Growth at Prism Worldwide adds to output and attracts capital investment for expansion
Prism Worldwide Attracts Investment
Prism Worldwide LLC (PWW), a tyre rubber and plastics recycling company based in Kirkland, Washington, has closed a $10.5 million capital funding round, bringing its total capital raised to $23.5 million.
The latest round of investment comes from Seattle-based Columbia Pacific Advisors and its founding principals, the Baty family. PWW says the new funding will give it the capital to expand its operations and its research and development efforts.
PWW claims it has developed “the first patented clean technology that converts 100 percent of end-of-life tyres into functional, sustainable, like-new rubber and plastic polymers.”
The resulting product, which it calls Prism Thermoplastic Rubber (PTR) can be used to make “a number of rubber and plastic products,” says the firm. Adds PWW, “This unique process is the result of 30 years of research and refinement inspired by the path to sustainability in the circular supply chain.”
“This is market-disruptive technology,” says 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 PWW’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 PWW will have a significant impact on multiple industries.”
“I believe we have the most significant solution to address the 1.3 billion tyres discarded annually worldwide,” says PWW CEO Bob Abramowitz. “Our process allows all the original materials in the rubber to be used again and again, making it the most efficient and clean tyre 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.”
The technology used creates a reaction that realigns the sulphur link instead of breaking it, according to PWW. “This keeps all the valuable polymer, linkages, and Carbon Black intact. Unlike traditional recycling methods which destroy the Sulphur links, this new process creates a like-new thermoplastic rubber,” states the company.
PWW opened a brand new, state of the art production facility in Reno, Nevada in 2020. The 70,000 sq.ft. plant manufactures Prism Thermoplastic Rubber (PTR) as well as Wavebond, Halo, Repair Units and Tunnels. PWW expects to use the equivalent of ~1.2 million passenger tyres per year of crumb rubber as production ramps up to 40 tons of PTR per day.
Wavebond, Halo and Tunnel units use patented technology to heat the binder in hot mix asphalt pavements and recycled asphalt pavement (RAP) materials. Once heated the binder is able to flow around and off the aggregate and be mixed with PTR thereby creating a stronger, more durable binder to be reused in patches, as a cold mix, or as an additive to hot mix. More durable binders equal more durable pavements and smoother longer lasting roads for the public.
Source PWW/ Waste Today