Funds from a group of venture capital firms will go toward expanding company’s R&D initiatives.
Lehigh Technologies Inc., an Atlanta-based tire recycling company, has completed $16 million in financing, securing investments from a number of venture capital firms led by Leaf Clean Energy, including Kleiner Perkins Caufield Byers, Index Ventures and NGP Energy Technology Partners.
According to Lehigh, the funding will go toward expanding its geographic reach and research and development initiatives, including strengthening its ability to meet the commercial demand for its micronized rubber powder (MRP) technology.
Lehigh’s MRP technology recycles end-of-life tire and post-industrial rubber into new materials that are incorporated into high-performance tires, consumer and industrial plastics goods, asphalt and coatings and construction materials.
"Support from our financing partners enables our continued growth as we make major advancements in micronized rubber powder technology," says Alan Barton, Lehigh Technologies CEO. "We are working with customers to support their use of MRP at increasingly higher levels as well as developing new end uses for this sustainable material. Our new funding will support our technology roadmap as well as facilitate expansion into new geographies."
Ellen Pao of Kleiner Perkins Caufield Byers and board member of Lehigh Technologies says, "Our second investment in Lehigh Technologies is a testament to the company's ability to deliver technology-based innovation and create new market opportunities. We believe Lehigh's approach breaks existing paradigms of how we perceive post-consumer and post-industrial materials, fundamentally changing how they can be used in the production of new products."
Matthew Fedors, Clean Leaf Energy vice president, adds, "A key element that motivates industrial customers to buy sustainable materials is to provide a solution that does not sacrifice quality, safety, cost, or performance of the end product. Throughout its market segments, Lehigh's technology position allows the company to achieve this goal."