Investment to Accelerate Growth and Expand Recycling-as-a-Service Offering for Industrial Solvents
Nuveen, the $1.3 trillion asset manager of TIAA, today announced a $30 million equity investment in CleanPlanet Chemical (“CleanPlanet”), a leading provider of recycling-as-a-service for industrial solvents. The investment, made by Nuveen’s Private Equity Impact team, will support CleanPlanet’s growth initiatives and enable the company to scale its proprietary on-site recycling technology.
The investment is the fourth from Nuveen Climate Inclusion Fund II, which seeks to address two of the greatest sustainable development challenges: climate change and inequality. By investing in businesses that drive an inclusive transition to a low-carbon economy, the strategy aims to generate strong financial returns while delivering measurable social and environmental impact.
Founded in 2012, CleanPlanet aligns with Nuveen’s private equity impact strategy by providing a sustainable alternative to traditional solvent disposal methods, serving industries such as flexible packaging, coatings, automotive and chemicals among many others. Unlike incineration or centralized recycling, both of which are transportation-intensive, CleanPlanet’s on-site solution significantly reduces waste and emissions while lowering costs for customers. In 2024, CleanPlanet recycled more than 15 million pounds of solvent waste, saving customers millions of dollars in costs and avoiding over 36,000 tons of greenhouse gas emissions. Currently, the company has hundreds of units in operation across various industries and geographies.
“We’re excited to partner with Nuveen to accelerate the adoption of our technology,” said Alex Richert, CEO of CleanPlanet. “Globally, more than 80% of solvents generated each year are disposed of rather than recycled – contributing to emissions and environmental pollution. Our technology can recover most of these solvents, transforming them into a perpetually reusable product that is both cost-effective and sustainable. There is a perception that sustainability solutions come with a price tag. CleanPlanet’s recycling as a service business model provides day one cost savings of 30-50%+ with no CAPEX. This is a true waste to value solution. With Nuveen’s support, we are well-positioned to scale our impact and meet the growing demand for circular solutions.”
“CleanPlanet offers a game-changing approach to industrial waste reduction that directly lines up with our investment thesis,” said Ted Maa, Managing Director of Private Equity Impact Investing at Nuveen. “Beyond decarbonization, its offering drastically cuts hazardous waste and delivers immediate costs savings to customers. We are thrilled to partner with CleanPlanet to drive both financial returns for our investors and measurable benefits for the environment.”
Backed by TIAA, Nuveen has long been a leader in impact investing. The firm pursues positive social and environmental impact alongside competitive financial returns across various asset classes, offering a range of investment opportunities in both private and public markets. Today, Nuveen has deployed over $33.5 billion in strategies1 that deliver measurable social and environmental benefits to people, communities, and the planet.
For more information on CleanPlanet Chemical, please visit www.cleanplanetchemical.com.
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