Black Bear Carbon Raises Capital for Development
Black Bear Carbon raises capital for new project development that will boost tyre recycling in the Netherlands
Black Bear Carbon Raises €7.5M
Black Bear Carbon provides a circular solution for the tyre waste stream by harvesting the valuable materials incorporated in tyres, technical rubber products, plastics, paint, and ink. With each installation, Black Bear Carbon saves more carbon dioxide than 3 million trees consume, claims the company.
Recently, Black Bear Carbon has completed a first closing of €7.5M, the first step in a fundraising campaign of €78M for its new BBC flagship plant at Chemelot Industrial Park, the Netherlands.
The investment round was led by Capricorn Partners from the Capricorn Sustainable Chemistry Fund, with support from Invest-NL, joined by current investors; Brightlands Venture Partners, Siam Cement Chemicals, and others.
Invest-NL is providing a €2.5M convertible loan. The transaction is supported by the InnovFin SME Guarantee Facility, with the financial backing of the European Union under Horizon 2020 Financial Instruments.
“This financing is a crucial first step to allow the BBC to scale up production and contribute to the development of a circular economy. We are delighted, this funding round could not have come at a better moment. It marks the belief of our investors, partners, and employees in our mission and strategy”, Silvio Ghyoot, CEO of BBC says.
Founded by Christopher Twigg, Black Bear Carbon recovers Carbon Black from used tyres cleanly and sustainably. According to the company, Carbon Black is usually produced by burning fossil fuels and therefore emitting large amounts of CO2.
On the other hand, the Dutch company produces recovered Carbon Black by extracting it from waste tyres and converting the remains of the tyres into oil and gas.
These green energy sources can be converted to heat, electricity, or steam, and they provide an additional income stream to our business model, claims the company.