Woven Capital leads Series C round to advance the circular economy by diverting used tires from landfills and supporting development of high-performance recycled car parts
SEOUL, South Korea, June 19, 2024 /PRNewswire/ -- LD Carbon, a leading producer of recovered carbon black, closed a $28M Series C funding round led by Toyota's growth fund, Woven Capital, with participation by Meritz Securities, Investwith, Industrial Bank of Korea, Hyundai Motor Group ZER01NE, Elohim Partners and New Main Capital. LD Carbon will use the investment to scale operations to recycle end-of-life tires and material from end-of-life vehicles into recovered carbon black and pyrolysis oil through pyrolysis and material recovery technology, which in turn can be used to create new automotive parts and tires. The investment will advance LD Carbon's mission of accelerating the circular economy while delivering material cost and carbon savings to global customers.
Manufacturing carbon black is a highly polluting process, generating 25 million metric tons of CO2 annually, while another 1.6 million metric tons come from the 28% of all waste tires that are burned — the combined CO2 equivalent of more than 9M passenger vehicles. LD Carbon's pyrolysis and material recovery process uses patented recovered carbon black manufacturing technology to provide nearly 100% recovery of waste tires, providing an environmentally safe option for recovered carbon black ("rCB") and developing pyrolysis oil.
"LD Carbon is solving a tough chemistry problem that continues to challenge manufacturers across the automotive supply chain as they face increasing pressure to embrace sustainability goals," said Prashant Bothra, Woven Capital principal who is joining the LD Carbon board. "With a major plant under construction, the company is scaling their proven technology to maximize productivity and reduce the cost of creating high-performance recovered carbon black, offering substantial value compared to virgin materials. With regulatory and corporate tailwinds, a strong sales pipeline, and a first-mover advantage in Asia, we believe LD Carbon is well-positioned to play an important role in the sustainable future."
Automakers are increasingly adopting increased recycled content for cars. This demand is driven by new corporate net-zero targets, emissions requirements, and European Commission proposals calling for car manufacturers to use 25% recycled plastic content, of which at least 5% must come from end-of-life vehicles.
"Our mission is to dramatically improve the sustainability profile of the automotive industry, while lowering costs," said Seong Mun Baek, CEO and co-founder of LD Carbon. "Partnering with Woven Capital and other strategic investors will give us invaluable insights into scaling operations to support global OEMs as they seek to offer more sustainable vehicles to discerning consumers and business customers. Together, we can ensure automotive and its related industries are more environmentally friendly than ever while meeting high standards for cost and performance."
LD Carbon is a leading producer of recovered carbon black (rCB) and tire pyrolysis oil (TPO) derived from waste tires. The company's existing plant in Gimcheon, South Korea, has an annual capacity of over 7,000 tons of rCB, which is supplied to major tire and rubber product manufacturers. Additionally, LD Carbon has secured a 10-year supply agreement with SK Incheon Petrochemicals for its tire pyrolysis oil. The company is investing in the construction of Asia's largest tire pyrolysis plant in Dangjin City, Chungcheongnam-do, with completion targeted in 2024. Its annual capacity will be 50,000 tons of end-of-life tires turned into 23,000 tons of TPO,20,000 tons of rCB, and 7,000 tons of other valuable gas and materials. LD Carbon is also co-developing key product specifications alongside industry leaders like several major global tire makers.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
LD Carbon Closes $28M Investment to Scale Production of Sustainable Carbon Black and Pyrolysis Oil
LD Carbon Closes $28M Investment to Scale Production of Sustainable Carbon Black and Pyrolysis Oil
LD Carbon Closes $28M Investment to Scale Production of Sustainable Carbon Black and Pyrolysis Oil
The integrated resort will present curated hotel packages, entertainment, and exclusive themed offerings as part of its partnership with Scuderia Ferrari
SINGAPORE, June 28, 2024 /PRNewswire/ -- Marina Bay Sands is gearing up for this year's Singapore night race season with a multitude of Formula 1 (F1) race-themed offerings across the property.
Beyond on-track excitement, racing aficionados can relish the thrill of the season with a slate of off-track entertainment and hospitality, alongside exclusive offerings by Scuderia Ferrari as part of a partnership inked in 2023 with the F1 team. The partnership, in its second year, has brought together the world of motorsport and luxury hospitality to offer exclusive hotel packages and adrenaline-fueled activations.
1. Luxuriate in comfort and style with exquisite hotel packages
Motorsport enthusiasts are invited to luxuriate in opulence at Marina Bay Sands with exclusive hotel packages specially curated for fans to immerse themselves in the exhilarating atmosphere at the epicentre of the F1 action. A limited number of premium hotel packages are available during the race season, offering the pinnacle of luxury in newly refurbished suites from the Paiza Collection, which offer breathtaking views of the F1 track.
The top all-access package, priced at S$100,000++, features a world of privileges, including a four-night stay for four pax in the ultra-luxe Paiza Signature Suite, and access to exclusive invite-only events, such as a cocktail reception with the Scuderia Ferrari team drivers Charles Leclerc and Carlos Sainz. As part of the package, guests can discover a plethora of gastronomic delights at signature restaurants across the integrated resort, including at Bread Street Kitchen and the highly anticipated new Greek restaurant estiatorio Milos. A highlight is a three-day all-access pass to the Marina Bay Sands Sky Suite at the race circuit, providing a sensational vantage point to view the thrilling race action.
Other hotel packages present a realm of tailored experiences, including three-day F1 Experience passes, a table at LAVO Party Brunch, resort credits worth up to S$2,000, as well as VIP access to the hottest F1 afterparties at MARQUEE Singapore.
For more information on hotel packages, please visit MarinaBaySands.com/NightRace.
2. Catch the 2022 F1-75 Race Car on display at Tower 1 Hotel Lobby
From 16 to 23 September, the Scuderia Ferrari F1-75 racing car which raced in the 2022 Formula 1 World Championship will be on display at Tower 1 hotel lobby. The spectacular display of the iconic car will greet guests as they enter through the main doors of the hotel. Delving beyond what race enthusiasts have seen before on property, this iconic display offers racing enthusiasts an exclusive opportunity to get up close with the iconic car from one of the sport's most legendary teams.
3. Marina Bay Sands lights up in Ferrari red
Over the race week, Marina Bay Sands' iconic façade will be transformed and illuminated with a vibrant hue of Ferrari red. The three cascading hotel towers and underbelly of Sands SkyPark will be lit up to create a stunning visual against the dazzling city skyline, perfectly encapsulating the adrenaline-pumping energy at the heart of the action.
4. Night Race in the Sky
The non-stop race action hits a new high with Night Race in the Sky, held 56 storeys atop SkyPark Observation Deck. The sky-high event offers the perfect vantage point of the high-octane track action during the night race, complete with food and beverage options from CÉ LA VI, as well as the live broadcast of the Qualifying Round and Race Day races through LED screens.
For more information on Night Race in the Sky, stay tuned to Marina Bay Sands official website MarinaBaySands.com/NightRace.
5. Ultimate post-race celebrations at MARQUEE Singapore
The thrill of the night race continues late into the night with two back-to-back exhilarating afterparties at MARQUEE Singapore over the night race weekend.
On 20 September, MARQUEE is bringing back world-renowned electronic dance music (EDM) DJ and producer Afrojack to deliver yet another rousing performance. Hailing from the Netherlands, the EDM titan has earned a spot on DJ Mag's top 10 best artists globally, and is also a Grammy-award winning DJ known for his chart-topping banges including "Ten Feet Tall", "Take Over Control" and "Give Me Everything".
More details on the second Formula 1 afterparty act will be released soon. For more details and updates on MARQUEE's event lineup, follow MARQUEE Singapore on Instagram and Facebook, or visit www.marqueesingapore.com.
6. Stand a chance to win a pair of tickets to the Scuderia Ferrari Cocktail Party
In thrilling anticipation of the upcoming night race, Marina Bay Sands will be launching an exclusive Sands Lifestyle Lucky Draw for one lucky motorsport fan to win a pair of tickets to the private Scuderia Ferrari cocktail party, offering them the opportunity of a lifetime to meet the legendary Scuderia Ferrari team.
For more information on the giveaway, stay tuned to Marina Bay Sands' official social channels Instagram and Facebook in the coming months for the full reveal and a chance to win.
About Marina Bay Sands Pte Ltd Marina Bay Sands is Asia's leading business, leisure and entertainment destination. The integrated resort features Singapore's largest hotel with approximately 1,850 luxurious rooms and suites, crowned by the spectacular Sands SkyPark and iconic infinity pool. Its stunning architecture and compelling programming, including state-of-the-art convention and exhibition facilities, Asia's best luxury shopping mall, world-class dining and entertainment, as well as cutting-edge exhibitions at ArtScience Museum, have transformed the country's skyline and tourism landscape since it opened in 2010.
Marina Bay Sands is dedicated to being a good corporate citizen to serve its people, communities and environment. As one of the largest players in hospitality, it employs more than 11,500 Team Members across the property. It drives social impact through its community engagement programme, Sands Cares, and leads environmental stewardship through its global sustainability programme, Sands ECO360.
For more information, please visit www.marinabaysands.com
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Marina Bay Sands and Scuderia Ferrari reunite to ignite Formula 1 fever
Marina Bay Sands and Scuderia Ferrari reunite to ignite Formula 1 fever
Marina Bay Sands and Scuderia Ferrari reunite to ignite Formula 1 fever
