BOULDER, Colo. — Bolder Industries has raised $80 million in equity and $100 million in committed project-level funding, co-led by CIM Group and Aravaipa Ventures and supported by Tauber Oil, the company said in a news release.
Based in Colorado, the company has a Maryville facility dedicated to converting end-of-life tires into sustainable carbon black, petrochemicals, steel and power.
The two-and-a-half-hour tire repurposing process was first developed in Dec. 2014 when Bolder Industries acquired its Maryville facility.
Bolder Industries CEO Tony Wibbeler told The Forum that the company began operating in Maryville and continues to do so because of the community’s compelling argument to support economic growth and development in the area. Wibbeler added that Bolder has invested $40 million dollars in Maryville. Seven years later, he said he is happy that Bolder made this decision.
Many other communities are offering Bolder a lot of money to start facilities in their region, however, Wibbeler says Bolder remains committed to Maryville because of the homey quality its people and local vendors and restaurants provide.
The Maryville facility currently has 31 employees. Wibbeler predicts this number will increase by 11 over the next six months.
Carbon black, an industrial coloring and strengthening agent that is used as reinforcement in rubber products and as colorant in ink, plastic and paint, is Bolder’s main product.
According to a news release, BolderBlack and Bolder Oil are currently in more than 300 products including tires, automotive parts, wetsuits, phone cases and more.
The company’s material science process uses 98 percent of a scrap tire for alternative purposes; redistributes 75 percent of the solids and liquids into new tires, plastics, manufactured rubber goods and onsite energy; and saves 85 percent or more in greenhouse gas emission offsets and water and power usage.
By extracting steel and petroleum-based ingredients, Bolder can recover scrap tires. This recycling of carbon black does not result in a decrease in quality.
“CIM Group’s support of Bolder Industries aids the expansion of its highly regarded programs to reuse what historically was deemed waste,” said Avi Shemesh, co-founder and principal of CIM Group, in a news release. “Its approach and products place it at the forefront of sustainable industries which aligns with CIM’s long-standing ESG commitment.”
Bolder plans to use the funds it has raised to grow its global environmental, social and governance impact. Funds also will accelerate commercial scalability, as customer demand increases. This demand comes from long-term contracts with major automotive, manufactured rubber, plastics and sustainable petrochemicals partners.
“Tokai Carbon Company investigates circular solutions for our company and Bolder is a leading company in providing solutions for end-of-life tires,” said Bill Jones, Tokai Carbon Company president, in a news release. “Bolder has assisted Tokai in becoming the world leader in delivering partly sustainable ASTM grade carbon blacks with our use of BolderOil.”
Wibbeler said Bolder is working with Tokai to enhance the supply chain of sustainable carbon black.
Bolder plans to increase the capacity of its Maryville plant — which has been in 24/7 commercial operation since February 2019 — by 2.5 times by the first quarter of 2022. The facility currently processes 1 million tires annually. Wibbeler predicts this number will increase to anywhere from 2.5 to 3 million tires in 2022.
In addition to its European and Maryville facilities, the company plans to further expand its product facilities nationally and internationally as it continues to attract customers who are concerned with sustainability, greenhouse gas emission offsets, and water and power usage.
“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,” said Wibbeler. “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.”
Shown here is a second reactor at Bolder Industries in Maryville