PRTI®, (www.prtitech.com) a leading waste tire to energy business based in Franklinton, North Carolina, has announced it has agreed to sell a majority controlling position in the company to Energen Global LTD (www.energenglobal.com) based in Malta, with offices in the UK. The transaction, at an undisclosed value, returns capital to PRTI’s shareholders and provides growth funds for its rapid national expansion.
Jason A. Williams, President and CEO of PRTI said, “having evolved our technology to a high level of repeatability with over 90,000 operating hours and over 8400 starts/stops we are ready to scale. Our partnership with Energen Global, their team and capital, will enable the growth of PRTI. Energen Global focus on renewable, clean and alternative energy technologies, which demonstrate the mindset and resources to make them a natural partner in our next steps together. We are excited to augment the legacy grid here in the United States with our unique approach to energy creation and mining operations.”
Speaking on behalf of Energen Gabriel O‘Ciarba said “ this has been one of the easiest investment decisions I have ever made, the team at PRTI lead by Jason Williams are exceptional, their technology is a game-changer and the culture within the business is almost identical to that of Energen. Energen for some time has been working to expand our energy portfolio and, after much searching, we have identified PRTI’s Thermal DeManufacturing® as the technology able to effectively create energy from tyres and is a natural fit for our existing technology portfolio.” He continued “With the planned rapid national expansion of PRTI® locations, we will be able to build a decentralized energy grid comprising waste to value in an extraordinary way.”
PRTI® was founded in 2013 to transform America’s billions of waste tires into valuable commodities in a green, revenue and energy producing, zero-waste process. Their aim is to take a new, technology-focused approach to the global problem of waste tires. With headquarters in Franklinton, NC has processed over 50 millions pounds of waste rubber material and has offices in Kuala Lumpur, Malaysia and strategic partners in the Netherlands and is expanding sites starting in the US.
Energen Global, a leading asset management company, focuses on the development, acquisition and long-term management of large-scale renewable and alternative energy projects and solutions. Their projects generate cost-effective, dependable, long-term clean energy solutions for businesses and communities. With experience in the renewable & alternative energy and financial sectors, they have formed strategic relationships with tier-one technology manufacturers, service providers, national and local governments, and utility providers.