SAN DIEGO Feb. 16, 2011 San Diego Claremont Creek $14.4 million
Randy Hawks Gary Cohen
ecoATM Incentivizes Consumers to Recycle Electronic Devices
According to the Consumer Electronics Association, U.S. consumers collectively buy about 500 million new electronic gadgets each year. Upgrade cycles grow shorter as gadget manufacturers tempt consumers with new features. The average U.S. household now owns 26 different consumer electronic devices for a staggering total of nearly 3 billion devices, many of which are no longer in use. The majority of these devices are still in good working condition when consumers upgrade. Unfortunately, few practical options exist for consumers to responsibly resell or recycle these devices so the vast majority of them still enter our landfills as toxic eWaste, the fastest-growing segment of our national waste stream. To solve this technology problem, ecoATM turned to technology itself and developed the ultimate solution to this vexing problem by providing convenience, immediate financial incentive, and personal data removal for consumers. ecoATM trial locations have already collected tens of thousands of devices over the past year and paid out hundreds of thousands of dollars in return for recycling.
ecoATM Also Announces National Science Foundation Grant and First Patent
In a concurrent announcement, ecoATM revealed that it has been awarded a Phase 1 grant by the National Science Foundation and that the United States Patent and Trademark Office had granted their first patent on the ecoATM system.
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- electronically and/or visually inspects virtually any consumer electronic device,
- connects consumers in real time with a broad worldwide secondary market to ensure best pricing, and
- pays consumers immediately in cash and/or store credit, and
- automatically administers trade-in / trade-up promotions for retailers and manufacturers.
San Diego http://www.ecoatm.com/about-awards.htm