Grant Funding Awarded to RGX
The State of Colorado has awarded grant funding to an organization that hopes to streamline its ITAD services to ensure that the process is easier and smoother for all parties involved.
Recycle Global Exchange (RGX) was recently given a $250,000 Early-Stage Capital and Retention grant. This special funding is specifically allocated to encourage businesses “commercializing innovative and disruptive technologies.”
A Cloud Based Marketplace
The core mission of RGX, headed by CEO Sean Miles, is to reduce the overall costs associated with electronic recycling both economically and ecologically. This objective is intended to aid smaller scale recyclers, diversify the industry, and most importantly raise recycling rates.
Through his platform, Miles envisions a system that unites corporate customers with recyclers. He feels this connection could bridge the gap in the current “fragmented system.”
RGX’s innovative cloud-based marketplace has been designed by the company to assist customers with project requests. It encourages e-scrap recyclers located near customers geographically to present competitive bids.
“We are the first true marketplace for the industry that I’m aware of,” he explained to E-Scrap News. “There’s a lot of vendors and wholesale recyclers that built their own little portals for clientele, but we are completely neutral.”
So far, RGX has been able to discover a qualified recycler just 60 miles away from most of the projects that the firm has been assigned. By contrast, bigger businesses often transport used electronics hundreds of miles for disposal. Consequently, having a nearby option not only saves money but also lessens the pollution brought about by long-distance transportation.
“It’s kind of winning all over,” Miles stated. “You’re promoting local business, you’re reducing environmental impact and trucking emissions and you get a ROI cost savings on logistics alone, and then along with competitive bidding.”
Further, RGX declared its intention to make available a filtering system for companies to narrow search results for recyclers. This will include specifications such as nonprofit organizations, veteran-owned businesses, and those owned by minorities or women.
“The last thing on people’s mind is recycling,” he added, “but our goal is to make it relevant and easier.”
The RGX Process
Utilizing RGX is a no cost process for both customers and recyclers. To begin, customers simply invest five minutes to complete a request form that specifies the amount of material as well as its type. After receiving bids from recyclers, customers are then presented with the opportunity to select one according to selected preferences.
After the RGX platform has determined where the recyclable material is located, and which recycler will pick it up, calculations of carbon emissions are determined. Once the material is collected and processed, data such as its value and documents confirming its destruction are uploaded back into the platform.
Using its database, RGX enables customers to quickly and easily obtain records related to private financial transactions. Prices for each deal are based on the services provided, although any added “premium” costs are discussed individually.
“We’re more than a broker,” Miles asserted. “We’re a managed marketplace. We’re helping you out.”
He outlined that RGX’s platform is intended mainly for large companies and institutions with multiple sites, which have a huge need for electronic components. However, he highlighted that anyone can take advantage of the system.
“Our mantra is ‘do better’ because that doesn’t put a stake up where you have to perfect, just better than yesterday and to move the needle on how much is responsibly recycled,” Miles stated.
Colorado Grant Details
This year, Colorado has awarded grants from its Advanced Industries Accelerator Program to a total of 37 companies and 6 researchers for an approximate sum of $10 million. Funded by Colorado’s Office of Economic Development and International Trade, these awards are expected to fuel growth in various industries within the state.
“The advanced industries are known to be a key driver of Colorado’s economy. Today’s announcement also demonstrates their role in creating new technologies. From women’s health to wildfire mitigation and concussion prevention, these grant recipients will create new good-paying jobs for Coloradans while also improving and sustaining the strong quality of life our state is known for,” OEDIT’s Advanced Industries Senior Manager, Rama Haris said.
The grant cycle for Advanced Industries Accelerator Program saw a large number of applications, with a total of ninety-nine being submitted. A committee made up of experts in business, technology and finance carried out a multi-stage review process before presenting final recommendations to be approved by the Economic Development Commission on May 18th, 2023.
Moving forward, another application cycle for Proof-of-Concept and Early Stage Capital and Retention Grants is scheduled to commence on July 3rd, and will close on September 1st, 2023.
RGX and Fluid Truck Form a Partnership
Recently, RGX has joined forces with Fluid Truck, a commercial truck rental service, to help minimize environmental impact from transportation. Through this partnership, local e-scrap vendors listed on the RGX platform will be able to gain access to carbon-neutral electric vehicles for any jobs that may arise.
To get the partnership off the ground, co-founder and RGX COO, Paul Logsdon “used a Fluid vehicle to pilot” the arrangement.
“We recently had a few smaller recycling opportunities in the heart of downtown Austin,” Logsdon says, “and quickly realized our vendor’s box truck was overkill and would be a nightmare to park. We solved this problem by using a Fluid Truck van for a two-hour block of time. It couldn’t have been easier to reserve, find, use, and return the vehicle.”
Fluid Truck offers a unique alternative for transportation in Denver. The company’s electric trucks provide both eco-friendly disposal services and zero emissions delivery. Outside of these markets, customers have access to cost effective local vehicles for any material pick up and drop off needs.
“Sustainability is at the core of our business, and we’re excited to launch this partnership which will reduce e-waste and its associated impacts for so many Colorado businesses and beyond,” James Eberhard, CEO and Founder of Fluid Truck states.
“RGX and Fluid are Denver-based members of the Colorado Cleantech Industries Association (CCIA) and James and I are long-term friends, so partnering on this sustainable solution was a natural step for us. It’s exciting that our companies are working together to focus on reducing environmental impact initiatives,” added Miles.
