SAN JOSE, Calif.–(BUSINESS WIRE)– As Green Technology Solutions (OTCBB: GTSO) and partner Chilerecicla continue exporting recycled electronic-waste to overseas smelters, fresh funds have been pumped into the market through mobile phone trade-ins.
Technology company Apple (NASDAQ: AAPL) recently initiated a trade-in program enabling consumers to return used iPhones in exchange for cash. Through its Reuse and Recycle program, Apple allows customers to turn in their iPhone for a rebate of up to $345. Apple’s program comes on the heels of news that last year approximately 1.7 billion mobile phones, containing 453 million pounds of e-waste materials, were manufactured.
In addition, ERecyclingCorps, which recycles cellular phones with the assistance of carriers and retailers, recently received a $105 million Series C investment from current and future investors.
“Apple’s involvement likely ensures users will turn in their phones to be recycled before continuing the cycle of buying a new mobile device,” GTSO CEO Paul Watson said. “That signals a market for recycling that will continue to grow and become very profitable for years to come.”
GTSO, an environmentally conscious company with an ongoing interest in delivering “green friendly” solutions to a global market, is currently involved in e-waste partnerships domestically and with partners in Latin America and other emerging markets.
With the urban mining market projected to approach $24 billion by 2018, GTSO plans to develop best practices for recycling precious and rare minerals from e-waste with partners like Chilerecicla as well as development plans for U.S. operations through Green Urban Mining.
Urban mining is pivotal to GTSO’s vision to compete alongside major international corporations striving for sustainable waste solutions, such as Covanta Holding Corporation (NYSE: CVA), Industrial Services of America (NASDAQ: IDSA) and Sims Metal Management Ltd. (NYSE: SMS). Late last year, GTSO acquired the company Global Cell Buyers and soon after rebranded the company as Green Urban Mining to handle its domestic recycling and resale operations.
Source: Green Technology Solutions, Inc./Business Wire