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Lehigh Technologies, Inc., a leading manufacturer of engineered ultra-fine rubber powder, has announced that it has closed a $34.5 million financing.  The company said the funds will be used to build a new $15 million rubber recycling plant next year. Founded in 2003, Lehigh created a proprietary process that creates a powder of recycled rubber that can be used to replace virgin materials in tires, automotive parts, building materials, carpeting, paints, coatings, plastics, consumer products, rubber goods and other industrial applications. According to the company, using recycled rubber instead of virgin polymers generates significant environmental benefits. If tires contained 10% recycled material, manufacturers would save close to a billion gallons of oil annually and prevent close to two billion pounds of carbon dioxide from being released into the atmosphere each year.