Home

Translate

en English af Afrikaans sq Albanian ar Arabic hy Armenian az Azerbaijani eu Basque be Belarusian bg Bulgarian ca Catalan zh-CN Chinese (Simplified) zh-TW Chinese (Traditional) hr Croatian cs Czech da Danish nl Dutch et Estonian tl Filipino fi Finnish fr French gl Galician ka Georgian de German el Greek ht Haitian Creole iw Hebrew hi Hindi hu Hungarian is Icelandic id Indonesian ga Irish it Italian ja Japanese ko Korean lv Latvian lt Lithuanian mk Macedonian ms Malay mt Maltese no Norwegian fa Persian pl Polish pt Portuguese ro Romanian ru Russian sr Serbian sk Slovak sl Slovenian es Spanish sw Swahili sv Swedish th Thai tr Turkish uk Ukrainian ur Urdu vi Vietnamese cy Welsh yi Yiddish
Open Translation

BERLIN: Grover, a circular economy-based renter of consumer technology, has secured US$1billion in equity and asset-backed financing to increase its subscribers from 475,000 to five million by 2024.

Fasanara Capital will fund a special purpose entity to separate ownership of the assets from Grover’s subscription e-commerce platform and allow the start-up to focus on growing its markets in a bid to recirculate 24,000 tonnes of electronics in the next three years.

The company enables people and businesses to lease 3,000 products on a monthly basis, removing the need for capital expenditure.

At the end of the original subscription period the customer can buy the product, send it back or continue renting on a month-to-month basis.

Returned products are refurbished to an ‘as new’ condition and recirculated to make sure they stay in use and out of landfill. At end-of-life (EOL), Grover says it ensures the materials are reused or recycled.

Grover’s founder and CEO Michael Cassau commented: “Consumer electronics are fundamental to modern life and we believe that everyone should have access to the tech they need at prices they can afford.

“However the linear nature of society’s consumption over the years has led to e-waste becoming the fastest growing waste stream in the world. We’re capitalizing on a major shift in consumer preferences to bring more tech to more people, while reversing the alarming e-waste trend that has such severe environmental consequences.”

Currently marketing its service in Germany, France, Spain and The Netherlands, Grover says it has so far recirculated 475,000 products, equivalent to 1,400 tonnes of e-waste. According to the UN, the world generates 50 million tonnes of e-waste each year, only 20 percent of which is recycled.
Story Type: News

Vote for my Story

Our Rating: 9% - 1 votes

1000 Characters left


Latest News

September 23, 2021
Energy Editor

India's green growth imperative

DELHI: Dhruba Purkayastha is India director at the Climate Policy Initiative and director of US India Clean Energy Finance. He says despite being a one of the few “2°C compatible” members of the G20, decarbonising the country will cost US$2.5 trillion by…
September 23, 2021
Transportation Editor

Aviation group wants 10 percent SAF goal by 2030

GENEVA: A coalition of aviation stakeholders, including leading airlines, airports and fuel suppliers, want the use of Sustainable Aviation Fuel (SAF) to reach 10 percent of global jet fuel supply by 2030. In July this year the European Commission unveiled a…
September 22, 2021
Manufacturing Editor

Airbus introduces climate impact solutions

MOBILE, AL/TOULOUSE: By November this year Airbus will start delivering A220 and A320 aircraft to customers from its US manufacturing facility using a blend of Sustainable Aviation Fuel (SAF) sourced from World Energy and supplied by Signature Flight Support.…
September 22, 2021
Transportation Editor

Maritime sector calls on world leaders to act on climate mitigation

NEW YORK: Representatives of the entire maritime value chain have called on governments ahead of the UN COP26 Summit in November to align shipping with the Paris Agreement temperature goal – now agreed by scientists to be 1.5C. Developed by a…
September 22, 2021
Emissions Editor

G20 countries key to climate crisis

WASHINGTON, DC | BERLIN: Research by World Resources Institute and Climate Analytics says global temperature could be limited to +1.7°C by the end of the century, if G20 countries set 1.5°C-aligned emission reduction targets for 2030 and reach net-zero…
September 21, 2021
People Editor

World gets an ‘F’ in ethics

NEW YORK: The UN secretary-general António Guterres told the 76th General Assembly today the biased distribution of COVID-19 vaccines was an “obscenity” - with a surplus in some countries while over 90 percent of Africans still waited for their first dose.…
September 21, 2021
Emissions Editor

60 percent of Fortune Global 500 not committed to climate reduction targets

NEW YORK: The latest report from the UN Framework Convention on Climate Change (UNFCCC), in the run-up to COP26 in November, says countries’ Nationally Determined Contributions (NDCs) under the Paris Agreement “fall far short of what is required” to keep…
September 17, 2021
Emissions Editor

Agility invests in inner-city electric delivery

STOCKHOLM: Supply chain services provider Agility has become an investor in Volta Trucks, participating in a Series B investment round of €37 million that also included Luxor Capital, Proterra and original seed investor Byggmästare Anders J Ahlström. Volta…
September 17, 2021
People Editor

New philanthropy fund for climate crisis solutions

THE HAGUE: The European Climate Foundation (ECF) has launched a Climate Finance Fund, supported by the William and Flora Hewlett Foundation, to mobilize capital for climate crisis solutions. The platform aims to drive change by supporting innovative finance…
September 16, 2021
Energy Editor

Banks backs new UK oil field despite net-zero pledge

LONDON: Seventy-five miles west of the Shetland Islands there is a new oil field project known as Cambo. It’s owned by Shell and a private-equity backed firm called Siccar Point Energy. They have applied for a licence from Boris Johnson’s government to start…
September 16, 2021
Emissions Editor

P&G commits to 1.5°C

CINCINNATI: Procter & Gamble says it wants to achieve net-zero supply chain emissions - from raw material to retailer - by 2040. It will use trees or carbon capture to account for any residual emissions. The company has submitted a plan to the Science Based…
September 16, 2021
Energy Editor

European energy powers up GHG emissions reduction

LONDON: Latest data from the Science Based Targets initiative (SBTi), enabling companies to set GHG emissions reduction targets, says while 18 European power companies have approved science-based targets, the US only has one – NRG Energy. The Houston,…

We are using cookies

By continuing you are agreeing to our use of cookies

I understand