The new branding marks a shift in the company as it attempts to bolster its environmental services and sustainable materials management services.
By Jacob Wallace, Waste Dive
Waste-to-energy company Covanta is rebranding as Reworld as it looks to tout growth in both its core business and emerging segments, the company announced Tuesday. Covanta has been under the management of European investment firm EQT Infrastructure since 2021.
“With this strategic evolution, we aim to redefine partnerships in waste management, focusing on converting waste into valuable resources through advanced technological applications,” Reworld President and CEO Azeez Mohammed said in a release. “The reimagining of our company underscores Reworld’s dedication to innovation, excellence in customer service, and a collective vision for enabling the reduction, efficient reuse, recycling, and recovery of diverse waste streams.”
In 2021, Mohammed became CEO of what was then Covanta, following the EQT deal. The $5.3 billion sale was contingent on several sustainability growth metrics, including a 25% increase by 2025 in waste recycled or reused. The company was the largest operator of mass-burn combustion facilities in the U.S. at the time of the sale, and it has grown since then.
Covanta’s portfolio expanded from 50 to 90 facilities since the EQT deal, bolstered by eight acquisitions. That includes a major deal last year to acquire Circon. The move doubled the company’s water services offerings and grew its geographic footprint in the Midwest and major markets like Houston.
In part due to those acquisitions, the company has also increased the waste it diverts from landfills from about 1.5 million tons in 2021 to 3 million tons today. According to a spokesperson, Its headcount has increased from 3,800 employees to 4,500. That growth pattern is putting the company on track to meet its 2025 sustainability goals,
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