Black Bear Carbon receives additional funding to boost tire recycling
A Dutch company Black Bear is ready to advance its tire recycling process transforming tires into carbon black, and it managed to receive additional funding of €5 million; the recent growth capital follows prior funding of €11million.
The most recent sum became available thanks to a venture capital company from Belgium Capricorn Venture Partners and Particon that provides investment to innovators in tech. Following this investment, the overall financing has managed to reach €16 million.
Commenting on Black Bear’s operation, one of the Capricorn Venture representatives stressed that the tire recycler followed the ideals of genuine circular economy explaining that the company was resolving a huge scrap tire issue and handling the challenge of CO2 footprint. He further noted that the company would have a great positive impact on the environment adding that it would also show affordability.
The new investment will be used to boost the Black Bear’s tire recycling plant and foster its international growth. The business has plans to build plants globally receiving assistance from its local partners.
Black Bear also seeks to recycle large portions of scrap tires manufacturing valuable products, thus, greatly reducing CO2 releases. The goal is admirable as, annually, 1,5 billion tires are either dumped, or burnt in the world.
Launched in 2010, Black Bear came up with an original energy positive system allowing to produce carbon black out of scrap tires, and it was the first business of its kind to get Cradle-to-Cradle certification. Currently, the Dutch tire recycler runs a Nederweert-based plant with an annual capacity of over one million tires together with one of the leading European tire recyclers, Kargro. Its recycled product has Cradle-to-Cradle certification. Moreover, some key industry players such as AkzoNobel are users of the firm’s recovered carbon black.
Article by Recycling Product News.