Bolder Industries gets a big boost from Tiger Infrastructure

Bolder Industries Inc., a circular economy company that produces recovered carbon black and tire pyrolysis oil from end-of-life tires, continues to draw attention from investors.

Tiger Infrastructure Partners, a private equity firm based in New York and London, said it has completed a "transformational growth investment" in Bolder "to enable the buildout of new facilities."

An exact amount of the investment, completed Feb. 10, was not disclosed.

"We are thrilled to partner with Tiger Infrastructure in our next phase of growth," said Tony Wibbeler, founder and CEO of Bolder, based in Boulderm Colo. "Tiger Infrastructure is our partner of choice because they were a first mover in growth infrastructure and possess a successful track record in scaling infrastructure platforms like ours.

"Further, they have a valuable operating partner network and a unique transatlantic footprint that can help us grow our current and planned asset base in both the U.S. and Europe."

Bolder serves the rubber, plastic and petrochemical industries with its recycled CB and circular thermoplastic polyolefin materials, BolderBlack and BolderOil. BolderBlack can be found in tires, wetsuits, roofing products, belts, hoses, construction piping, phone cases and automotive parts.

BolderOil has applications in renewable fuels, redirected back into circular CBs, process oils, solvents and petrochemicals, providing unique circularity features for their respective markets.

"There is robust market demand globally for our products and we are excited to leverage Tiger Infrastructure's expertise in building the infrastructure of tomorrow," Wibbeler said.

Bolder Industries' headquarters are in Colorado, but its BolderBlack and BolderOil are produced in Maryville, Mo.

A second reactor has been added to Bolder's production plant in Maryville, and the plant is producing about 6,000 metric tons of recovered carbon black and 8,000 metric tons of pyrolysis oil per year.

The company since has turned its attention to continued retrofits and expansion of its 66,000-sq.-ft. Terre Haute, Ind., facility, which Bolder purchased from Pyrolyx USA Indiana in December 2021.

Phase I of this project has three reactors to break down scrap tires, and the facility "is piped for a fourth."

Investments from Bolder for the western Indiana facility are estimated at $55 million, Wibbeler said.

Bolder has a third facility under development in Antwerp, Belgium. The company's Belgium facility will be located in the NextGen District of the Port of Antwerp, which hosts other circular economy projects.

The projects in Antwerp and Terre Haute are precisely where Tiger Infrastructure comes in.

"As an innovator in the production of recovered carbon black and pyrolysis oil, we believe that Bolder is in a prime position to capitalize on growing demand for validated, cost-effective circular economy products from end-of-life tires," said Emil W. Henry Jr., Tiger Infrastructure CEO and CIO. "Bolder has been at the forefront in demonstrating the ability to consistently produce high-quality products for some of the most discerning global consumer brands."

Bolder, which has about 70 employees today, estimates it will top out at close to 300 people once all three plants are operational.

Bolder's partnerships, such as the one with Pittsburgh-based Liberty Tire Recycling L.L.C., which will supply Bolder's scrap tire feedstock for Terre Haute, remain at the core of its operations.

"We have been impressed by Tony and his team," said Joe Clemente, Tiger Infrastructure managing director. "They are among the leaders in this emerging sector where there are very few players with the expertise and track record in developing these essential infrastructure projects."

More than 1 billion ELTs are generated annually.

And though a big dent has been made in the U.S., the number of landfilled tires in the U.S. has increased by 19 percent from 2021 to 2023, according to the U.S. Tire Manufacturers Association.

Sustainability and circularity trends "emphasize the need for Bolder's circular, supply-side solution," Tiger representatives said.

Each of Boulder's new locations—in Terre Haute and Antwerp—are designed to recycle more than 4 million end-of-life tires annually, in aggregate.

"A combination of supportive public policy and regulation as well as the circularity and sustainability goals of many consumer-facing companies, including large tire, rubber and plastics firms, is helping to drive demand for Bolder's products," Tiger said in a Feb. 10 release.

Wibbeler said Bolder's materials can reduce greenhouse gas emissions by approximately 85 percent compared to the competing traditional products and rubber ingredients.