NEW YORK--(BUSINESS WIRE)--Subsea Environmental Services (“Subsea” or the “Company”), a subsea telecom services and recycling company, has announced a strategic partnership with Orion Infrastructure Capital (“OIC”). The capital investment will provide the Company up to $31 million to support vessel acquisitions, expansion of their submarine cable portfolio and other growth opportunities.
Based in New York City, Subsea recovers and decommissions out-of-service (“OOS”) submarine telecommunications cables. Since commencing marine operations in 2014, Subsea has recovered over 40,000 kilometers of OOS cable from the seabed. The recovered cable is processed and the recycled materials, including ferrous and non-ferrous metals as well as high-grade plastics, are then reintroduced into the supply chain offsetting consumption of newly-mined and virgin production material. In addition to recovering and recycling its own deep-water submarine cables, Subsea also provides shore-end decommissioning and logistics services to the telecoms industry.
“With OIC’s capital infusion and our eight years of operating history, we are now well-positioned to leverage our expertise and accelerate growth of the business,” said John Theodoracopulos, Subsea’s Managing Partner. “We are excited to partner with OIC who share our vision of environmental stewardship and understand the excellent opportunity presented during this period of unprecedented growth in submarine telecoms infrastructure.
“Subsea is a leader in the niche market of recovery and recycling of OOS submarine cables and we couldn’t be more excited to be a part of it,” said Jeremy Glick, Managing Director and Head of Infra Growth. “This partnership aligns with OIC’s strategy to provide flexible capital to growing companies that support sustainable infrastructure and resource recovery.”
EF Hutton, division of Benchmark Investments, LLC, served as financial advisor to Subsea.
About Subsea Environmental Services
Subsea was founded on the principal that the responsible recovery and recycling of retired submarine cables is good for both business and the environment. Subsea performs all cable recovery operations in strict compliance with International Cable Protection Committee (ICPC) recommendations. Similarly, all associated marine and recycling operations are performed in conformance with good industry practices and regulations. Subsea has a portfolio of approximately 100,000 kilometers of OOS cable, and utilizes its own equipment and experienced crews as well as assets of opportunity for operations. For more information, please visit www.subsea.cc.
With approximately $3 billion in assets under management, OIC invests in North America and select international markets. OIC’s unique partnership approach – for entrepreneurs, by entrepreneurs – cultivates creative credit, equity, and growth capital solutions to help middle market businesses scale and deploy sustainable infrastructure. OIC’s target investment sectors include energy efficiency, digital infrastructure, social infrastructure, sustainable power generation, renewable fuels, waste & recycling, water, transportation, and agriculture. OIC was founded in 2015 by a team of energy and sustainability veterans, successful infrastructure investors, and former asset owners and industry operators. Across OIC’s platform is a team of 36 professionals based in New York, Houston and London. For more information, please visit www.OIC.com.