BOULDER, Colo.—Bolder Industries Inc. is proving that sustainability is circular, pioneering a process to turn end-of-life tires into carbon black, petrochemicals and steel. Now, the Boulder-based company is looking to expand its capabilities with $80 million in equity and $100 million in project-level funding from a group co-led by CIM Group and Aravaipa Ventures, and strategic partner Tauber Oil.
"Our vision is to transform what it means to be a sustainable, environmentally conscious company and we're incredibly humbled by the support we've gained to do so," Bolder Industries CEO Tony Wibbeler said in a statement. "Bolder Industries is scaling at such a speed that enables existing customers to expand their business with us when they want to and new partners can see impact quickly."
The funding and support Bolder Industries has received will allow the company to increase its manufacturing capacity at its Maryville, Mo., facility in the coming months and expand its global presence, which will add further capacity.
Expansion plans for the Maryville plant should more than double the facility's capacity by the first quarter of 2022, Bolder Industries said. Additionally, the company plans to add production facilities in the U.S. and Europe, among other regions.
"This investment is timely due to the global increase in demand for product circularity," Bolder Industries said. " … More brands are picking up on Bolder's capabilities and realizing that it's a smart, sustainable recycling alternative, especially considering products made with black plastic or rubber contain petroleum."
Bolder Industries raised this strategic round to meet its contractual obligations for global brands.