BOULDER — Bolder Industries Inc., a company that develops processes to convert used tires into carbon black, petrochemicals, steel and power, has raised $80 million in equity financing to accelerate commercial scalability and to invest in environmental, social and corporate governance (ESG) efforts.
“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,” BI CEO Tony Wibbeler said in a prepared statement. “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.”
The fundraiser was led by CIM Group and Aravaipa Ventures, according to a BI news release.
“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,” CIM Group principal Avi Shemesh said in the release.
The firm’s flagship product is BolderBlack, which is derived from used tires and scrap rubber and serves as a replacement for traditional carbon black, a compound used to strengthen rubber and colorize plastics.