DENVER--(BUSINESS WIRE)--AMP Robotics Corp. (“AMP”), a pioneer and industry leader in artificial intelligence (AI) and robotics for the recycling industry, today 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.”
The AMP Cortex Lease program offers interest-free financing without an upfront payment, enabling waste management and recycling businesses to get the benefits of sorting automation without the capital expense. Monthly payments are fixed and can total less than $6,000 a month, freeing up cash that companies can reinvest in other parts of their business. These financial benefits also help municipalities maintain the public service of recycling during challenging economic times and budget shortfalls. The AMP Cortex Lease program also includes warranty, maintenance, and service packages, alleviating concerns about the perceived risk of emerging technologies like AI and robotics.
“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.”
In addition to its environmental role in combating waste and unnecessary landfilling, recycling also provides critical feedstock for the manufacturing supply chain. Recycling has become even more essential as the virus disrupts global supply chains and puts pressure on the availability of domestic raw material. With shelter-in-place measures, residential volumes of recyclables have skyrocketed as consumers quickly change their purchasing habits. High volumes of plastic, paper, cardboard, and metals are hitting material streams, while demand for paper and cardboard has spiked to meet the increasing need for shipping packaging and other fiber-based products. Most of the materials used to make boxes come from recyclers in the form of recovered mixed paper and old corrugated cardboard (OCC).
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.
About AMP Robotics™ Corp.
AMP Robotics is applying AI and robotics to help modernize recycling, enabling a world without waste. The AMP Cortex™ high-speed robotics system automates the identification and sorting of recyclables from mixed material streams. The AMP Neuron™ AI platform continuously trains itself by recognizing different colors, textures, shapes, sizes, patterns, and even brand labels to identify materials and their recyclability. Neuron then guides robots to pick and place the material to be recycled. Designed to run 24/7, all of this happens at superhuman speed with extremely high accuracy. With deployments across the United States, Canada, Japan, and now expanding into Europe, AMP’s technology recycles municipal waste, e-waste, and construction and demolition debris. Headquartered and with manufacturing operations in Colorado, AMP is backed by Sequoia Capital, Closed Loop Partners, Congruent Ventures, and Sidewalk Infrastructure Partners (“SIP”), an Alphabet Inc. (NASDAQ: GOOGL) company.