Marketplace operator Orbex has announced a trading platform for certified recycled metals.
With offices in Chicago and London, Orbex facilitates trading of what it refers to as “environmental commodities.” On May 23, the company announced the launch of a marketplace for authenticated recycled metals, in partnership with scrap metal company SA Recycling.
According to a press release, Orbex applies a certification of origination (COO) for all secondary metal sold through its marketplace. The company develops authentication standards and processes through an open-source initiative at nonprofit standards body OASIS Open.
The company noted the data in the certificates helps other companies purchase recycled metal and account for it in their sustainability reporting.
“Orbex is driving much needed change by finally bringing globally-recognized standardization to an enormous market which until now has sat untapped and unimpeded,” Thomas Buchar, the CEO of Orbex, stated in the release. “We are proud not only to be promoting sustainable practices in sectors which are traditionally hard to abate, while offering the unique opportunity to capitalize on increased demand for environmental commodities, ensure supply chain integrity, and assist multinationals in their transition to a circular economy.”
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