MINNEAPOLIS, Dec. 14, 2015 /PRNewswire/ -- Appliance Recycling Centers of America, Inc. (NASDAQ: ARCI) today announced that Xcel Energy has selected the Company to continue providing appliance recycling services for the utility's Refrigerator and Freezer Recycling Program through December 2018. Since 2009, ARCA has recycled approximately 60,000 energy-inefficient appliances for Xcel Energy residential customers in Colorado, Minnesota and New Mexico.
Through this Xcel-sponsored program, participating residential electric customers who turn in operating, energy-inefficient refrigerators and freezers are eligible for a cash rebate for each qualifying appliance, plus two free CFL light bulbs. Customers may turn in two qualifying appliances per year. Older refrigerators and freezers often use twice as much electricity as newer models; Xcel customers may save up to $100 annually on their energy bills according to ENERGY STAR® estimates.
"We appreciate our relationship with Xcel Energy and our role in this important program," said Edward R. (Jack) Cameron, ARCA's President and Chief Executive Officer. "Together our efforts will save Xcel customers money, reduce energy consumption and safely destroy environmentally harmful substances in old appliances."
An industry pioneer, ARCA began supporting utility-based recycling programs in 1989. The Company has continued developing innovative systems and equipment to collect and recycle appliances on a large scale. ARCA provides utilities across the United States and Canada with superior customer service and turnkey program management.
ARCA's three business components are uniquely positioned in the industry to work together to provide a full array of appliance-related services. ARCA Advanced Processing, LLC employs advanced technology to refine traditional appliance recycling techniques to achieve optimal revenue-generating and environmental benefits. ARCA (www.ARCAInc.com) is also the exclusive North American distributor for UNTHA Recycling Technology (URT), one of the world's leading manufacturers of technologically advanced refrigerator recycling systems and recycling facilities for electrical household appliances and electronic scrap.
ARCA's regional centers process appliances at end of life to remove environmentally damaging substances and produce material byproducts for recycling for utilities in the U.S. and Canada. Eighteen company-owned stores under the name ApplianceSmart, Inc.®(www.ApplianceSmart.com) sell new appliances directly to consumers and provide affordable ENERGY STAR® options for energy efficiency appliance replacement programs.
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995, including statements regarding ARCA's future success. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with general economic conditions, competition in the retail and recycling industries and regulatory risks. Other factors that could cause operating and financial results to differ are described in ARCA's periodic reports filed with the Securities and Exchange Commission. Other risks may be detailed from time to time in reports to be filed with the SEC.
SOURCE Appliance Recycling Centers of America, Inc.