Forward-Thinking Fashion: Recover™ Leads in Transforming Apparel Production and Consumption
The adverse environmental impact of the apparel industry is staggering. A single t-shirt requires 2,700 liters of water to produce, equivalent to what an average person drinks in two years or 46 showers.
Recover™ is a leading material sciences company and global producer of low-impact, high-performance recycled cotton fiber and cotton fiber blends. As a fourth-generation, family-owned company with a 70-year long history in the textile industry, Recover™ is on a mission to transform the apparel and textile industries by solving one of the world’s biggest environmental issues—the massive detrimental environmental impact of apparel production and consumption. As the first mover and trusted thought leader in the space, Recover™ recycles industrial and pre- and post-consumer cotton waste, replacing the need to cultivate cotton, limiting the use of dyes and reducing textile landfill waste.
Fortress has invested in Recover™ through an anchor investment and joint venture formed with general partner STORY3 Capital. With this funding, and the support of additional investors, Recover™ plans to increase its production to 200,000+ metric tons of recycled cotton fiber per year by 2025. This will save nearly three trillion liters of water each year, equivalent to the drinking water consumed by 2.6 billion people on an annual basis and allow 500,000 acres of land to be directed away from cotton cultivation for other uses.
To learn more, please visit https://recoverfiber.com/about-us
A Partner with Japan: Renewable Energy Pledge
As a steadfast advocate for the Paris Agreement on climate change, the Japanese government had pledged to reduce the nation's dependency on nuclear energy in favor of other clean energy sources.
Fortress is pleased to be a partner in this effort by investing in 100-megawatt of solar power through a platform of solar photovoltaic systems in Kyushu, Japan and its recent portfolio of rooftop solar panels across 4,500 properties in Japan. Additionally, we’ve added solar panels on the roofs of approximately 1,000 buildings in our Village House portfolio, the largest non-governmental provider of affordable housing in Japan and largest provider of housing under the government’s Residential Safety Net Law (a program to provide lower rents to qualified tenants). We also continue to invest in energy saving efforts across our MyStays hotel portfolio.
Investing in Clean Energy in Greece
In connection with Greece’s ongoing green agenda of bringing more wind power online, Fortress partnered with a local renewable energy company to acquire a portfolio of wind farms in Greece. At acquisition, the 181 MW from this portfolio represented 7% of total wind capacity in Greece and was part of a record year in terms of the amount of wind power brought online in the country. As the Greek wind market continues to grow, we envision expanding our platform and commitment to the agenda by developing existing licenses, building additional wind farms, and opportunistically acquiring new licenses and wind assets.
A Path to Carbon Free Power
In October 2020, Long Ridge Energy Terminal, located in Hannibal, Ohio, announced plans to transition its 485 MW combined-cycle power plant to run on carbon-free hydrogen. Long Ridge, which is a subsidiary of Fortress Transportation and Infrastructure Investors LLC (NYSE: FTAI), has partnered with New Fortress Energy’s Zero division and GE to blend carbon-free hydrogen as fuel and begin providing carbon-free power to customers as early as next year. Fortress and its partners are very excited about this first-of-its-kind initiative in hydrogen power as Long Ridge will be the first purpose-built hydrogen-burning power plant in the United States and the first worldwide to blend hydrogen in a GE H-class gas turbine. Fortress is proud to play an important role in the aspirational goal of zero carbon emissions worldwide and we are confident that our experience with this initiative will lead to more carbon-free power project investments.
Fortress Announces Carbon Neutrality
Fortress Investment Group remains focused on identifying and creating opportunities to minimize and off-set the environmental impact of our business. Fortress worked with a 3rd party climate platform to measure our corporate carbon footprint and offset our Scope I, Scope II, and select Scope III emissions.1 We are proud to announce that through these efforts, Fortress has achieved carbon neutrality, successfully off-setting the company’s emissions for the full year of 2021.
For Scope I emissions, Fortress purchased high-quality removal credits that support the Communitree Carbon Program, an award-winning reforestation program and the largest reforestation initiative in Nicaragua. The program works with thousands of smallholder farmers to create long-term income opportunities from growing trees on underused parts of their land. To date, the program has planted more than 10 million trees and sequestered 1.5 million tons of carbon, creating 500 new jobs annually.
For Scope II emissions, Fortress purchased Renewable Energy Certificates (RECs) in each geography in which we currently operate. Finally, for Scope III emissions, Fortress purchased nitrous oxide (N20) destruction credits sourced from an adipic acid plant in Florida. Adipic acid is a key component of nylon 66, which is processed into fibers to make carpeting, car tires, clothing and more. Under existing operations, adipic acid production results in an exhaust that contains nitrous oxides, which are 298x as potent as CO2. This project involved installing an additional absorption column called a Thermal Reactor Unit (TRU) in the exhaust section of the adipic acid plant. The TRU generates heat to separate nitrous oxide pollutants intro nitrogen and oxygen, which are naturally occurring atmospheric gases. The credits purchased by Fortress go directly to funding the installation of the TRU. Independent verification of the project is conducted by a third-party independent project engineer and environmental specialist. The specialist is also responsible for ensuring that the proper offset methodology is being followed and that the number of tons claiming to be abated are, in fact, being abated.
1 Select Scope III emissions include business travel (3.6), employee commuting (3.7), and waste (3.5). Emissions methodology calculates emissions based on spend or usage depending on the activity type. Line-item business activity data, including data sets on employees, offices, and financial data, was mapped to appropriate emissions factors (EF). The study measured emissions in CO2e, or carbon dioxide equivalents, which includes all greenhouse gasses, such as carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O).
Thousands of smallholder farmers have planted more than 10 million trees through the Communitree Carbon Program in Nicaragua.
Fortress-purchased credits fund technologies to remove nitrous oxide pollutants (298x more toxic than CO2 emissions) from adipic acid plant exhaust.
Team Fortress Takes the Leap in Support of the Union Rescue Mission of Los Angeles
On September 30, members of “Team Fortress” – outfitted in helmets, harnesses and caribiners – balanced on the roof’s edge of the Hilton Hotel/Universal City before rappelling 25 stories to the street below. The nerve-wracking descent of Team Fortress – senior advisor Tim Sloan, managing director Andrew Robbins and wife Lindsay, vice president Grant Watson, associate Angelica Patricio, and analyst Maksym Kryworuchko – was part of the Union Rescue Mission’s “Over the Edge” event, which raised vitally needed funds and awareness to help combat the epidemic of homelessness in Los Angeles.
Since its founding in 1891, Union Rescue Mission (“URM”) has served as a haven for help and hope for the homeless of Los Angeles—providing over 1 million meals and over 250,000 nights of shelter annually to those in need and offering emergency services, clinics and life-transforming programs to a downtown LA homeless population that can number more than 58,000 men, women and children on any given night.
The “Over the Edge” event raised nearly $1.1 million to help URM continue its critical mission, helping thousands of individuals and families break the cycle of poverty and achieve self-sufficiency. To learn more about URM, or to join their fight against homelessness in Los Angeles, please visit www.URM.org.
Empowering the Next Generation
Fortress applauds the efforts of Josiah Lindsay, a Managing Director within Fortress’s Credit business, in his ongoing commitment to the development of Stamford’s youth community. As President and Chairman of the Board of The 100 Black Men of Stamford, Josiah helps transform the lives of underserved youth in the Fairfield county region. Founded in 1993, The 100BMOS is a non-profit community action organization that provides programs, activities, and opportunities to inspire and empower youth in the community to make positive societal contributions. Programs around community service, robotics, and athletics are grounded in the organization’s values: respect for family, spirituality, justice, loyalty, honesty, and integrity as key ingredients for achieving success.
The 100BMOS empowers participants to pursue education through programs in college preparedness and financial literacy. Over the past 20 years, Josiah and the 100BMOS have awarded over $250,000 of college scholarships.
The 100BMOS is an affiliate of The 100 Black Men of America, a national organization with over 100 chapters globally that was created to make a difference in the lives of young people.
Find Out More: 100 Black Men of Stamford, Inc.
A Commitment to Community
Fortress applauds and supports Senior Advisor Tim Sloan’s commitment to the community and giving. As part of their ongoing commitment to aid in equal access to education, Tim and his wife Lisa have established endowed funds for scholarships and internship programs at the Ross Business School, Stamps Art School and the Education, History, Chemistry and Economic Departments of the University of Michigan and for scholarships at The California Institute of Technology for students of underrepresented backgrounds.
Lisa and Tim have received the Angel of Hope Award from The Union Rescue Mission of Los Angeles, which is one of the largest homeless shelters in the US, and the Guardian Angel Award from Villa Esperanza, which provides services to children and adults with intellectual and developmental disabilities.
A Force for Change
David Mills, a Managing Director at Fortress and a Professor of the Practice of Law and Senior Lecturer at Stanford Law School, founded the Stanford Three Strikes Project, the only legal organization in the country devoted to representing individuals serving life imprisonment under California’s “Three Strikes” law. The law disproportionately affects minority populations, as well as mentally ill and physically disabled defendants, who have been given life sentences for minor offenses. Since its founding in 2012, the Three Strikes Project has helped reduce sentences for nonviolent crimes, contributed to the early release of thousands of prisoners serving life sentences for minor offenses, improved public safety and saved hundreds of millions of taxpayer dollars.
Fortress and Fortress employees are proud to support David Mills, who also serves as co-chair of the NAACP Legal Defense and Educational Fund, and his mission through contributions to these and other projects intended to combat systemic racism. We do this out of recognition that we need to inspire more action rather than just discussion to effect real and lasting change.
Fortress is proud to partner with a broad range of charitable organizations.
Acclaimed Speaker, Dr. Melanie Katzman, Leads Fortress Women’s Initiative Symposium
Fortress is proud to support its talented female professionals through the Fortress Women’s Initiative. The Initiative brings women together for events featuring high profile speakers and creates opportunities for our female professionals to fortify relationships with employees across our various offices. A late summer event featured acclaimed psychologist Dr. Melanie Katzman, who spoke with the group about topics addressed in her best-selling book, “Connect First: 52 Ways to Ignite Success, Meaning and Joy at Work.” Fortress women from six offices attended the event and had the opportunity participate in a conversation with Dr. Katzman about practical ways to improve corporate life, the workplace, and connections among colleagues.
Photo credit: @Harper Makowsky
Recruiting and Empowering the Best
Fortress is proud to support UTIMCO’s initiative to provide training in interviewing, resume writing, investment management and more to students through the UTIMCO Scholars program. Participants in the program are first-generation college students and/or are eligible for federal Pell Grants for low-income students. Students in the UTIMCO Scholars summer program are selected based on recommendations by the presidents and deans of their respective campuses in the University of Texas and Texas A&M systems and then assessed by UTIMCO and others on both their character and ability. As part of Fortress’s commitment to hiring talented and skilled people across a wide array of backgrounds, Fortress is pursuing the opportunity to recruit UTIMCO Scholars for summer internships.
A New Generation of Real Estate Investors
Fortress is proud to be a Founding Patron of the PREA Foundation and to support its mission to further the interests and values of the institutional real estate investment community by advancing industrywide diversity and inclusion. In pursuing their mission, the PREA Foundation partnered with Sponsors for Educational Opportunity to launch their first ever SEO Real Estate Track. SEO has a 35-year track record of success providing select educational and internship opportunities to college students from underrepresented backgrounds. Support from the PREA Foundation allows SEO to sustain and grow this program, develop real estate specific training content, host real estate related clinics and events, and enlist partners to provide summer internships.
Find Out More: PREA Foundation
Investing in Future Leaders
Fortress is proud to partner with the Leadership Enterprise for a Diverse America. LEDA empowers a community of exceptional young leaders from under-resourced backgrounds by supporting their higher education and professional success in order to create a more inclusive and equitable country. LEDA serves the next generation of leaders through three avenues: the LEDA Scholars Program, LEDA Career and Alumni Services, and the LEDA Policy Project. Since the program’s inception in 2003, LEDA Scholars has opened the door to opportunity and maximized the leadership potential for hundreds of high-achieving, under-resourced students. The LEDA Scholars class of 2021 was awarded more than $3 million in financial aid and scholarships, and 98% of LEDA Cohort 16 scholars in the class were admitted to one of Barron’s “Most Competitive Colleges.”
Find Out More: LEDA