Prism Worldwide has secured $40 million in Series A and Series A1 funding, co-led by Columbia Pacific Advisors and former Costco CEO Jim Sinegal. The funding aims to drive the commercialization of sustainable thermoplastic elastomers (TPEs) derived from end-of-life tires. This groundbreaking innovation positions Prism as a trailblazer in creating high-performance, eco-friendly polymers.
Advancing Sustainability in Polymers
Prism Worldwide has developed a novel method to reverse the polymerization of end-of-life tire rubber in a way that is energy-efficient and cost-effective. The resulting material can be compounded into a variety of rubber and plastic products. Unlike conventional methods, Prism’s process promotes circularity by enabling products made with these polymers to be recycled again after their use.
CEO Bob Abramowitz expressed excitement about the widespread interest from companies looking to enhance the sustainability of their industrial and consumer products. “Our technology helps companies meet their sustainability goals by reducing carbon emissions while maintaining high performance in their products,” Abramowitz said.
Strategic Investments for Growth
The Series A funding was partially deployed for the acquisition of CRC Polymer Systems, a key supplier in the plastics industry. This move has boosted Prism’s capacity for product development, manufacturing, and distribution across North America. The funds will also be allocated to consolidating operations, investing in advanced technology and equipment, and expanding the company’s team.
A Vision for a Circular Economy
Prism World wide’s sustainable polymers are more than just eco-friendly—they represent a step forward in achieving a circular economy. These polymers can be recycled repeatedly, extending the lifecycle of materials and reducing environmental waste.
Columbia Pacific Advisors portfolio manager John Bratrud commented, “Prism has achieved what no other company has by successfully turning end-of-life tires into versatile polymers that can be used in a wide range of applications.”
This innovative approach to sustainability not only enhances the profitability of companies but also contributes to global efforts to combat climate change.
Source: tire technology international, Published: Nov. 20