LD Carbon and Partners Invest in Sustainable Automotive Solutions with New South Korean Plant

Seoul, South Korea - LD Carbon, a pioneering company in the production of recovered carbon black (rCB), has announced the successful closure of a $28 million Series C funding round. The round was led by Woven Capital, a growth fund initiative of Toyota, and saw significant contributions from various investors including Meritz Securities, Investwith, Industrial Bank of Korea, Hyundai Motor Group Zer01ne, Elohim Partners, and New Main Capital.

The funding will bolster LD Carbon's capacity to recycle end-of-life tires and automotive materials into rCB and tire pyrolysis oil (TPO) through advanced pyrolysis technology. These materials are essential for manufacturing new automotive parts and tires, thereby promoting a circular economy while reducing material costs and carbon emissions for global customers.

Seong Mun Baek, CEO and co-founder of LD Carbon, emphasized the company's commitment to enhancing the sustainability of the automotive industry. "By collaborating with Woven Capital and our other strategic partners, we aim to expand our operations to support global original equipment manufacturers (OEMs) as they strive to offer more sustainable vehicle options to both consumers and business clients," Baek stated.

LD Carbon highlighted the environmental impact of traditional carbon black production, which emits approximately 25 million metric tons of CO2 annually. The company's innovative manufacturing process significantly reduces these emissions by recovering nearly 100% of waste materials from used tires.

Prashant Bothra, Woven Capital principal and newly appointed board member of LD Carbon, praised the company's technological advancements. "LD Carbon is addressing a significant challenge in the automotive supply chain with its cutting-edge technology that maximizes productivity and minimizes costs, making high-performance rCB a viable alternative to virgin materials," Bothra explained.

The company's current facility in Gimcheon, South Korea, has an annual production capacity of over 7,000 tons of rCB, which is supplied to various tire and rubber manufacturers. Additionally, LD Carbon has secured a decade-long supply agreement with SK Incheon Petrochemicals for the provision of TPO.

Looking ahead, LD Carbon is expanding its operations with a new tire pyrolysis plant under construction in Dangjin City, South Korea. Set to complete later this year, this facility is expected to process 50,000 tons of end-of-life tires annually, converting them into 22,000 tons of TPO, 18,000 tons of rCB, and 10,000 tons of other reusable materials.

In partnership with global tire makers and industry leaders, LD Carbon is also co-developing key product specifications to further its reach and impact in promoting sustainable practices within the automotive sector.