Waterloo, (December 22, 2009) - The Accelerator Centre (AC), an award-winning and world-renowned centre for the cultivation of technology entrepreneurship, announced today that one of its newest clients, emerging green technology leader Tyromer Inc., has closed a $750,000 investment from First Leaside Visions II Limited Partnership.
North America today generates more than 300 million scrap tires a year – most destined to be burned for fuel or accumulated in landfills.
“Successful commercialization of this technology will provide global scrap tire management agencies with an environmentally and financially responsible way to deal with scrap tires, and to recover over 1 billion lb of petrochemical based synthetic rubber from scrap tires. This investment allows us to accelerate our development efforts, build our pilot plant and deliver tyromer™ to our customers,” says Sam Visaisouk, Acting CEO, Tyromer Inc.
“As the economy rebounds, the Accelerator Centre is becoming an important hub of increased investment activity, with a significant number of start-ups within the AC either closing, or actively negotiating financing rounds. This latest round of investment into Tyromer Inc. is a triple win for Tyromer, for Waterloo Region’s economy, and for the environment,” says Tom Corr, CEO of the Accelerator Centre.
The Accelerator Centre and University of Waterloo are shareholders in Tyromer. The Accelerator Centre’s investment in the company is made possible through a gift of equity from Michelin Development, an early-stage financier of the company.
About
the
Accelerator
Centre
The
Accelerator
Centre
(AC)
is
a
world-renowned,
award-winning
centre
for
the
cultivation
of
technology
entrepreneurship
located
in
Waterloo,
Ontario.
Made
possible
through
funding
from
Federal
and
Provincial
Governments,
Ontario
Centres
of
Excellence,
the
Regional
Municipality
of
Waterloo,
the
City
of
Waterloo
and
the
University
of
Waterloo,
along
with
industry
and
academic
partners,
the
AC
was
established
to
accelerate
the
creation,
growth,
and
maturation
of
sustainable
new
technology
companies;
to
promote
commercialization
of
research
and
technology
rising
out
of
academic
institutions
such
as
University
of
Waterloo,
Wilfrid
Laurier
University,
University
of
Guelph,
and
Conestoga
College;
and
to
generate
economic
benefit
and
enhance
the
strategic
importance
of
Waterloo
Region
within
Ontario
and
Canada’s
broader
economy.
Aptly named, the Accelerator Centre is firmly focused on accelerating the growth and success of its client companies – fledgling start ups from a variety of technology sectors. The Centre’s team of advisors and mentors provide a unique range of support services and education programs, enabling AC clients to move to market faster, create jobs and stimulate economic activity. As home to 25+ technology start-up companies, with resident program staff of Ontario Centres of Excellence, National Research Council IRAP and Communitech – the Accelerator Centre has become the nexus for Waterloo’s innovation community. The Accelerator Centre along with the Ontario Centres of Excellence and the University of Waterloo technology transfer commercialization office (WatCo), are partners in the Accelerator for Commercialization Excellence (ACE) which works closely with other commercialization entities such as Communitech to provide seamless access to commercialization resources for start-ups, entrepreneurs, and investors in the Waterloo Region.
To learn more about the Accelerator Centre visit our web site at www.acceleratorcentre.com.
About
Tyromer
Inc.
Based
in
Waterloo,
Ontario,
Tyromer
Inc.
is
an
emerging
leader
in
the
green
technology
marketplace.
With
initial
financial
support
from
the
Michelin
Development
Company
and
the
Ontario
Centres
of
Excellence,
the
company
is
commercializing
a
patented
rubber
devulcanization
technology
developed
at
the
University
of
Waterloo.
Tyromer
offers
the
first
commercially
and
environmentally
viable
solution
to
scrap
tire
management
and
to
recover
valuable
synthetic
rubber
from
a
massive
“renewable”
resource.
For further Information, please contact:
Sam
Visaisouk,
Acting
CEO
Tyromer
Inc.
Tim
Ellis,
Director,
Operations
Accelerator
Centre