PRISM™ Worldwide, LLC Closes $10.5 million in latest capital funding series, nearly doubling investments for their patented rubber recycling process
08/04/2021 | 11:01am EST
Kirkland, WA, Aug. 04, 2021 (GLOBE NEWSWIRE) -- 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, Washington, PRISM™ Worldwide has developed the first patented clean technology that converts 100% 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 thirty years of research and refinement inspired by the path to sustainability in the circular supply chain.
Currently, PTR™ is used to replace virgin material in tires, materials for roofing and paving asphalts and for industrial rubber products. With expanded R&D capability, the company aims to create more applications for its clean technology process to include materials for plastics manufacturing. The plant and laboratory are located in Reno, Nevada.
“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 a sound investment 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.”
About PRISM™ Worldwide, LLC
PRISM™ is a recycled rubber and plastic innovation company based in Kirkland, WA. We are focused on sustainable products and practices to improve industry standards through science and technology. PRISM™ is transforming low value, end-of-life tire (ELT) rubber into a new viable rubber with numerous applications that include road technologies, roofing materials, new tire production materials, and consumer products made from engineered rubber. PRISM™ is the end of end-of-life tires, renewing the future by reusing the past™. www.prismww.com
About Capital Pacific Advisors
Columbia Pacific Advisors, LLC (“CPA”) is a Seattle based alternative investment firm with ~$3.1 billion of AUM. CPA was founded in 2006 by Alex Washburn, Stan Baty and Dan Baty, to take advantage of the founders’ extensive experience and access to compelling investment opportunities. CPA manages funds across real estate equity, direct lending, and opportunistic strategies, and utilizes deep fundamental research as it seeks to generate consistent risk-adjusted returns for investors. For more information, please visit www.columbiapacific.com.