Lehigh Technologies, provider of sustainable materials has announced the closing of $8 million strategic financing to support company’s geographic expansion and technology roadmap.
JSR has participated in the latest round of financing, joining existing investors.
Lehigh Technologies has commercialized a micronized rubber powder (MRP) technology that transforms rubber material into a low cost, sustainable specialty chemical that replaces oil-based materials applied reducing waste from a range of products in end-use markets.
To date, Lehigh’s MRP has been used in the manufacture of over 250 million tires.
Commercial sales of MRP have been growing over the past few years with a demonstrated annual growth rate of 30 percent. Significant inroads into markets outside the US have been created. This financing will give the company additional resources to drive growth in Europe and Asia, culminating in local manufacturing. JSR, a leader in polymer technology, will play a key role in this process, said, Alan Barton, CEO, Lehigh Technologies.
Lehigh operates the world’s largest MRP production facility, with 140 million pounds of annual capacity. It has also invested in research and development facilities, to develop more advanced MRP formulations for high-value applications in the tire and rubber.
Under the concept of E2 initiative, JSR is seeking opportunities to contribute to low carbon society through Materials Innovation, said, Koichi Kawasaki, executive managing officer, JSR.