycleBank and Coca-Cola formed the RecycleBank Donations Program. The program enables households to donate their RecycleBank Points to the Ocean Conservancy, a nonprofit organization committed to clean water issues and the RecycleBank Green Schools program which helps fund environmental initiatives at schools in RecycleBank areas. Coca-Cola pledged to match dollar for RecycleBank Point that was donated. Based on the success of the RecycleBank Donations Program in 2006, Coca-Cola has reconfirmed its commitment for another year long partnership to continue to sponsor these programs.
Following Coca-Cola’s investment, RRE Ventures and Sigma Partners remain as the largest institutional shareholder group and Ron Gonen, the co-founder and CEO, remains as the largest individual shareholder. RecycleBank currently provides service in New Jersey, Delaware and Pennsylvania and will be launching service nationwide in 2008.