Product Recovery Technology International Inc., which breaks down used rubber products, is seeking to raise $2.3 million in a private equity offering.

The Franklinton-based private company’s offering began Nov. 11. In a Form D filed Feb. 28, the company reported 14 investors had purchased $1.3 million of the offering.

The company did not disclose what it intends to do with the money.

Jason Williams, chief executive officer of PRTI, founded Urgent Cares of America in 2001, where he served as president and CEO until 2010.

PRTI incorporated in 2013 and has one facility in Franklinton. The company’s patented rubber depolymerization system fractionalizes rubber and tire waste into syngas, steel, oil and carbon products.

PRTI recently partnered with Raleigh-based Causam Energy to use its EnergyNet software to sell its distributed energy back to the power grid through local utilities across North America.

The Form D can be found here.