The company behind a unique carbonisation process to transform used tires into recovered Carbon Black (rCB) has secured an additional €5m worth of funding to help scale up the technology.
Clean tech company Black Bear has received the funding from Capricorn Venture Partners and independent venture capital firm Particorn, who join an earlier €11m growth financing round.
The Dutch company operates an industrial-scale prototype plant in partnership with Kargro, one of Europe’s foremost recyclers of tires. The plant, located in Nederweert, the Netherlands, is capable of processing more than one million tires annually.
The recovered Carbon Black is Cradle-to-CradleTM certified and is already used by major clients, including AkzoNobel.
Black Bear will use the capital to further develop this industrial-scale prototype plant and expand internationally. The company’s long-term goal is to upcycle all waste tires into valuable products, which would achieve CO2 emission reductions equivalent to the planting of more than one billion trees.
Capricorn Venture Partners is an independent European manager of venture capital and equity funds, investing in innovative European technology companies. It is based in Leuven, Belgium.
Investment Manager Rob van der Meij said, “Sustainability for our Sustainable Chemistry Fund does not only mean bio-based resources. Black Bear is a great example of a true circular economy company; recycling Carbon Black, which has an enormous CO2 footprint, and solving a large waste tire problem at the same time.”
“The low cost and high-quality potential of Black Bear enables a large roll out that will have a positive impact on the environment and create sustainable, local economies around waste tires all over the world.”