May 27, 2014
Waterloo technology tackles global scrap tire problem
Waterloo startup wins prestigious award for greener, cheaper way to recycle scrap tires
Millions of scrap tires are generated every year and only a fraction of the discarded rubber is ever recycled. Now, a University of Waterloo startup is taking its technology global by offering manufacturers around the world a cheaper - and greener - way to recycle old tires.
With support from the University’s Waterloo Commercialization Office (WatCo), Tyromer Inc. is commercializing an invention by Chemical Engineering Professor Costas Tzoganakis. The technology chemically breaks down – devulcanizes – tire rubber so it’s suitable for reuse.
“The Tyromer technology is revolutionizing the way scrap tires, and potentially other rubber products, are discarded. They are an example of how research from this University is transforming the world in which we live,” said D. George Dixon, vice-president, university research at Waterloo. “Professor Tzoganakis’ invention will allow companies worldwide to reduce their manufacturing carbon footprint.”
Tyromer wins prestigious global award from Silicon Valley
Tyromer’s process uses carbon dioxide (CO2) to selectively break the cross-linking sulfur bonds and bring about rapid devulcanization. In addition, Tyromer’s technology is helping to change the mindset and management of scrap tires around the world, shifting from a disposal approach to a resource recovery practice that will help provide a sustainable solution to a global problem.
Tyromer was recently named one of the 2014 TiE50 winners – a prestigious TiE Silicon Valley honour awarded to only 50 companies among thousands competing worldwide.
TiE50 is TiE Silicon Valley’s premier annual awards program contested by thousands of technology startups worldwide. Since the awards inception, TiE reports that 94 per cent of the winners and finalists have been funded, attracting billions of dollars in investments.
Chemical Engineering Professor Costas Tzoganakis
Tyromer is taking technology worldwide
“I’m pleased that Tyromer was selected as a prestigiousTiE50 winner,” said Sam Visaisouk, CEO of Tyromer, and Entrepreneur in Residence at WatCo. “At the same time, we’re elated that the judges recognize the significance of our work, our vision, and the societal impact our technology can make.”
About 350 million scrap tires are generated each year in North America, but have proved difficult to recycle. Typically less than 20% of a tire is used before disposal, making scrap tire management a global problem in need of an environmentally sustainable and financially viable solution.
With a strategic alliance in place with a manufacturer to supply and support devulcanization equipment globally, Tyromer is focused on taking the technology worldwide.
In 2013, the company granted its first licence in France. Licences are pending in Croatia, Hungary, Spain, Russia, and Turkey. The next step for Tyromer is to raise follow-on financing to execute its joint venture and licensing business model. The TiE50 award recognition significantly raises the company’s profile as a socially responsible and ecologically sustainable investment opportunity which the company hopes will lead to a near-term financing deal.
