Nuveen Private Equity Impact Makes Strategic Investment in CleanPlanet
Investment to Accelerate Growth and Expand Recyling-as-a-Service Offering for Industrial Solvents
NEW YORK, March 12, 2025 /PRNewswire/ -- 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 transporation-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.
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of December 31, 2024 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies.
For more information, please visit www.nuveen.com.
Media Contact
Andrew Chironna | Andrew.Chironna@nuveen.com | 212.913.1015
131 Dec 2024; Impact strategies may have a varying mix of impact, ESG leaders, and traditional securities. Assets under management is inclusive of underlying investment specialists and any sleeves managed on behalf of TIAA's General Account with specific responsible investing criteria or characteristics inherent to the investment thesis/asset class. Capabilities can be reflected in strategies/vehicles across fund families, including affiliates and sub-advised agreements.
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SOURCE Nuveen