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US Renewables Group provides $16.5m to asphalt recycler Recovery Technology Solutions

10 Sep 2013

road2_170sqMinnesota-based Recovery Technology Solutions (RTS) has received $16.5m in funding from energy-focused private equity firm US Renewables Group.

The first sale of equity and Series A preferred interests occurred on 3 September according to a filing with the US Securities and Exchange Commission.

RTS is looking for a further $2.5m in order to make up the complete $19m funding round. Five investors took part, with no minimum investment stated.

Joshua Haacker and James McDermott, managing directord of US Renewables Group, were both named as directors on the filing.

No broker was associated with the deal.

Founded in 2013, RTS aims to commercialise technology that recycles asphalt shingles and recovers asphalt cement, fibreglass, mineral aggregates and mineral filters.

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