Energen Global Acquires Majority Stake in PRTI®
PRTI®, a Franklinton, North Carolina-based thermal demanufacturing technology developer has agreed to sell a majority controlling position in the company to Energen Global LTD, based in Malta, with offices in the UK. The transaction, at an undisclosed value, returns capital to PRTI’s shareholders and provides growth funds for its rapid national expansion, PRTI said in its announcement.
In the PRTI® Thermal DeManufacturing process, whole tires are fed into the processing chamber and broken down into useful commodities through an electronically managed thermal process, according to the company’s website.
The resulting products – oil, syngas carbon and steel are sold as commodities or converted into power, the company said.
Founded in 2013, PRTI has developed the technology to a high level of repeatability with over 90,000 operating hours and over 8400 starts/stops. “We are ready to scale,” Jason Williams, President and CEO of PRTI said. “Our partnership with Energen Global, their team and capital, will enable the growth of PRTI,” he said.
Energen’s Gabriel O‘Ciarba called PRTI’s technology a game changer and said the culture within the business is almost identical to that of Energen. “We’ve been working to expand our energy portfolio and, after much searching, we have identified PRTI’s Thermal DeManufacturing® as the technology to effectively create energy from tires. It’s a natural fit for our existing technology portfolio,” O‘Ciarba said.
Since its founding, PRTI has processed over 50 millions pounds of waste rubber material. The company has offices in Kuala Lumpur, Malaysia and strategic partners in the Netherlands and is expanding sites in the US.
© Scrap Tire News, January 2020