Prism gains backing for its tire recycling technology

Kirkland, Washington-based Prism Worldwide LLC, a tire rubber and plastics recycling company, 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. Prism says the new funding will capital to expand its operations and its research and development efforts.

Prism says it has developed “the first patented clean technology that converts 100 percent of end-of-life tires 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 Prism, “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 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.”

The company and its backers says “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 percent of the greenhouse gases emitted in the manufacture of synthetic rubber, they claim.

“I believe we have the most significant solution to address the 1.3 billion tires discarded annually worldwide,” says Prism Worldwide 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.”

The technology used creates a reaction that realigns a sulfidic bridge instead of breaking it, according to Prism. “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,” states the company.

PTR can be used in asphalt roads, roofing applications and new tire production, according to the firm. Additional applications include engineered consumer rubber products such as shoe soles, hoses and belts. Expanded R&D capacity may allow the company to create even more applications for its recycling process, says the firm and its backers.