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In a bold move to accelerate industrial sustainability, Nuveen, the $1.3 trillion asset management powerhouse of TIAA, has committed $30 million in equity funding to CleanPlanet Chemical—a pioneer in recycling-as-a-service for industrial solvents. This strategic investment, spearheaded by Nuveen’s Private Equity Impact team, will fuel CleanPlanet’s expansion, allowing the company to scale its proprietary on-site recycling technology and redefine waste management in key industries.
This marks the fourth investment from the Nuveen Climate Inclusion Fund II, a fund laser-focused on tackling climate change and inequality by supporting businesses that drive a more inclusive transition to a low-carbon economy. The goal? To deliver strong financial returns while making a measurable social and environmental impact.
Founded in 2012, CleanPlanet aligns seamlessly with Nuveen’s mission, offering a sustainable alternative to traditional solvent disposal. Industries such as flexible packaging, coatings, automotive, and chemicals benefit from its innovative on-site recycling model—an approach that slashes waste reduces emissions, and cuts costs compared to incineration or centralized recycling, both of which demand significant transportation resources.
The impact of CleanPlanet’s technology is already substantial. In 2024 alone, the company successfully recycled over 15 million pounds of solvent waste, delivering millions in cost savings for customers while preventing the emission of 36,000+ tons of greenhouse gases. With hundreds of units deployed across various sectors and regions, CleanPlanet is reshaping how industries approach waste management.
"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."
With backing from TIAA, Nuveen has cemented its reputation as a leader in impact-driven investing. The firm blends competitive financial returns with measurable social and environmental benefits, deploying more than $33.5 billion in impact investment strategies across private and public markets.
Operating in 27 countries, Nuveen’s investment specialists bring deep expertise across a diverse mix of traditional and alternative assets, offering tailored investment solutions that align with long-term financial goals. With its latest investment in CleanPlanet, Nuveen continues to push the boundaries of sustainable finance, proving that environmental responsibility and economic growth can go hand in hand.
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