STAMFORD, Conn., March 17, 2025 /PRNewswire/ -- Freepoint Eco-Systems LLC ("Freepoint Eco-Systems") is pleased to announce the closing of a $50 million non-recourse project finance facility for its plastic waste upcycling facility located in Hebron, Ohio. The term loan facility, underwritten by ING Capital LLC ("ING"), is the first of its kind in the developing plastic reclamation space for hard-to-recycle plastic.
"We are excited to be partnering with ING in demonstrating that plastic upcycling facilities that utilize new technology have access to the project finance loan markets," said Jeff McMahon, Managing Director at Freepoint Eco-Systems. "At 180 million pounds per year of plastic waste processing capacity, our Hebron, Ohio facility is one of the largest commercial scale facilities in the world, reclaiming waste plastic destined for landfills or incineration and upcycling it into a hydrocarbon-rich liquid from which our customers make new products. We believe that this transaction is an important first step in executing our strategy to build numerous waste plastics upcycling facilities across the globe."
Subha Pasumarti, Managing Director at ING Capital said, "We are thrilled to close this ground-breaking loan facility for Freepoint Eco-Systems' first commercial-scale upcycling facility. This transaction reiterates ING's commitment to support clients active in the circular economy and sustainability sectors. We anticipate demand for debt capital in the plastics recycling market will continue to grow as more waste plastic is recovered and recycled worldwide."
About Freepoint Eco-Systems
Freepoint Eco-Systems and its related companies are affiliates of Freepoint Commodities LLC, a global commodities merchant providing supply chain management services and eco-friendly products and solutions to its customers. Among other things, Freepoint Eco-Systems is in the business of helping companies and waste collectors improve their collection and disposal of plastic waste by upcycling it into a valuable commodity. Freepoint Eco-Systems and its related companies are engaged in business operations in the U.S., Europe, and Asia. More information can be found at www.FreepointEcoSystems.com
About ING
ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE:ING), a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank's more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S.
Media Contact
Paige Thornton
RF|Binder
212-994-7554
paige.thornton@rfbinder.com
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SOURCE Freepoint Eco-Systems LLC