FRANKLINTON – A startup focused on addressing the world’s challenge of dealing with used tires in an environmentally friendly fashion is generating traction with investors.
PRTI has raised more than $6 million from 42 investors after soliciting backing across states stretching from the east to west coasts, according to an SEC filing. It’s looking to raise an additional $3.7 million.
All the funds are for equity stakes.
PRTI has been raising funds since last year to drive expansion of its PRTI Thermal DeManufacturing process.
“PRTI was founded to transform America’s billions of waste tires into valuable commodities in a green, revenue and energy producing, zero-waste process.,” the company says at its LinkedfIn site.
“Tire processing plants are large and very expensive to build. To be efficient, they have to transport large numbers of tires to a central location. However, tires are bulky and expensive to transport. Our patented PRTI Thermal DeManufacturing(TM) process is highly scalable across a wide range of facility sizes. We can build much smaller facilities next to the source of waste tires, greatly reducing transportation costs. Traditional processing methods also have to cut up the tires before they can be processed. This wastes time, energy and money, and it reduces the value of the commodities being produced.”
Jason Williams, the firm’s CEO, signed the filing.