AMP has closed $70 million in project debt financing led by Galvanize to support the construction of new AI-powered waste processing infrastructure in Portsmouth, Virginia. The financing will fund a new sortation facility and an organics processing system as part of AMP’s 20-year partnership with the Southeastern Public Service Authority (SPSA).
At full scale, the regional system is designed to process more than half a million tons of municipal solid waste annually, equivalent to more than 1,400 tons per day, while diverting at least half of the material from landfill. AMP is equipping a second sortation facility in Portsmouth that is expected to come online in early 2028.
An adjacent facility will process recovered organic material into biochar using indirect heating. The biochar will initially be used as landfill cover and its production will generate carbon removal credits supporting AMP’s agreement with Google to remove 200,000 metric tonnes of CO2e by 2030.
AMP develops AI-powered systems for sorting municipal solid waste and recycling streams. Its technology combines AI-enabled cameras, robotics and pneumatic jets to identify and recover materials including plastics, metals, fiber and organic material from raw waste streams, including sealed trash bags. The company operates three full-scale facilities and has deployed more than 400 AI systems across North America, Asia and Europe.
AMP was founded in 2014 by Matanya Horowitz, who currently serves as founder and chief technology officer. Tim Stuart has served as chief executive officer since November 2024, following his previous role as chief operating officer at Republic Services.
The project debt financing follows AMP’s $91 million Series D corporate equity financing completed in December 2024. That round was led by Congruent Ventures and included participation from investors including Sequoia Capital, XN, Blue Earth Capital, Liberty Mutual Investments, CalSTRS, Wellington Management, Range Ventures and Tao Capital Partners.
