Washingtoner - Prism Worldwide Raises Million in Series A and A1 Funding Co-Led by Columbia Pacific Advisors and former Costco CEO Jim Sinegal

Trending...

KIRKLAND, Wash., Nov. 19, 2024 ~ Prism Worldwide, a company dedicated to advancing end-of-life tire recycling technology, has recently announced that it has raised $40 million in Series A and Series A1 funds. This funding will be used to consolidate operations, invest in technology and equipment, and expand the team. The success of this funding has allowed Prism to reach commercial viability, with initial sales and sales commitments for its thermoelastic polymers (TPEs). These TPEs are the first sustainable, high-performance polymer derived from end-of-life tires.

The funding rounds were co-led by return investors Columbia Pacific Advisors and Jim Sinegal. Columbia Pacific Advisors is a Seattle-based alternative investment firm, while Jim Sinegal is the co-founder and former CEO of Costco. The combination of Series A and Series A1 funding also includes participation from Robert "Spike" Anderson, former CEO of Anderson Daymon Worldwide, who now serves as Chairman of Prism Worldwide's board of directors.

More on Washingtoner

John Bratrud, Portfolio Manager at Columbia Pacific Advisors, expressed his excitement about Prism's success in developing a novel method for turning end-of-life tires into a useful polymer. He believes that this breakthrough will open up new revenue opportunities in various industries that use elastomers and plastics.

The first deployment of Series A capital was used for the acquisition of CRC Polymer Systems, a custom compounding company that supplies compounds, resins, and colors to the plastics industry. This acquisition has allowed Prism to increase its capacity for product development, manufacturing, and distribution throughout the United States and North America.

Jim Sinegal also praised Prism's potential for financial success due to its multiple revenue streams. He believes that not only individual customers but also large petrochemical polymer companies will see value in Prism's technology as they seek ways to make their materials more sustainable.

Prism's technology breathes new life into end-of-life rubber tires by reversing the polymerization process in an energy-efficient and low capital-intensive manner. This allows the end material to be functional and flexible in a wide range of elastomer and plastic applications. This breakthrough also makes it possible to use a higher concentration of recycled materials in rubber-based and plastic-based products without sacrificing quality. This not only benefits companies by increasing revenues and profitability but also helps them achieve sustainability goals by reducing carbon emissions and reliance on virgin petrochemical-based materials.

More on Washingtoner

Bob Abramowitz, CEO of Prism Worldwide, is proud of their patented technology that has already caught the attention of many customers in the specialty polymer industry. He believes that their technology will eliminate the common fate of end-of-life tires and waste plastics, which often end up in landfills or illegal dumps. Instead, these valuable recycled materials can be turned into functional polymers for use in various consumer and industrial products. And when these products reach their end-of-life usefulness, they can be recycled again, creating a truly circular, long-lasting solution.

Prism's success is not just theoretical; they are already producing a real-world product that is available for purchase today. With their innovative technology, Prism is leading the way towards a more sustainable future for the recycling of end-of-life tires.

Filed Under: Business

0 Comments

Latest on Washingtoner

_catLbl0 _catLbl1