Lehigh raises $16M for expansion
Lehigh Technologies Inc. has completed $16 million in financing, securing investments from top global venture capital firms, led by Leaf Clean Energy and including Kleiner Perkins Caufield Byers, Index Ventures and NGP Energy Technology Partners. The funding will go toward expanding the company’s geographic reach and research and development initiatives – bolstering its ability to meet growing commercial demand for its micronized rubber powder (MRP) technology.
Lehigh Technologies’ MRP technology transforms end-of-life tire and post-industrial rubber into new materials that are incorporated into high-performance tires, consumer and industrial plastics goods, asphalt and coatings and construction materials. Lehigh’s MRPs are a lower cost, sustainable replacement for higher priced synthetic polymers and associated rubber compounds. The new MRP material helps Lehigh customers lower product costs and increase their sustainability profile while maintaining or improving product performance. Lehigh’s customer base includes the largest tire companies in the world – over 140 million tires have been manufactured using Lehigh’s MRP.