ReCellular to Recycle More Mobile Phones with Help of Investor Growth

ReCellular, cell-phone recycling firm, announced today that Investor Growth Capital is investing $15 million in a Series A Preferred Stock financing. The investment adds a growing clean-tech company to IGC's portfolio, and will enable ReCellular to handsets.

ReCellular's revenues have increased an average of 25 percent for the past eight years. Today, the company is the leading collector, recycler and refurbisher of cell phones in the world.  In 2008, the company is on track to process more than 6 million phones - equal to the combined population of Wyoming, Vermont, North Dakota, Alaska, South Dakota, Delaware, Montana, and Rhode Island.

With an estimated 3.3 billion cell-phone users worldwide, and 130 million phones retired in the U.S. every year, there isan  opportunity for significant growth in the global cell-phone reuse and recycling market.

"We processed almost 5,000 phones in our first year of business," says Newman. "Today, we get an average of 24,000 phones - enough to fill seven mail trucks - every day, five days a week. With the support and resources of IGC, we see the potential to double the number of mail trucks delivering to ReCellular in the very near future."