Boulder, Colorado – US-based tire pyrolysis company Bolder Industries is a step closer to scaling up its tire recycling technology with the raising of $80 million (€70 million) in equity and an additional $100 million in committed project-level funding.
In a 6 Oct statement, the company said it expected the funds to support global growth and future plans for commercialising its chemical recycling technology.
Based in Boulder, Colorado, Bolder operates a tire shredding and pyrolysis facility in Maryville, Missouri, and is aiming to increase the capacity of the facility by 2.5 times by the first quarter 2022.
Furthermore, Bolder said it had “immediate plans” for additional product facilities in the US, Europe, and other parts of the world.
"Our vision is to transform what it means to be a sustainable, environmentally conscious company," said Tony Wibbeler, Bolder Industries CEO.
"Bolder Industries is scaling at such a speed that enables existing customers to expand their business with us when they want to, and new partners can see impact quickly," he added.
Bolder’s technology converts end-of-life tires into sustainable carbon black (BolderBlack), process oil (BolderOil), steel (BolderSteel), and power.
The company’s recycling process is claimed to enable the reusing of 98% of an end-of-life tire for alternative purposes.
This includes 75% of the solids and liquids making their way back into new tires, manufactured rubber goods, and plastics.
The remaining gases are used for onsite energy.
Among other manufacturers, Tokai Carbon and Continental Carbon Co. have been using Bolder’s products for the production of sustainable carbon black materials.