Bolder Industries, Inc., the company converting end-of-life tires into sustainable carbon black (BolderBlack), petrochemicals (BolderOil), steel (BolderSteel), and power, announced it has raised $80 million in equity and an additional $100 million in committed project-level funding, co-led by CIM Group and Aravaipa Ventures, and supported by strategic partner Tauber Oil, to accelerate its commercial scalability and advance its environmental, social, and governance (ESG) impact globally. Funding will support the global growth for Bolder Industries based on its proven circular solution for end-of-life tires to meet increasing customer demand, including long-term contracts from major automotive, manufactured rubber, plastics, and sustainable petrochemicals partners.
Bolder Industries operates an end-to-end material science solution, turning end-of-life tires into raw resources that can be used for new product outputs, giving new meaning and life to "waste." Its proven solution is meeting the needs of the largest brands in the world that are motivated by sustainable materials, greenhouse gas emission offsets, and reduced water and power use, the company said.
Bolder's current facility in Maryville, Missouri, has been in 24/7 commercial operation since February of 2019 and has built a demand for its product, requiring a significant global expansion. To meet rising customer demand, it is expanding this plant, increasing capacity by 2.5x by first quarter 2022. Bolder has immediate plans for additional product facilities in the U.S., Europe, and other areas of the world.
"Our vision is to transform what it means to be a sustainable, environmentally conscious company and we're incredibly humbled by the support we've gained to do so," said Tony Wibbeler, Bolder Industries CEO. "Bolder Industries is scaling at such a speed that enables existing customers to expand their business with us when they want to, and new partners can see impact quickly."
This investment is timely due to the global increase in demand for product circularity. Bolder Industries is a pure-play when it comes to circularity for end-of-life tires. According to the company, through its material science process:
98% of the tire is used for alternative purposes.
75% of the solids and liquids make their way back into new tires, manufactured rubber goods, and plastics. The remaining gases are used for onsite energy.
While each product has its own sustainability calculator, Bolder averages a savings of 85% or more in greenhouse gas emissions offsets and water and power usage.
More brands are picking up on Bolder's capabilities and realizing that it's a smart, sustainable recycling alternative, the company stated, especially considering products made with black plastic or rubber contain petroleum.
"CIM Group's support of Bolder Industries aids the expansion of its highly regarded programs to reuse what historically was deemed waste. Its approach and products place it at the forefront of sustainable industries which aligns with CIM's long-standing ESG commitment," said Avi Shemesh, co-founder and Principal, CIM Group.
Bolder Industries raised this strategic round to meet its contractual obligations for global brands, further accentuating the company's long-term commitment to its BCorp status and founding mandate from 2011 to take petroleum-based materials out of tires using a low-emissions process.
Bolder's solutions have a massive impact on supply chain emissions for any black rubber and plastic product. BolderBlack and BolderOil are currently in more than 300 products including tires, automotive parts, wetsuits, phone cases, and more.
"Tokai Carbon Company investigates circular solutions for our company and Bolder is a leading company in providing solutions for end-of-life tires. Bolder has assisted Tokai in becoming the world leader in delivering partly sustainable ASTM grade carbon blacks with our use of BolderOil," said Tokai Carbon Company President Bill Jones.