NAPLES, Fla. (May 27)—Lehigh Technologies L.L.C., a startup company that will make high-quality industrial polymers from 100-percent recycled content, has raised more than $8 million in its second round of private venture funding and plans to begin limited production at its Tucker, Ga., facility in September.
Gulfshore Ventures, the Naples, Fla.-based affiliate of Florida Gulfshore Capital, provided the funding, and Richard Molloy, managing partner of Gulfshore Ventures, will join Lehigh's board of directors. Using its proprietary technology, Lehigh plans to make its PolyDyne and PolyFlow brands of ultra-fine polymeric powders, which are more economical alternatives to virgin natural and synthetic rubber in making tires, molded rubber goods, adhesives, coatings, paints and modifiers for rigid plastics.
All the company's principals are moving to the company's new headquarters in Naples, including Dennis J. Gormley, former chairman, president and CEO of Federal-Mogul Corp., and James B. Gray, former president of Clevite Elastomers Inc. and former managing director of Tenneco Automotive Europe.