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You are here: Home1 / funding

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Kenda USA gets $35 million of funding from Huntington Business Credit

Company News, International News

On 28 June 2022, Huntington Business Credit announced it closed $35 million of new credit facilities with American Kenda Rubber Industrial Co. Ltd. (Kenda USA). According to Huntington Business Credit, the funds were used to “refinance existing indebtedness and provide ongoing working capital growth financing.

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Related news:

  1. CKT sale to have “no impact” on Kenda product supply
  2. Kenda buys Starco
  3. Tirescanner.com live in 42 US states, multi-million dollar funding close
  4. Fitch rating affirmation partially affirms Goodyear Cooper acquisition strategic logic
8th August 2022/0 Comments/by Chris

Discount Tire-backed RoboTire automated tyre changing system raises $7.5 million

International News
RoboTire

RoboTire, a Detroit-based automotive robotics and automation startup closed a US$7.5 million investment round in October. RoboTire’s patented system uses robots to change tyres “in a fraction of the time human operators can” purportedly reducing “multiple-hour experiences to under 15 minutes”.  The Series A investment round was led by The Reinalt-Thomas Corporation, which sells tyres through 1000+ branches trading under the Discount Tire and America’s Tire brands in the USA. Automotive Ventures, Detroit Venture Partners, 640 Oxford Ventures and several angel investors participated in the funding round.

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Related news:

  1. Tirescanner.com live in 42 US states, multi-million dollar funding close
  2. Tyre e-tailer Pneusmart secures 765,000 euros financing
  3. Discount Tire opens 1,000th branch
  4. Queensland motor industry invests in Australian tyre recycler Green Distillation
30th November 2021/by Chris

Enso start-up aims to reduce carbon and microplastic emissions with tyres

Company News, International News, Premium, UK News
Enso

Enso aims to disrupt the market by combining sustainable, energy-efficient, high-mileage anti-particulate, electric vehicle-orientated tyres with a direct-to-customer, tyres-as-a-service business model. Following the news that an Enso tyre-equipped Renault Zoe set a new hypermiling record at least partly based on its tyres, Tyres & Accessories found out more about the company, its products and its financial position.

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Related news:

  1. New Algerian tyre plant to feature Cimcorp logistics automation
  2. Tyre particulate solution wins James Dyson Award
  3. Algeria, & then the world: Iris Tyres brings ‘competitive’ range to market
  4. Continental’s electric vehicle work to be carbon-neutral by 2022
14th June 2021/by Chris

Versarien wins £1.95 million graphene research development agreement

Company News, UK News

Versarien plc, which makes nanocompounds for tyre applications amongst other things, is was awarded a product development funding from the Defence, Science and Technology Laboratory (DSTL), a part of the Ministry of Defence at the end of November 2020.

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Related news:

  1. Versarien appoints chief technology officer
  2. Directa Plus awarded patent for G+ elastomeric composition for tyres
  3. European tyre maker trialling Versarien’s Nanene
  4. Gratomic and Perpetuus partner in graphene tyre project
1st February 2021/by Chris

Kerr’s Tyres secures £500k funding from Ulster Bank

UK News
Norman Kerr portraitKerr’s Tyres

Kerr’s Tyres & Auto, one of Northern Ireland’s leading suppliers of tyres and automotive services, has secured a half-million pound loan from Ulster Bank to support it through the coronavirus crisis. It has been delivered through the Coronavirus Business Interruption Loan Scheme (CBILS).

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Related news:

  1. Kerr’s Tyres & Auto creates 20 new jobs in £2.5 million investment
  2. Kerr’s Tyres & Auto to invest £2 million creating 15 new jobs
  3. Kerr’s Tyres buys M & S Tyres Enniskillen
  4. MOT exemptions extended to a year in Northern Ireland
29th May 2020/by Chris

Queensland motor industry invests in Australian tyre recycler Green Distillation

International News

The Motor Traders Association of Queensland (MTAQ) has become an investor in innovative Australian tyre recycler, Green Distillation Technologies Corporation (GDTC), which has discovered a process that turns end-of-life tyres into high value oil, carbon and steel.

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Related news:

  1. Tyre Derived Fuel reducing greenhouse gas emissions in Australia
  2. Aussie recycler turns aircraft tyres into bio fuel
  3. GDT tyre-deived oil output ‘already sold’
  4. Green Distillation Technologies signs $100 million US tyre recycling plant deal
2nd March 2020/by Chris

Tirescanner.com live in 42 US states, multi-million dollar funding close

Company News, International News
Tirescanner map

Less than a year after Tirescanner.com was founded, at the start of November, the business reported that it is live in Florida. This means Tirescanner already covers 1200 postcodes codes, matching consumers with products from a range of hundreds of thousands of tyres and – crucially – connecting them with “the best local retailers”. At the moment this works on a next day install, but the plan is to take this to a same-day level. And more states are said to be coming fast. We’re used to pretty rapid progress when it comes to dotcom start-ups, but such fast growth is more understandable when you consider that Tirescanner is driven by Blackcircles.com founder Mike Welch. Tyres & Accessories recently caught up with Welch in order to find out how the company plans to continue and sustain this growth.

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Related news:

  1. SimpleTire grew 1197% in three years
  2. Goodyear introduces “Roll by Goodyear” integrated tyre retail programme
  3. Tirescanner reports 400% sales growth in first quarter
  4. TireScanner appoints three ex-Blackcircles execs
7th November 2019/by Chris

Expert questions tyre role in marine pollution claims

News, UK News

Professor Richard Thompson OBE, who leads the International Marine Research Unit at the University of Plymouth, has questioned claims made by the Marine Conservation Society relating the role played by tyre wear in marine microplastic pollution.

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Related news:

  1. Microplastics: Government to tackle tyre pollution
  2. Tyre particulate solution wins James Dyson Award
  3. Tyre wear particles – minor problem for the industry or potential ‘tyregate’?
  4. Research reveals ‘vital information’ relating to tyre particles…
15th February 2019/by Chris

First Line secures £20m in funding from Santander to support global export growth

Company News, UK News

Banbury-headquartered First Line Ltd, one of the UK’s leading suppliers of premium quality automotive components to the vehicle aftermarket, has secured £20 million in funding from Santander Corporate & Commercial. The funding will help the firm expand its exports and capitalise on growth opportunities in overseas markets, it states.

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Related news:

  1. Michelin closing Ballymena factory, investing in Dundee and Stoke-on-Trent
  2. Michelin unveils European Distribution Centre in Stoke-on-Trent
  3. FinTyre buys RS Exclusiv Reifengrosshandel and TyreXpert Reifen + Autoservice
  4. European Springs expands with 1 million euro investment in UK operations
23rd October 2018/by Andrew

Promoteon establishes three-digit million funding lines with 8 international banks

Company News, International News

Prometeon Tyre Group has arranged an inaugural 600 million euros of credit facilities consisting of 450 million euros of term facility and a 150 million euros of revolving facility. The new credit facilities mature on March 2020, with two one-year extension options. According to Prometeon, the credit facilities secure the firm’s “financial independence and autonomy following its separation from the Pirelli Group and optimise the company’s capital structure”.

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Related news:

  1. Prometeon/Aeolus integration stalls
  2. Increased capacity, exports: Prometeon investing $115 million in Turkey
  3. Camfin gains right to buy up to 15% of Pirelli shares
  4. TP Commercial Solutions opens North American headquarters in San Diego
12th July 2017/by Tyrepress Editors

5*StarS consortium, led MIRA, to focus on cyber security

Company News, UK News

Greg Clark MP, Secretary of State for Business, Energy & Industrial Strategy, has given the green light to 5*StarS as part of the national strategy to establish the UK as a global centre for the development, testing and commercialisation of Connected Autonomous Vehicles.

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Related news:

  1. ETI developing ‘smart’ TPMS at MIRA
  2. Horiba Mira hosts first UK collaborative trials of driverless cars
  3. ResiCAV: ‘Urgent Need’ for UK Road Transport Cybersecurity Programme
  4. Horiba MIRA reopens, becomes ‘Covid-Secure’
11th April 2017/by Tyrepress Editors

Tyre e-tailer Pneusmart secures 765,000 euros financing

Company News, International News

Pneusmart, the Amsterdam-headquartered online tyre dealer, has secured seed funding of 765,000 euros led by Shark Bites, Digital Magics and a group of international angel investors.

According to the company, the funds will be used to consolidate Pneusmart’s position in the Netherlands, Germany and Italy. The company will further invest in its Milan office from where it will coordinate its activities in Southern Europe. In the coming months new websites will be launched in Spain and France.

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Related news:

  1. Tirescanner.com live in 42 US states, multi-million dollar funding close
  2. Wide variation in prices achieved by different brands and platforms online
  3. Huw Lewis Tyres’ upgrades online platform with Michelin funding
  4. Autocar partners with Summit for tyre buying site
20th June 2016/by Tyrepress Editors

£21 million grants for green transport initiatives

Legislation, UK News

Councils across the country have won nearly £21 million of funding from the government to promote green forms of transport, it was announced recently. The funding is being given out for 23 sustainable travel initiatives across England that boost local economies by supporting people’s ambitions –  offering cheap, clean and healthy travel options to access […]

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Related news:

  1. Chris Grayling named as new Transport Secretary
  2. Alcohol experts ‘astonished and frustrated’ at lack of movement in drink-drive law
  3. Government plans to boost ULEV market
  4. Roads minister announces ‘evidence review’ of red lights for recovery operators
31st May 2016/by Andrew

£2 million government fund to promote roll-out of hydrogen-fuelled fleet vehicles

News, UK News

The government has launched a £2 million fund to encourage more businesses to switch to hydrogen-fuelled vehicles. The Fuel Cell Electric Vehicle (FCEV) Fleet Support Scheme will allow local authorities, health trusts, police forces, fire brigades and private companies to bid for funding to add hydrogen-powered vehicles to their fleets. Bids for the FCEV Fleet Support Scheme must be submitted by Monday 4 July 2016. Successful bidders will be informed later this year.

Read more

Related news:

  1. Unrealistic valuations helping to distort used vehicle market, says Glass’s
  2. More car manufacturers introduce scrappage schemes
  3. Companies urged to prepare now for a low emission future or risk losing business
  4. Pirelli pitching its tyres as ‘the perfect fit for fleets’
10th May 2016/by Tyrepress Editors

ETI developing ‘smart’ TPMS at MIRA

Product News, UK News

The Energy Technologies Institute (ETI) is to invest £200,000 in the first stage of four-month project which aims to develope smart tyre pressure system (commonly called TPMS) at MIRA. According to the two parties, the project aims to help increase the fuel efficiency and reduce emissions of all heavy duty land vehicles that use pneumatic tyres.

Read more

Related news:

  1. 5*StarS consortium, led MIRA, to focus on cyber security
  2. MIRA first to offer Tempest-accredited testing in the UK
  3. ResiCAV: ‘Urgent Need’ for UK Road Transport Cybersecurity Programme
  4. Horiba MIRA reopens, becomes ‘Covid-Secure’
14th April 2016/by Tyrepress Editors
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