AMP Robotics Introduces New Lease Program for Recycling
AMP Robotics Corp. announced a new lease program to make AI and robotics even more accessible to recycling businesses facing operational and economic challenges created by the coronavirus pandemic.
“The challenging operating environment for recycling businesses brought on by COVID-19 has sharpened focus on key issues like worker safety, productivity, bale purity, labor shortages, and lowering the overall cost of recycling—all existing pain points for the industry that the pandemic has elevated,” said Matanya Horowitz, AMP founder and chief executive officer. “Operators are weighing automation not only for its immediate and direct financial return, but also its ability to enable recycling businesses to be resilient in the face of these challenges. Our new financing option, the AMP Cortex™ Lease, makes our technology more accessible than ever to the industry at this critical time, when the pandemic has made recycling that much more important to our domestic supply chain.”
“Robotics helps overcome workplace safety issues presented by the coronavirus, creating natural barriers between employees to ensure social distancing. Our automation also enables facilities to operate with smaller groups of people, helping them maintain full operations with limited staffing,” added Chris Wirth, vice president of marketing for AMP.
“Recycling businesses continue to be squeezed by fixed costs and volatile commodity pricing, but with the AMP Cortex Lease they can reduce variable operating costs for sorting by upwards of 70%. On top of that, material recovery facilities can boost productivity and flex capacity to quickly capture high-value, in-demand commodities like paper and OCC, increasing both their top- and bottom-lines.”
AMP’s technology recovers plastics, cardboard, paper, metals, cartons, cups, and many other recyclables that are reclaimed for raw material processing. AMP’s AI platform visually identifies different types of materials with high accuracy, then guides high-speed robots to pick out and recover recyclables at superhuman speeds for extended periods of time. The company continues on a major growth trajectory as it scales its business to meet demand, having recently announced a 50% increase in revenue in the first quarter of 2020, a rapidly growing project pipeline, and last month’s recycling technology milestone of one billion recyclables processed over the last 12 months.
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By Neha Mule
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