Lasso Loop partners with Plastic Bank® to change the future of recycling

2021-05-17 2:10 min Recycling & Compounding, PET recycling systems

Lasso Loop San Mateo, CA, United States

Lasso Loop, the world's first home recycling appliance, announced a new partnership with Plastic Bank, a social enterprise revolutionizing the global supply chain for recycled ocean-bound plastic. Lasso Loop commenced its partnership with a $10,000 contribution to Plastic Bank, becoming an official partner and immediately stopping (1) million single use plastic bottles from ending up in the ocean and marking the launch its new "Invite a Friend" initiative.

Created to offer 100% closed-loop recycling and prevent materials from ever reaching the landfill or oceans, Lasso's home appliance processes seven of the most common used materials in the home: plastics, glass and metal. From loading to storage, in just 5-15 minutes, the recycling process cleans and removes contaminants like food, grease, dirt, and sticky labels, guaranteeing consistency and purity required to ensure materials can be remanufactured and made new again. Lasso is now accepting reservations, with appliances to be delivered in early 2023.

Globally, just 2% of materials are currently closed-loop recycled and of the 8.3 billion metric tons of all global plastics ever produced, 6.3 billion metric tons have become plastic waste. Of that, only 9% has been recycled.* This means the vast majority of the world's plastic waste accumulates in landfills or into the environment, including in oceans.

(Photo credit: Lasso Loop)

To further its goal of increasing closed-loop recycling and making it easy and convenient, Lasso Loop's Invite a Friend initiative rewards reservation holders and their friends with $100 cash each and an additional $100 contribution to Plastic Bank, payable upon delivery of their Lasso appliances, that will directly stop 10,000 plastic bottles from entering the ocean. This incentive amplifies Plastic Bank's efforts to clean up the existing plastic waste problem from the world's oceans, and accelerates Lasso Loop's work to change the future of recycling.

"Lasso Loop's partnership with Plastic Bank will accelerate Lasso's industry changing impact," said Aldous Hicks, Lasso Loop co-founder. "Plastic Bank has already achieved a major milestone by removing one billion plastic bottles from the world's oceans. Whilst we are striving to change the future of recycling, with Plastic Bank's help, we will also work toward cleaning up the plastic that has already made its way to our oceans as a result of the currently broken recycling system."

Plastic Bank builds ethical recycling ecosystems in coastal communities and reprocesses the materials for reintroduction into the global supply chain. Collectors in Plastic Bank's ecosystem receive a premium for the materials they collect which helps them provide basic family necessities such as groceries, cooking fuel, school tuition, and health insurance. Plastic Bank's certified blockchain platform, Alchemy™, secures the entire transaction and provides real-time data visualization – allowing for transparency, traceability, and rapid scalability.

"We're excited to be partners with Lasso Loop - a company that shares our vision leading direct environmental, social and economic impact," said David Katz, founder and CEO of Plastic Bank. "Our partnership represents a unique opportunity to make direct impact in the effort to stop ocean plastic and improve the livelihoods of collector communities."

There is no limit to the number of reservation holders who can earn cash and contribute to Plastic Bank's efforts.

(Source: PR Newswire)

www.lassoloop.com www.plasticbank.com

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(1) reference: peer-reviewed journal Science Advances

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Lasso Loop partners with Plastic Bank® to change the future of recycling

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