As per ESG Today, the funding was led by Toyota's growth fund, among other investors, and 2017-founded South Korean LD Carbon recycles used tires with what company claims to be a nearly 100%-recycling rate, helping automotive manufacturers implement more sustainable materials in their vehicles.

According to the EU, 15 million tons of carbon black are being produced annually, with the material being used to tires production. Each ton of manufactured carbon black carries a carbon footprint of around 1.5 to 2 tons and LD Carbon claims that 1.6 million tons of CO2 comes from burning 28% of the discarded tires.

Seong Mun Baek, CEO and Co-Founder of LD Carbon, said that "our mission is to dramatically improve the sustainability profile of the automotive industry, while lowering costs. Partnering with Woven Capital and other strategic investors will give us invaluable insights into scaling operations to support global OEMs as they seek to offer more sustainable vehicles to discerning consumers and business customers."

The Korean company says that the investment will help build Asia's largest recycled carbon black (rCB) manufacturing plant, which could be completed by the end of this year and have a production capacity of 50.000 tons. LD Carbon's current facility has a capacity of 7.000 tons.