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Ecore International attracts $29 Mn Equity Investment
By siliconindia
Lancaster: Ecore International, a provider in manufacturing and marketing innovative, environmentally sustainable products and solutions for the global marketplace, has received $29 million in equity financing from Element Partners, a Philadelphia based venture capital fund. Element Partners invests in high-growth companies with clean technology solutions to global resource and environmental constraints.
The investment will accelerate Ecore's domestic and global expansion as well as support continued development of new products and partnerships on the cutting-edge of sustainability. As North America's largest user of scrap tire rubber, Ecore recycles 80 million pounds of tire rubber each year, helping conserve more than one million barrels of oil in the process to convert pliable treads into durable products for the construction, consumer, commercial, industrial, sports, fitness and recreation markets.
The company has maintained a relationship with Nike Corporation since 1993 through its Nike Grind program. As part of this effort, Nike collects manufacturing scrap, and worn athletic shoes from consumers via a global recycling effort, and processes them into raw materials used in sports surface manufacturing. Ecore blends this raw material with premium recycled tire rubber to create matting and a unique underlayment for poured urethane floors.
Ecore also recently announced an agreement with Laticrete International, a global leader in manufacturing systems for the installation of ceramic tile and stone, to distribute its QT sound control products in markets outside of North America. The partnership will dramatically increase distribution for the product line which is made with recycled rubber.