Sortera Technologies' Board Names Kenneth Leet Chairman of the Board

Former Goldman Sachs Executive and Industry Veteran Joins Company's Board During Company's Exceptional Growth Phase

MARKLE, Ind., Jan. 29, 2025 /PRNewswire/ -- Sortera Technologies, Inc., an innovative material sorting company with an upcycling platform powered by artificial intelligence, data analytics, and advanced sensors, names Wall Street veteran Kenneth Leet as Chairman of the Board. Mr. Leet is Sortera's first Chairman, joining the Company's Board at a crucial time in its history and exceptional growth period. With more than three decades of leadership and experience in the financial sector Mr. Leet's experience working with industrial companies will play an instrumental role as the Company ramps up for its next phase of accelerated growth, which includes expanding its footprint across the country with additional sortation facilities to serve multiple industries.

"Kenneth is a well-regarded leader who has an outstanding reputation with vast experience in investing and advising some of the world's largest blue-chip companies from various industries to success. We are deeply honored and enormously pleased that he recognizes Sortera's potential and has agreed to join our Board and assume the role of Chairman," said Michael Siemer, CEO of Sortera Technologies. "In three short years, Sortera has transformed the recycling industry with its cutting-edge technology and has established itself as a key player in the $1 trillion metals and recycling markets. We are excited for Sortera's growth prospects, and I am confident that Ken's track record, strong leadership, and wealth of experience in the industrial sectors will contribute to establishing Sortera for success for decades to come."

"I am honored to have the opportunity to serve as Sortera's Chairman at this important time in the company's history," Leet said. "I have had the opportunity to work with Sortera's leadership team and have come to appreciate the level of sophistication of its technology platform and the potential application for the industrial sector. I have deep respect for their thoughtful and strategic approach to building Sortera into a world-class materials sorting company that can benefit many industries across the U.S. and beyond."

Sortera's flagship facility in Markle, Indiana, which broke ground in 2023, is expected to be fully ramped up to sorting 220M lbs. of aluminum by end of 2025. The company's unique ability to sort complex materials at industrial scale is meeting the surge in demand for high-quality upcycled materials from large-scale manufacturers for applications in industries such as automotive cast, aerospace extrusions, and construction materials. In 2025, Sortera expects to expand its sorting capabilities and establish additional operations in North America, which will further accelerate the company's growth within the more than $1 trillion metals and recycling markets.

Mr. Leet was a Partner at Goldman Sachs in London and New York. He was responsible for the firm's global business efforts with industrial companies and played leadership roles with its mergers & acquisitions and principal investing efforts. Additionally, he was President of Cerberus European Capital Advisors, President of the Pritzker Organization, and Special Advisor to the Board of the Ford Motor Company.

Mr. Leet serves as Trustee of the Dana-Farber Cancer Institute, Trustee of Rush University System for Health, Trustee of the Rush University Board of Governors, and Advisory Board member of Park Square Capital. He is a graduate of Brown University and Harvard Business School.

In late October 2024, the Company had the final close of an additional $28.8M of its "C" round which started during 2H 2023. The total amount raised for the "C" round was $59.3M from investors RA Capital Management-Planetary Health with participation from certain funds and accounts advised by T. Rowe Price Associates, Inc., the Mineral Resources Group, which is a part of Mitsubishi Corporation's Business Incubation Unit, and Macquarie GIG Energy Transition Solutions ("MGETS"). Additional existing investors in the round include Assembly Ventures, Breakthrough Energy Ventures, and Chrysalix. This additional funding further validate Sortera's technology platform and affirms the company's commitment to provide solutions to the industries that rely on these materials and as a result, have created new upcycling streams which enable a circular economy, and ultimately will contribute to a more sustainable future.

Recently, Sortera was named to the 2025 Global Cleantech 100 list, for the third straight year by the CleantechGroup, which recognizes companies that are commitment to developing innovative and sustainable solutions that address the critical challenges of the climate crisis. To view the full list of the 2025 Global Cleantech 100 report, please visit: https://www.cleantech.com/the-global-cleantech-100/

About Sortera Technologies, Inc.
Sortera Technologies, Inc. brings state-of-the-art artificial intelligence data analytics to the recycling industry. This disruptive technology drives new paradigms by generating new upcycled products through advanced sortation methods. Creating novel recycled metal fractions from existing scrap recycling streams enables the domestic production of metals for manufacturing, boosting the strength of the circular economy. Sortera is led by a team of seasoned innovators in the fields of advanced materials, electronic instrumentation, and equipment development. To date, Sortera has attracted notable investors including RA Capital Management-Planetary Health, certain funds and accounts advised by T. Rowe Price Associates, Inc., the Mineral Resources Group, a part of Mitsubishi Corporation's Business Incubation Unit, Macquarie GIG Energy Transition Solutions ("MGETS"), Assembly Ventures, Breakthrough Energy Ventures, and Chrysalix. For more information visit: www.sorteratech.com.  

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SOURCE Sortera Technologies, Inc.