NAPLES, FL–There’s money where the rubber no longer meets the road. Lehigh Technologies Inc., a company selling engineered rubber powders made from used tires, has closed on $18 million equity financing led by NGP Energy Technology Partners.

Existing investors also participated in the round. NGP is located in Irving, Texas. Lehigh raised $1.3 million seed money in 2003 then $8.5 million in a second round in 2005.

The company grinds used tires into a gunpowder consistency and engineers it with additives for use in new tires and the plastics industry. The recycled powder not only saves 40 cents for every pound of rubber used in a new tire, it also saves the used tires from the landfill.

In addition, it saves a gallon of oil out of the eight needed to make a new tire.

The company estimates its potential global market at $1.5 billion. It has said it expects to break even in the first quarter of 2007.

The company built its first manufacturing plant in Tucker, GA, and is looking for additional locations. Lehigh makes its rubber powders by freeze-drying used tires then pulverizing them in a environmentally friendly process.

For more information see: www.Lehightechnologies.com

Allan Maurer can be reached at: allan@techjournalsouth.com

Southeast Venture Conference, February 29 – March 1, 2012 at the Ritz Carlton in Tysons Corner, VA – Where Smart Money Meets Smart People.
www.seventure.org

© 2007, TechJournal South. All rights reserved.