ATLANTA—Lehigh Technologies Inc., manufacturer of micronized rubber powder from end-of-life rubber material, has closed an $8 million strategic financing round to support the company's geographic expansion and technology research, the company announced Sept. 1.
JSR Corp., a $4 billion specialty chemicals company, joined in the financing process with existing investors Leaf Clean Energy, Kleiner Perkins Caulfield and Byers, and Index Ventures and Florida Gulfshore Capital, according to Lehigh.
Commercial sales of Lehigh MRP have grown an average of 30 percent annually over the last few years, said Lehigh CEO Alan Barton.
“This latest round of financing will give the company additional resources to drive growth in Europe and Asia, eventually culminating in local manufacturing,” Barton said.
Lehigh MRP serves as a lower-cost, sustainable specialty chemical that replaces oil-based materials, reduces waste and costs, and provides excellent performance in a wide range of end-use markets, according to the company.
Lehigh is a supplier to six of the world's 10 largest tire manufacturers, and to date Lehigh MRP has been an ingredient in more than 250 million tires, it said.
The company operates the world's largest MRP manufacturing facility, with annual capacity of 140 million pounds, it said.