Tire rubber recycler Prism Worldwide closes $10.5 million in latest capital funding series
Kirkland, WA – Prism Worldwide, LLC, a recycled tire rubber and plastics innovation company, closed a $10.5 million capital funding round, bringing the total capital raised to $23.5 million.
The latest round of investment comes from Seattle-based Columbia Pacific Advisors and the Baty Family. The new investment will provide Prism the capital to expand their operations as well as their research and development efforts.
Based in Kirkland, WA, Prism Worldwide has developed the first patented clean technology that converts 100 percent of end-of-life tires (ELT) into functional, sustainable, like-new rubber and plastic polymers. The resulting product is called Prism Thermoplastic Rubber (PTR) and is used in the manufacture of a number of rubber and plastic products. This unique process is the result of 30 years of research and refinement inspired by the path to sustainability in the circular supply chain.
It creates a reaction that realigns the critical sulfidic bridge instead of breaking it. This keeps all the valuable polymer, linkages, and carbon black intact. Unlike traditional recycling methods which destroy the sulfidic bridge, this new process creates a like new thermoplastic rubber.
The resulting product, Prism thermoplastic rubber (PTR), can be utilized in asphalt roads, roofing applications, and new tire production. Additional applications include engineered consumer rubber products such as shoe soles, hoses and belts —just to name a few. With expanded research and development capability, the company aims to create even more applications for its recycling process. By providing not only the rubber, but all the chemical bonds too, PTR provides a new product for the rubber and plastics industry.
“This is market-disruptive technology,” said John Bratrud, portfolio manager of the Columbia Pacific Opportunity Fund. “There are so many positive effects for the environment and for business that result from Prism’s innovations. Potential reductions in rubber tree harvesting, fossil fuel and carbon black production, to longer-lasting roads and roofs, and environmentally sustainable tires all make this investment a sound choice to build our ESG portfolio. We believe Prism will have a significant impact on multiple industries.”
With heightened global demand for rubber and oil-based materials which use finite natural resources, high-functioning rubber repurposing is crucial for long-term sustainability. In addition to the reuse of these resources, calculations indicate that the production of PTR emits less than 15% of the greenhouse gases emitted in the manufacture of synthetic rubber. Because of their focus on sustainability and carbon footprint reduction, PRISM™ has attracted investors dedicated to funding innovations in the ESG (environmental, social and governance) sphere.
“I believe we have the most significant solution to address the 1.3 billion tires discarded annually worldwide,” said Prism CEO Bob Abramowitz. “Our process allows all the original materials in tire rubber to be used again and again, making it the most efficient and clean tire recycling option on the market. The reduced the carbon footprint and resource consumption for these high-demand materials is a game changer for the rubber and plastics industry.”