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You are here: Home1 / funding

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Sentury self-financing Spanish tyre factory shortfall

Company News, International News
Sentury

On 17 January, Sentury said it will adjust its financing plan through the stock market and specifically non-public offering of shares. After the adjustment, the tyre manufacturer will obtain no more than 2.8 billion yuan (about £330 million; 380 million euros), which is far lower than the 4 billion yuan (about £480 million; 540 million euros) proposed in the previous plan.

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Related news:

  1. Chinese aviation fund invests in, partners with Sentury Tire
  2. Sentury internationalising with US tyre factory investment
  3. Georgia selected as location for $500 million Sentury Tire US factory
  4. Sailun bond issuance application approved
24th January 2023/by Xuda Wang

Wastefront receives 2 million-euro grant

International News
Wastefront

Tyre pyrolysis project Wastefront AS and Hulteberg Chemistry & Engineering AB have been awarded a 2 million-euro grant from the Eureka Eurostars funding programme and the Norwegian Research Council as well as the Swedish Innovation Agency. Total project-funding amounts to 2.076 million euros – half from Eurostars and half from the other project partners.

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Related news:

  1. Wastefront Sunderland plant could save 1.8 million tonnes of CO2 emissions over 30 years
  2. Wastefront appoints ex-Wintershall DEA deputy CEO, COO as chairperson
  3. Norwegian startup chooses UK for first tyre recycling plant
  4. Tyre recycling company Wastefront appoints Vianney Valès CEO
8th November 2022/by Chris

Sailun bond issuance application approved

Company News, International News
Sailun

The China Securities Regulatory Commission reviewed and approved Sailun’s convertible bond public issuance application on 13 September. The tyre company plans to raise about 2 billion yuan (about 250.2 million pounds, 286.3 million euros), mainly for constructing two factories in Vietnam and Cambodia. Sailun said that investing in two overseas factories could further expand its tyre production capacity overseas and increase its manufacturing scale and market share.

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Related news:

  1. Jiangsu General raises funds for Cambodia factory
  2. Pirelli and Hixih move closer together
  3. Guizhou Tyre raises 1 billion yuan for Vietnam tyre factory in private share issue
  4. Sailun: 7 million tyres sold in Europe and counting
22nd September 2022/by Chris

Jiangsu General raises funds for Cambodia factory

International News
Jiangsu General

On 12 August, Jiangsu General stated that it would issue shares on the Shanghai Stock Exchange in a non-public funding initiative. The stock issuance plan shows that Jiangsu General is prepared to issue shares to no more than 35 specific investors. The number of shares to be issued shall not exceed 386,578,320 units, which is 30 per cent of Jiangsu General’s total share capital before the issuance of shares. The total amount of funds raised does not exceed 1.018 billion yuan (£124.42 million, 147.15 million euros). It is reported that HOdo Group, the controlling shareholder of Jiangsu General, plans to subscribe for shares in cash, with a subscription amount of not less than 30 million yuan (£3.67 million, 4.34 million euros) and not more than 200 million yuan (£24.45 million, 28.91 million euros).

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Related news:

  1. China’s GS Tire raises Cambodia investment to $300 million
  2. Jiangsu General investing US$300 million in Thailand tyre plant
  3. Triangle IPO on for early September
  4. Jiangsu General investing $204 million in Cambodia car tyre factory
23rd August 2022/by Chris

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/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.

Read more

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
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