reTyre continues its journey to revolutionize the tire industry! With NOK 30 million in new capital raised, reTyre is planning to build the world’s most sustainable tire factory, right here in Europe, in Norway.
“reTyre will produce 100% reusable tires with an 82% reduction in CO2 compared to conventional tires”, says Paul Magne Amundsen, founder and CEO at reTyre. Since 2015, the company has worked on developing and selling what Amundsen has called “bicycle tire 2.0”.
Instead of producing ordinary bicycle tires that are thrown away when worn out, the company has created a modular, zipper system.
Obtaining Fresh Capital
Now, reTyre is raising fresh capital and expanding its ambitions, steadily rolling towards 100% reusable tires. reTyre has raised NOK 30 million in a round led by Statkraft Ventures. Statkraft Ventures invests in climate-tech and energy-related growth companies that have the potential to become world leaders in their industry.
Statkraft Ventures Managing Director Lars Odin Mellemseter believes that reTyre has developed technology that both automates tire production and significantly reduces greenhouse gas emissions. “This has the potential to revolutionize an otherwise manual and unsustainable tire industry”, he comments. Statkraft Ventures wants to help reTyre scale the technology and take reusable tires into the international markets.
Can Make It Profitable
Amundsen describes himself as an inventor, and he has a background from NTNU in chemistry and process technology. Just behind the precise design of the zip, there are several years of work. The founders have spent many hours studying the processes surrounding the casting and milling of the slider to ensure that it has no air bubbles in it. But the tire factory and scaling is more about robotization and automation than about zippers and skins.
“reTyre has succeeded in developing a new method for the mass production of pneumatic tires due to many years of experience in producing uniquely demanding tire products such as our modular tire systems. We can make it profitable, even from a high-cost country, by being the first in the world to achieve full tire production automation”, says Amundsen.
“Now we are facing a significant industrialization race, and with the help of Statkraft Ventures, we have a goal of establishing a global market for sustainable tires that can eventually replace the more than 3 billion conventional tires that are produced annually, resulting in enormous environmental pollution”, he adds.
