ELGIN, Ill –Heritage-Crystal Clean, Inc. (Nasdaq: HCCI), a leading provider of parts cleaning, hazardous and non-hazardous waste, used oil refining, antifreeze recycling and service in the field primarily focused on small and medium-sized businesses, 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 industry’s only full-service lithium and cross-chemistry provider, offering battery-centric logistics, collection program solutions and second-life applications. This investment, along with the logistics services agreement HCC signed with Retriev earlier this year, allows HCC to further capitalize on the opportunity to provide comprehensive collection and recycling services to businesses across the United States and Canada.
The circular battery supply chain is complex. Ensuring a strong battery-centric logistics network focused on safety and compliance is critical to the success of this industry. HCC’s strategic locations will meet Retriev’s growing demand for end-of-life battery collection and logistics.
“We are excited about this investment, as we believe it provides a great opportunity for our shareholders to further benefit from the growing electrification of our economy,” said Brian Recatto, President and CEO, HCC. “We believe this puts us in an excellent position to help our current customers and future generations achieve their sustainability goals.”
Safe Harbor Statement
All references to the “Company”, “we”, “us” and “our” refer to Heritage-Crystal Clean, Inc. and its affiliates. This release contains forward-looking statements based on management’s current expectations. Generally, the words “aim”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “project” , “should”, “will”, “will”, “will probably 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 the results of the industry to differ materially from any future results, performance or achievements expressed or implied. -understood by these forward-looking statements. These risks, uncertainties and other important factors include, among others: the evolution of the COVID-19 pandemic and the resulting impact on our business and operations, general economic conditions and downturns in the business cycles of auto repair, industrial manufacturing companies and small businesses in general; increased costs and volatility of solvents, fuel and energy, including a decline in the price of crude oil, selling price of lubricating base oil, solvents, fuel, energy and raw material costs; our ability to enforce our rights under the FCC Environmental Purchase Agreement; our ability to pay our debt when due and meet our debt covenants; our ability to successfully operate our used oil refinery and profitably collect or purchase used oil or generate operating results; increase in market supply or decrease in base oil demand; the continued consolidation and/or decline of the automotive repair and manufacturing industries in the United States; the impact of numerous 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 industries of industrial and hazardous waste management services and other used oil refineries; complaints and involuntary shutdowns related to our handling of hazardous substances; the value of our inventory of used solvents and oils, which can fluctuate significantly; our ability to expand our non-hazardous parts cleaning programs; our dependence on key employees; our level of indebtedness, which could affect our ability to meet our obligations, impede the execution of our strategy and expose us to interest rate risk; the impact of legal proceedings and class actions on us and our ability to estimate the cash payments we will make in litigation settlements; our ability to effectively manage our branch network; The Heritage Group’s control 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 such forward-looking statements. We assume no obligation to update or revise them or to provide reasons why actual results may differ. The information in this release should be read in light of these risks and in conjunction with the consolidated financial statements and accompanying notes included elsewhere in this release.
About Heritage-Crystal Clean, Inc.
Heritage-Crystal Clean, Inc. provides parts cleaning, used oil refining, and hazardous and non-hazardous waste services primarily to small and medium-sized manufacturers and other industrial companies as well as industry customers. vehicle maintenance. Our service programs include parts cleaning, containerized waste management, used oil collection and refining, sewage vacuuming, waste antifreeze collection, product recycling and sale, and field services. These services help our customers manage their used chemicals and their liquid and solid waste, while helping them to minimize their regulatory constraints. Our customers include small to medium-sized manufacturers, such as metal fabricators and printers, and other industrial companies as well as companies involved in vehicle service operations, such as car dealerships, workshops auto repair and trucking companies. Through our used oil re-refining program in fiscal year 2021, we recycled approximately 66 million gallons of used oil into high-quality lubricating base oil, and we are a supplier to companies that produce and market finished lubricants. Through our antifreeze program in fiscal year 2021, we recycled approximately 3.9 million gallons of used antifreeze that was used to produce a full line of virgin-grade antifreeze products. Through our parts cleaning program in fiscal year 2021, we recycled 2 million gallons of used solvent into virgin-grade solvent for reuse by our customers. Additionally, we sold 0.5 million gallons of used solvents to the reuse market. Through our containerized waste program in fiscal year 2021, we collected 21,000 tonnes of regulated waste that was sent for energy recovery. Through our sewage vacuuming services program in fiscal year 2021, we treated approximately 49 million gallons of wastewater. Heritage-Crystal Clean, Inc. is headquartered in Elgin, Illinois and operates through 91 branch offices 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 uses a patented hydrometallurgical process that recovers the critical materials needed to manufacture lithium-ion batteries used to power our world. Retriev’s reputation is built on research, knowledge, compliance and responsible battery recycling and management services.