Product Recovery Technology Inc., which breaks down used rubber products, has raised another $1.3 million in a private equity offering, according to a Thursday filing with the Securities and Exchange Commission.
The Franklinton-based company previously raised $1.17 million in June and $1.3 million in March of this year.
The company has a $600,000 left to raise to meet its goal of of $5 million. According to the filing, the money was raised by 37 investors.
Product Recovery Technology, which acquired solar thermal company Holocene Technologies in 2016, is led by Chief Executive Officer Jason Williams.
Williams founded Urgent Cares of America in 2001, where he served as president and CEO until 2010.
“Other than the payment of salaries and other compensation and benefits, no officer, director or promoter will receive any payments from the proceeds of this offering,” said the company in the filing.
PRTI was founded 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.
The company has 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.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically after they first sell their securities.