EcoATM raised £25 million ($40 million) in debt financing to deploy more of its e-waste machines across the United States. The mezzanine debt financing was obtained from Falcon Investment Advisors.
These allow people to deposit their discarded cellphones and other electronics for recycling, and the machines in turn pay them.
EcoATM has already installed 300 machines in shopping centres in the US so that consumers and businesses can easily sell their old small electronics. The machines operate by examining the device and then finding the highest price for it on the market, then the owner decides whether or not they want to sell it for that price.
This new £25 million funding will allow EcoATM the chance to install these machines outside of larger cities.
EcoATM is a company based in San Diego, California, United States. You can find EcoATM locations here.
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