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Heritage-Crystal Clean, Inc. Announces Investment in Battery Recycling Partner Retriev
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Rhea-AI Summary
Heritage-Crystal Clean, Inc. (HCCI) announced its investment in battery recycling partner Retriev through its subsidiary, Heritage-Crystal Clean, LLC. Retriev is a leader in integrated battery recycling, providing comprehensive services for lithium-ion and other battery chemistries. This collaboration aims to enhance collection and recycling efforts across the U.S. and Canada, meeting the growing demand in the battery supply chain. CEO Brian Recatto emphasized the investment's potential to support both current customers and future sustainability goals.
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Strategic investment in Retriev enhances HCCI's battery recycling capabilities in the U.S. and Canada.
Partnership positions HCCI to capitalize on the increasing demand for battery recycling services due to electrification trends.
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ELGIN, Ill.--(BUSINESS WIRE)--
Heritage-Crystal Clean, Inc. (Nasdaq: HCCI), a leading provider of parts cleaning, hazardous and non-hazardous waste services, used oil re-refining, antifreeze recycling and field services primarily focused on small and mid-sized customers, today announced an investment in its battery recycling partner, HBR Retriev Holdco, LLC (Retriev), through its operating subsidiary, Heritage-Crystal Clean, LLC (HCC).
Retriev is an integrated battery recycling platform that includes the operations of Heritage Battery Recycling, Retriev Technologies, and Battery Solutions. Retriev is the only complete service provider for lithium and cross-chemistry in the industry, offering battery-centric logistics, collection program solutions and second-life applications. This investment, together with the logistics services agreement HCC executed with Retriev earlier this year, positions HCC to further capitalize on the opportunity to provide comprehensive collection and recycling services to businesses throughout the U.S. and Canada.
The circular battery supply chain is complex. Ensuring a robust network of battery-centric logistics focused on safety and compliance are critical to the success of this sector. HCC’s strategic locations will support Retriev’s growing demand in end-of-life battery collection and logistics.
"We are very excited with this investment as we believe it provides a great opportunity for our shareholders to benefit further from the growing electrification of our economy," said Brian Recatto, President and CEO, HCC. “We believe this puts us in a great position to assist our current customers and future generations in achieving their sustainability goals.”
Safe Harbor Statement
All references to the “Company,” “we,” “our,” and “us” refer to Heritage-Crystal Clean, Inc., and its subsidiaries. This release contains forward-looking statements that are based upon current management expectations. Generally, the words "aim," "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will be," "will continue," "will likely result," "would" and similar expressions identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements or industry results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. These risks, uncertainties and other important factors include, among others: developments in the COVID-19 pandemic and the resulting impact on our business and operations, general economic conditions and downturns in the business cycles of automotive repair shops, industrial manufacturing businesses and small businesses in general; increased solvent, fuel and energy costs and volatility, including a drop in the price of crude oil, the selling price of lubricating base oil, solvent, fuel, energy, and commodity costs; our ability to enforce our rights under the FCC Environmental purchase agreement; our ability to pay our debt when due and comply with our debt covenants; our ability to successfully operate our used oil re-refinery and to cost-effectively collect or purchase used oil or generate operating results; increased market supply or decreased demand for base oil; further consolidation and/or declines in the United States automotive repair and manufacturing industries; the impact of extensive environmental, health and safety and employment laws and regulations on our business; legislative or regulatory requirements or changes adversely affecting our business; competition in the industrial and hazardous waste services industries and from other used oil re-refineries; claims and involuntary shutdowns relating to our handling of hazardous substances; the value of our used solvents and oil inventory, which may fluctuate significantly; our ability to expand our non-hazardous programs for parts cleaning; our dependency on key employees; our level of indebtedness, which could affect our ability to fulfill our obligations, impede the implementation of our strategy, and expose us to interest rate risk; the impact of legal proceedings and class action litigation on us and our ability to estimate the cash payments we will make under litigation settlements; our ability to effectively manage our network of branch locations; the control of The Heritage Group over the Company; and the risks identified in the Company's Annual Report on Form 10-K filed with the SEC on March 2, 2022. Given these uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. We assume no obligation to update or revise them or provide reasons why actual results may differ. The information in this release should be read in light of such risks and in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this release.
About Heritage-Crystal Clean, Inc.
Heritage-Crystal Clean, Inc. provides parts cleaning, used oil re-refining, and hazardous and non-hazardous waste services primarily to small and mid-sized manufacturers and other industrial businesses as well as customers in the vehicle maintenance sector. Our service programs include parts cleaning, containerized waste management, used oil collection and re-refining, wastewater vacuum, waste antifreeze collection, recycling and product sales, and field services. These services help our customers manage their used chemicals and liquid and solid wastes, while also helping to minimize their regulatory burdens. Our customers include small-to-medium sized manufacturers, such as metal product fabricators and printers, and other industrial businesses as well as businesses involved in vehicle maintenance operations, such as car dealerships, automotive repair shops, and trucking firms. Through our used oil re-refining program during fiscal 2021, we recycled approximately 66 million gallons of used oil into high quality lubricating base oil, and we are a supplier to firms that produce and market finished lubricants. Through our antifreeze program during fiscal 2021 we recycled approximately 3.9 million gallons of spent antifreeze which was used to produce a full line of virgin-quality antifreeze products. Through our parts cleaning program during fiscal 2021 we recycled 2 million gallons of used solvent into virgin-quality solvent to be used again by our customers. In addition, we sold 0.5 million gallons of used solvent into the reuse market. Through our containerized waste program during fiscal 2021 we collected 21 thousand tons of regulated waste which was sent for energy recovery. Through our wastewater vacuum services program during fiscal 2021 we treated approximately 49 million gallons of wastewater. Heritage-Crystal Clean, Inc. is headquartered in Elgin, Illinois, and operates through 91 branches serving approximately 95,000 customer locations.
About Retriev Technologies
Retriev, the recognized leader in battery management and recycling, has been at the forefront of safe and responsible recycling technology for decades, processing lithium batteries for over 30 years. Retriev utilizes a patented hydrometallurgical process which recovers critical materials necessary for the manufacturing of lithium-ion batteries that are used to power our world. Retriev's reputation is built on research, knowledge, compliance and responsible battery recycling and management services.
