Covanta is already adding to its portfolio of acquisitions at the start of 2023.
The company, under EQT Infrastructure's ownership, has purchased Globalcycle and Global Remediation Services, adding to Covanta's New England footprint and sustainable materials management line of offerings.
“We share Covanta’s unwavering passion for sustainability and for delivering transformative environmental solutions customers can rely on," commented Tim Burbank, Globalcycle and Global Remediation Services president.
He added that, "Globalcycle and Global Remediation Services are thrilled to be joining the Covanta team, not only because of this fundamental alignment, but also because our customers will benefit deeply from the breadth of solutions, depth of expertise, and quality of service that we will be able to provide together to help businesses meet ambitious circularity goals,”
The two entities expand Covanta's wastewater treatment, recycling and environmental services. Covanta highlighted the companies' proximities to its waste-to-energy facilities in Massachusetts and Connecticut.
Globalcycle is the "only fully permitted industrial commercial wastewater treatment and recycling plant in Massachusetts." The company recycles wastewaster for industrial applications, with 15 million gallons of wastewater per year following through its facilties.
Massachusetts-based Global Remediation Services offers span site remediation, logistics and disposal, emergency response, marine services and solar field development.
“Covanta is making it possible for companies to meet the challenges of full-cycle sustainability,” said Azeez Mohammed, President and CEO at Covanta. “In order to achieve full-cycle sustainability, companies must transform their byproducts using advanced sustainable solutions that break down unwanted byproducts into carbon-negative materials that are better for the environment. Adding Globalcycle’s and Global Remediation Services’ capabilities to our lineup further delivers that promise into practice.”
This is the seventh acquisition following EQT's purchase of Covanta. Other recent purchases included SGS Recovery, Frontier Fibers and Buffalo Fuel Corp., Miller Environmental Transfer, and Biologic Environmental Services and Waste Solutions.