The company called Lehigh Technologies has raised approximately $16 million dollars for the development of rubber materials which are sustainable.
Lehigh is known as a sustainable material company and has completed the financing with support from capital firms such as Kleiner Perkins, Leaf Clean Energy and NGP Partners. The majority of the funding will be allocated towards expanding the geographical reach of the company. The money will also be utilized for development and research purposes. A demand for the micronized powder technology has increased so Lehigh must keep up. The MRP (micronized powder technology) utilizes post-industrial rubber and end of life tires to generate the new material which can be used for construction materials and industrial plastic goods.
Some of the benefits of the MRP include:
- Lower Cost
- Sustainable Replacement for synthetic polymers which are priced higher
The brand new MRP material will lead to lower product costs while also improving the sustainable profile of the company. Nearly 140 million tires have been produced with the MRP technology. Chairman Alan Barton elaborates on how the financing partners are assisting immensely as the company continues to grow and advancements are made in the rubber technology. CEO Alan Barton states that the company is working with many customers to support the MRP technology. The funding will help to advance the technology roadmap as the facilities are expanded.
A board member for Lehigh pinpoints that the second investment from Kleiner Perkins is going to lead to much better market opportunities. The approach by Lehigh breaks the conventional notion of how post-consumer materials are changing how new products can be produced. Vice President Matthew Fedor’s states that performance; safety and quality should not be sacrificed as the sustainable material is utilized.
Overall, the new financing is going to be beneficial to the rubber industry and Lehigh Technologies.