Black Bear, a Nederweert, the Netherlands-based cleantech company, secured an additional €5m in funding.
Backers included Capricorn Venture Partners and Particon.
The company, which previously raised €11m in a growth financing round from ING Sustainable Investments, 5square, Social Impact Ventures and SCG, intends to use the funds to scale up its “Tire to Carbon Black” technology, to further develop this industrial-scale prototype plant and expand internationally.
Led by CEO Martijn Lopes Cardozo, Black Bear is advancing the “Tire to Carbon Black” technology, a carbonization process used to transform tires into recovered Carbon Black for use in the production of tires, technical rubber, coatings, plastics and inks.
The company operates an industrial-scale prototype plant in partnership with Kargro, a recycler of tires. The plant, located in Nederweert, the Netherlands, is capable of processing more than 1 million tires annually.
The recovered Carbon Black is Cradle-to-CradleTM certified and is already used by major clients, including AkzoNobel.