• Lehigh Technologies

  Participated · Equity · Sep 2014

  Lehigh Technologies manufactures micronized rubber powders (MRP) using a cryogenic turbo mill process that converts end-of-life tires and other post-industrial rubber into micron-scale powders. Its MRP is a lower-cost, sustainable specialty material used in applications such as tires, asphalt, coatings and polyurethanes. The company reports more than 60 customers among leading tire, asphalt and plastics companies worldwide. Lehigh has expanded into Europe and is pursuing further global expansion initiatives. It is backed by venture capital firms including Kleiner, Perkins, Caufield & Byers, Index Ventures, and Leaf Clean Energy Company. In July 2015 Lehigh secured a $15 million venture loan facility to support working capital needs and capital expenditures. Lehigh Technologies commercializes micronized rubber powder (MRP) technology that transforms end-of-life rubber into a sustainable specialty chemical used to replace oil-based materials. Its MRP is applied across high-performance tires, industrial rubber, consumer and industrial plastics, asphalt and coatings, and construction materials. The company reports its MRP has been used in the manufacture of over 250 million tires and that it serves six of the world's top ten tire manufacturers. Led by CEO Dr. Alan Barton and based in Tucker, GA, Lehigh intends to use new funding for geographic expansion and technology innovation. The company raised $8M from a group of investors including JSR Corp, Leaf Clean Energy, Kleiner Perkins Caufield and Byers, Index Ventures and Florida Gulfshore Capital. Its technology aims to reduce costs and waste in a wide range of end-use markets. Lehigh Technologies is a Tucker, Georgia–based sustainable materials company that has developed micronized rubber powder (MRP) technology. Its MRP process transforms end-of-life tire and post-industrial rubber into materials incorporated into high-performance tires, consumer and industrial plastic goods, asphalt and coatings, and construction products. Customers include tire companies. Led by CEO Dr. Alan Barton, the company said it will use new funding to expand its geographic reach and research and development initiatives. The company completed a $16M financing as reported. Investors in the round included Leaf Clean Energy, Kleiner Perkins Caufield Byers, Index Ventures and NGP Energy Technology Partners. Lehigh Technologies processes end-of-life tires into ultra-fine rubber powder that can replace standard rubber in hoses, shoe soles, bicycle tires, paints and sealants. The company uses a cryogenic separation process to freeze and more efficiently remove steel and fiber before grinding, producing powders down to 50 microns. Removing steel and fiber more effectively also makes those components easier to recycle, and using Lehigh powder can cut oil use in manufacturing by about 10 percent. Lehigh sells its powder in 1,000–2,000 lb bags primarily to industrial concerns rather than as consumer products. The company is located in Tucker, Georgia, and in 2007 formed a strategic partnership with MTR, the Southeast US’s largest collector of scrap tires. Lehigh was named one of the World Economic Forum’s Technology Pioneers for 2010, selected as one of 26 companies.

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