AERT Receives $15 Million in Funding

Advanced Environmental Recycling Technologies of Springdale has been issued an $8 million revolving line of credit and a $7 million term loan from AloStar Business Credit.

The announcement was made via news release on Friday.

AloStar Business Credit is the asset-based lending arm of AloStar Bank of Commerce, which is headquartered in Birmingham, Ala. According to the release, AloStar Business Credit provides asset-based lending products nationwide to businesses ranging between $20 million and $300 million in revenue, and with financing needs ranging between $5 million and $20 million.

AERT is a recycler of polyethylene plastic and waste wood fiber used as non-wood alternatives for building materials with both commercial and residential applications. In addition to its Springdale headquarters, the company operates facilities in Lowell and Watts, Okla.

AERT announced late last month a line of its composite decking materials, ChoiceDek Foundations, has been introduced in more than 950 Lowe’s stores.

“Advanced Environmental Recycling Technologies is widely recognized as a leader in resource conservation and innovation,” AloStar Business Credit president Andy McGhee said in the release. “Our plan is to support AERT’s financial needs as it grows its core business.”

AERT also recently opened a new plastic recycling, cleaning and reformulation facility in Watts. According to the release, the facility will be used to develop, market and sell recycled resins and green fillers to third party companies, in addition to its products.

Delisted from Nasdaq more than three years ago, AERT’s stock trades on the OTC Bulletin Board. As of Friday afternoon, it was trading at 15 cents per share, which matched its 52-week high.