Prism Worldwide has announced it has raised US$40m in Series A and Series A1 funding, co-led by Columbia Pacific Advisors and former Costco CEO Jim Sinegal, to support the commercialization of its sustainable thermoplastic elastomers derived from end-of-life tires.
The funds will be used to consolidate operations, make investments in technology and equipment, and expand its team. Prism’s development of thermoelastic polymers (TPEs) marks the first time a company has created a sustainable, high-performance polymer derived from end-of-life tires.
“Prism has achieved what no other company has by successfully developing a novel method to turn end-of-life tires into a useful polymer that can be compounded into a wide range of rubber and plastic products,” said John Bratrud, portfolio manager, Columbia Pacific Advisors.”
The first deployment of Series A capital was for the acquisition of CRC Polymer Systems. a company that supplies compounds, resins and colors to the plastics industry. This acquisition helped Prism increase its capacity for product development, manufacturing and distribution throughout the USA and North America.
With its environmentally friendly technology, Prism reverses the polymerization of the end-of-life tire rubber in a novel, energy-efficient and low-capital manner that enables the end material to be functional in a wide range of plastic applications. This technology can help companies scale revenues and profitability while helping them achieve sustainability goals by reducing carbon emissions.
Bob Abramowitz, CEO, Prism Worldwide, said, “We’re already fielding inquiries from a host of companies seeking ways to make their consumer and industrial products more sustainable. Even more compelling is that once the products manufactured from our polymer intermediates reach their end-of-life usefulness, they can be recycled again, creating a truly circular, long life.”
