'E-Waste' Mining Co. BlueOak Digs Up $35M in Funding
June 11, 2014
BlueOak Resources, a sustainable sourcer of high-value metals from electronic waste (e-waste), has partnered with the Arkansas Teachers' Retirement Fund, a consortium of European and domestic investors and the Arkansas Development Finance Authority, receiving funding totaling $35 million. The investment will go towards the build-out of an urban mining refinery in the U.S. capable of retrieving valuable metals—including gold, silver, copper and palladium—from e-waste. Production at the Arkansas facility will begin by the end of 2015, initially processing 15 million pounds of electronic scrap per year, with plans for rapid expansion, bringing 50 high-paying technical jobs to the area. Kleiner Perkins and True North Venture Partners initially invested $1.55 million in the company through a Series A financing in October 2012.