Product Recovery Technology International Inc., which breaks down used rubber products, is seeking to raise another $2.3 million in a private equity offering.

PRTI has developed what it says a cost-effective technology for turning rubber and tire waste into gas, steel, oil and carbon products.The company’s process reduces long chain polymers into their basic elements, yielding the original components as recyclable materials for sale in the marketplace

The firm says its low temperature process has been developed over the last nine years in a production environment.

PRTI is not new to fund raising.

According to a filing with the U.S. Securities and Exchange Commission in 2015, the company raised $2,772,369 of a $10,000,000 equity offering from 24 investors.

The company raised $388,000 of a $500,000 equity offering in February, 2014, according to a previous SEC filing.

“The PRTI system operates below all EPA emissions limits, is completely sealed and emits no waste bi-products or hazardous vapors. This makes it suitable for use anywhere, even in populated areas,” the firm says.

PRTI’s system routinely processes up to 36 tons of scrap tires per day which significantly increases the quantity of tires handled at a single site,” according to the company.

The PRTI depolymerization process is concerned with reducing tires down to their original building blocks which include oil, steel and carbon black.

The firm’s offering began Nov. 11. In a Form D filed Feb. 28, the company reported 14 investors had  purchased $1.3 million of the offering.

The company did not disclose what it intends to do with the money.

Jason Williams, chief executive officer of PRTI, founded Urgent Cares of America in 2001, where he served as president and CEO until 2010.

PRTI incorporated in 2013 and has one facility in Franklinton.

PRTI-Causam partnership

PRTI recently 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.

PRTI is using Causam’s EnergyNet software platform to sell its distributed energy back to the power grid through local utilities and open regional energy markets across North America. Causam Energy announced the commercial release of its EnergyNet Distributed Energy Resource transactional platform in September.

This multi-year partnership between two rapidly expanding North Carolina companies includes a combination of shared strategic goals and associated investment and vision about the future.