LD Carbon Closes $28M Series C Funding

LD Carbon

LD Carbon, a Seoul, South Korea-based producer of recovered carbon black, raised $28M in Series C funding.

The round was led by Toyota’s growth fund, Woven Capital, with participation from┬áMeritz Securities, Investwith, Industrial Bank of Korea, Hyundai Motor Group ZER01NE, Elohim Partners and New Main Capital.

The company intends to use the funds to scale operations to recycle end-of-life tires and material from end-of-life vehicles into recovered carbon black and pyrolysis oil through pyrolysis and material recovery technology, which in turn can be used to create new automotive parts and tires.

Led by CEO Seong Mun Baek, LD Carbon Co., Ltd, is an eco-friendly material industry company, which has developed technologies to produce green carbon black and pyrolysis oil from end-of-life tires. Its tire pyrolysis oil and recovered Carbon Black have passed quality assurance test programs from some of the leading global petrochemical and tire companies. The company is building its first, mass-production pyrolysis factory, with 50ktpa end-of-life tire pyrolysis capacity in South Korea with deployment plan for the following plants in the other APAC region with prominent industrial groups.