Recycle Track Systems

Last updated
Recycle Track Systems
Company type Private
Industry
Founded2014;10 years ago (2014)
Founder
  • Gregory Lettieri
  • Adam Pasquale
Headquarters,
United States
Area served
United States
Canada
Key people
Gregory Lettieri, CEO
Lew Frankfort
Shazi Visram
Websitewww.rts.com

Recycle Track Systems (RTS) is a waste management and sustainability provider operating across North America. [1] [2] RTS produces Pello, which is an AI-power waste sensor technology; and Cycle, a digital recycling rewards platform and reverse vending machine operator. RTS uses artificial intelligence, a software platform, and a proprietary tracking system to provide hauling services for recurring and on-demand waste, recycling, organics, and bulk removal. RTS tracks materials as they travel to recycling or composting facilities and provides companies with reports that show how much material was recycled or composted. [3] [4] The customer experience has been compared the app-based car service, Uber. [5] [6]

Contents

History

RTS was co-founded by CEO Gregory Lettieri and Adam Pasquale in 2014. [7] [8] Lettieri is a native of Staten Island and formerly worked in technology at Bank of America. [9] Pasquale is a fourth-generation member of a New York waste-hauling family, [8] and his great-grandfather started in the garbage business with pushcarts on Mulberry Street in Manhattan's Little Italy in the early 1900s. [7]

In June 2017, the company closed a series A financing round worth $11.7 million with Boston-based growth equity firm Volition Capital, the former U.S. team of Fidelity Ventures. [10] [11] Volition also provided the first outside money into Chewy, a pet supplies company that sold to PetSmart. [12] Lew Frankfort, the former chairman and CEO of Coach, Inc., also served as a board member. [13]

In 2018, RTS donated 17,952 square feet of wood and 27 rolls of unused synthetic snow from the NHL Winter Classic game held at Citi Field to Materials for the Arts, a Long Island City-based program of the Department of Cultural Affairs that supports non-profit organizations and public schools throughout New York City. [14] [15] RTS also donated approximately 66,000 pounds of food waste for Washington Nationals in the 2018 season. [16] In 2021 RTS became a member of the Solid Waste Environmental Excellence Performance standard. [17] That year RTS closed a Series C round of financing led by the Citi Impact Fund. The $35 million investment round valued the company at $265 million according to the Wall Street Journal. [18]

RTS customers include Whole Foods, [19] WeWork, [20] SoulCycle, Barclays Center, [21] [22] Citi Field, [23] Nationals Park [4] [24] and Audi Field. [25] [26]

Acquisitions

In January 2022, RTS acquired Elytus Ltd., a Columbus, Ohio waste services management company that served a cloud-based software platform with 12,000 locations. [27] In February 2023, RTS acquired the assets of Cycle Technology, Inc. (Cycle). RTS introduced Cycle's reverse vending machine to a wider audience during Super Bowl LVII in collaboration with Anheuser-Busch at State Farm Stadium in Glendale, Arizona. They have also partnered with professional sports teams like the New York Mets [28] as well as teams in the NFL and MLS. [29] In 2023 RTS acquired RecycleSmart Solutions, Inc. (RecycleSmart). [30] The acquisition included the Pello, a waste sensor technology and Internet of Things (IoT) hardware and software platform. [31]

Awards

RTS was honored in the Best for Environment list, based on an independent, comprehensive assessment administered by the nonprofit B Lab, the organization that certifies B Corporations. [32]

Related Research Articles

<span class="mw-page-title-main">Recycling</span> Converting waste materials into new products

Recycling is the process of converting waste materials into new materials and objects. This concept often includes the recovery of energy from waste materials. The recyclability of a material depends on its ability to reacquire the properties it had in its original state. It is an alternative to "conventional" waste disposal that can save material and help lower greenhouse gas emissions. It can also prevent the waste of potentially useful materials and reduce the consumption of fresh raw materials, reducing energy use, air pollution and water pollution.

<span class="mw-page-title-main">Waste management</span> Activities and actions required to manage waste from its source to its final disposal

Waste management or waste disposal includes the processes and actions required to manage waste from its inception to its final disposal. This includes the collection, transport, treatment, and disposal of waste, together with monitoring and regulation of the waste management process and waste-related laws, technologies, and economic mechanisms.

<span class="mw-page-title-main">Reverse vending machine</span> Machine for recycling bottles and cans

A reverse vending machine (RVM) is a machine that allows a person to insert a used or empty glass bottle, plastic bottle, or aluminum can in exchange for a reward. After inserting the recyclable item, it is then compacted, sorted, and analyzed according to the number of ounces, materials, and brand using the universal product code on the bottle or can. Once the item has been scanned and approved, it is then crushed and sorted into the proper storage space for the classified material. Upon processing the item, the machine rewards people with incentives, such as cash or coupons.

Pay as you throw (PAYT) is a usage-pricing model for disposing of municipal solid waste. Users are charged a rate based on how much waste they present for collection to the municipality or local authority.

<span class="mw-page-title-main">Waste Management (company)</span> American waste and environmental services company

Waste Management, Inc., doing business as WM, is a waste management, comprehensive waste, and environmental services company operating in North America. Founded in 1968, the company is headquartered in the Bank of America Tower in Houston, Texas.

<span class="mw-page-title-main">TerraCycle</span> American industrial company

TerraCycle is a private U.S.-based recycling business headquartered in Trenton, New Jersey. It primarily runs a volunteer-based recycling platform to collect non-recyclable pre-consumer and post-consumer waste on behalf of corporate donors, municipalities, and individuals to turn it into raw material to be used in new products. TerraCycle also manages Loop, a consumer-products shopping service with reusable packaging.

<span class="mw-page-title-main">Green waste</span> Biodegradable waste

Green waste, also known as "biological waste", is any organic waste that can be composted. It is most usually composed of refuse from gardens such as grass clippings or leaves, and domestic or industrial kitchen wastes. Green waste does not include things such as dried leaves, pine straw, or hay. Such materials are rich in carbon and considered "brown wastes," while green wastes contain high concentrations of nitrogen. Green waste can be used to increase the efficiency of many composting operations and can be added to soil to sustain local nutrient cycling.

<span class="mw-page-title-main">Zabbaleen</span> Word which literally means "garbage people" in Egyptian Arabic

The Zabbaleen is a word which literally means "garbage people" in Egyptian Arabic. The contemporary use of the word in Egyptian Arabic is to mean "garbage collectors". In cultural contexts, the word refers to teenagers and adults who have served as Cairo's informal garbage collectors since approximately the 1940s. The Zabbaleen are also known as Zarraba, which means "pig-pen operators." The word Zabbalīn came from the Egyptian Arabic word zebāla which means "garbage".

<span class="mw-page-title-main">Waste sorting</span> Environmental practice of separating waste categories to make it easy to recycle

Waste sorting is the process by which waste is separated into different elements. Waste sorting can occur manually at the household and collected through curbside collection schemes, or automatically separated in materials recovery facilities or mechanical biological treatment systems. Hand sorting was the first method used in the history of waste sorting. Waste can also be sorted in a civic amenity site.

There is no national law in the United States that mandates recycling. State and local governments often introduce their own recycling requirements. In 2014, the recycling/composting rate for municipal solid waste in the U.S. was 34.6%. A number of U.S. states, including California, Connecticut, Delaware, Hawaii, Iowa, Maine, Massachusetts, Michigan, New York, Oregon, and Vermont have passed laws that establish deposits or refund values on beverage containers while other jurisdictions rely on recycling goals or landfill bans of recyclable materials.

<span class="mw-page-title-main">Lyft</span> American ride-sharing company

Lyft, Inc. is an American company offering mobility as a service, ride-hailing, vehicles for hire, motorized scooters, a bicycle-sharing system, rental cars, and food delivery in the United States and select cities in Canada. Lyft sets fares, which vary using a dynamic pricing model based on local supply and demand at the time of the booking and are quoted to the customer in advance, and receives a commission from each booking. Lyft is the second-largest ridesharing company in the United States after Uber.

<span class="mw-page-title-main">Upcycling</span> Recycling waste into products of higher quality

Upcycling, also known as creative reuse, is the process of transforming by-products, waste materials, useless, or unwanted products into new materials or products perceived to be of greater quality, such as artistic value or environmental value.

<span class="mw-page-title-main">Tom Szaky</span> Hungarian businessman

Tom Szaky is the CEO and founder of TerraCycle, a private, US-based business headquartered in Trenton, New Jersey that turns non-recyclable pre-consumer and post-consumer waste into raw material to be used in new products.

<span class="mw-page-title-main">BigBelly</span>

Bigbelly was originally a solar powered trash-compacting bin, manufactured by U.S. company Big belly Solar Inc for use in public spaces such as parks, beaches, amusement parks, universities, retail properties, grocery industry and food service operators. The bin was designed and originally manufactured in Needham, Massachusetts, by Seahorse Power, a company set up in 2003 with the aim of reducing fossil fuel consumption. Due to the bin's commercial success, Seahorse Power changed its name to BigBelly Solar.

Waste management in Japan today emphasizes not just the efficient and sanitary collection of waste, but also reduction in waste produced and recycling of waste when possible. This has been influenced by its history, particularly periods of significant economic expansion, as well as its geography as a mountainous country with limited space for landfills. Important forms of waste disposal include incineration, recycling and, to a smaller extent, landfills and land reclamation. Although Japan has made progress since the 1990s in reducing waste produced and encouraging recycling, there is still further progress to be made in reducing reliance on incinerators and the garbage sent to landfills. Challenges also exist in the processing of electronic waste and debris left after natural disasters.

Enevo is a company that works in data analytics, container asset management, and logistics software for the waste and recycling industry. Enevo was originally founded in Finland in 2010 by Fredrik Kekäläinen and Johan Engström.

<span class="mw-page-title-main">Waste management in Taiwan</span>

Waste management in Taiwan refers to the management and disposal of waste in Taiwan. It is regulated by the Department of Waste Management of the Ministry of Environment of the Executive Yuan.

<span class="mw-page-title-main">Recycling in Taiwan</span>

Taiwan has one of the most efficient recycling programs globally, with a 55% collection rate from households and businesses and a 77% collection rate from industrial waste in 2019. Taiwan’s high recycling rates are unattainable in most countries due to Taiwanese geographical advantages along with efficient waste processing technologies and systems.

China's waste import ban, instated at the end of 2017, prevented foreign inflows of waste products. Starting in early 2018, the government of China, under Operation National Sword, banned the import of several types of waste, including plastics with a contamination level of above 0.05 percent. The ban has greatly affected recycling industries worldwide, as China had been the world's largest importer of waste plastics and processed hard-to-recycle plastics for other countries, especially in the West.

In Egypt, waste and lack of proper management of it pose serious health and environmental problems for the country and its population. There has been some governmental attempts to better the system of waste management since the 1960s but those have not proven sufficient until now. In the last 10 years focus on this issue and solutions to it has increased both from the government and civil society. Some attempts at recycling are present, and growing in the country. But these are largely informal or private actors, and government initiatives are necessary to properly manage these systems and provide them with appropriate resources.

References

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Further reading