Bob Abramowitz, CEO of Prism Worldwide, discusses the recent $40 million in Series A and Series A1 funds and what role these will pay in the company's future.
Prism Worldwide
[GD] How did you come up with the idea of making sustainable, performance-based polymers from end-of-life tyres?
[BA] A scientist named Will Co approached me and my partner, Robert “Spike” Anderson, with this technology. At first, it mainly focused on the asphalt industry because Spike had developed an easy way to refine asphalt.
We took Will’s technology and patent, and we found a new way to devulcanise ground tyres. We create intermediate polymers at an ambient temperature and with a low carbon footprint. They have different applications and can be injection moulded, rotation-moulded or extrusioned in plastics and non-plastics.
[GD] What drove this innovation?
[BA] Most companies have focused on tyres, but we’ve asked ourselves: can we put our thermoelastic polymers (TPEs) into different materials to give other industries an alternative to virgin?
I am not anti-plastic; I am pro-recycling. Not all materials are bad, but how can they be repurposed to make functional items? You can’t replace virgin materials completely. Our products combine them with recycled content of anywhere between 10% to 60%.
I have a responsibility towards my shareholders to give a return on investment and my grandchildren to leave them better off. What drives my company is: how can I be part of the solution? Everybody here is driven by the certainty that we can make a difference, however small.
[GD] You’ve recently raised $40 million in Series A and Series A1 funds. What does it mean for you personally and for the company’s future?
[BA] The funding was critical for us. We have a great R&D team and lab in rubber and plastic, which allows us to do 90% of the testing that a tyre company would want on the rubber and 90% of the testing that a plastic company would want on the materials.
We have in-house injection moulding machines and lab extruders, so when a company gives us a project, we can test their products and deliver the results. We usually give them a small batch for testing before putting it on one of our large lines.
Thinking strategically, my goal now is to find a European partner who can embrace our company. This will help us advance the science behind our technology faster and explore a much bigger market than America.
[GD] What advancements have you seen or are you hoping to see in sustainability?
[BA] Five years ago, sustainability in America meant putting a windmill by the factory and a plant-based roof on top of it. Nobody wanted to pay for sustainability. Most recycled products cost more than non-recycled.
The industry is now changing. The consumer is younger and environmentally motivated by sustainability, not politically. They realise the problem. It’s not about climate change; it’s about garbage filling the oceans and the landfills. There’s a lot of gold in those landfills and the industry is understanding that something can be done with it without a green premium.
[GD] How is the company planning to contribute?
[BA] We're playing in big market spaces. We want to grab a small percentage of each to grow the company and expand our footprint. But can we do this while making a positive impact?
We make quality products. For example, we’re providing the material for the telecommunication pedestal. It used to be made of virgin material but we’re now supplying 55% recycled material. We’re also making a car mat that has 50% recycled content, and it doesn’t affect the car’s performance.
[GD] Is there anything you’d like to add?
[BA] The funding was critical for our growth, but we’re still looking for strategic partners. We can take some of the virgin materials out of the product and give them recycled material to sell. Europe will achieve 20%-30% heavy recycled materials by 2030 and we can help them do it.