WM Organic Growth, a wholly-owned subsidiary of Waste Management, Inc., and Tailwater Capital LLC announced the closing of a joint venture that provides financial, commercial, and operational support to Continuus Materials to assist the company with scaling production facilities within the waste-to-product industry. Financial terms of the joint venture were not disclosed.
Continuus Materials develops and operates manufacturing facilities that upcycle plastic and fiber materials from municipal solid waste into EverboardTM, a proprietary, high-performance, low-slope roof cover board. Continuus Materials’ process reduces landfill waste and will generate significantly lower life-cycle greenhouse gas emissions than competing products made from traditional materials.
“At WM, we are unlocking impactful sustainable solutions as we move toward a more circular economy, and the Continuus Materials business is one example of what we’re aiming to achieve,” said Jim Fish, president and chief executive officer, WM. “Continuus Materials brings an innovative solution that recovers recyclable materials in addition to materials that cannot otherwise be recycled and gives them a new, purposeful life. We look forward to working together with Tailwater Capital to grow the Continuus Materials business while achieving a shared goal of reducing waste.”
The joint venture enables Continuus Materials to develop additional facilities at WM sites and launch its first full-scale municipal solid waste-to-EverboardTM production plant. Once fully operational, the plant is expected to produce more than 150 million square feet of EverboardTM annually within the first three years. Currently, Continuus Materials supplies EverboardTM to a range of commercial customers, including large national retail chains, industrial manufacturing facilities and distribution centers.
“We are pleased to join together with WM and the Continuus Materials team to support a visionary business that is committed to extracting valuable new products from existing waste streams,” said Edward Herring, co-founder and managing partner, Tailwater Capital. “This joint venture is an extension of Tailwater’s long track record and continued focus on identifying opportunities to implement sustainable solutions across the recycling and byproduct supply chain.”