Product Recovery Technology Inc., a Research Triangle startup that breaks down used tires into fuels, has raised $200,000 million in a private equity offering, according to a Tuesday filing with the Securities and Exchange Commission.

The Franklinton-based company previously raised $1.93 million in May this year.

The company has a $9.8 million left to raise to meet its goal of $10 million. According to the filing, two investors have participated so far.

PRTI’s Chief Executive Officer Jason Williams said that the company is raising capital to support its expansion plan in his interview with the Triangle Business Journal.

According to the Triangle Business Journal, PRTI has recently secured a site in Virginia and is looking for an expansion in South Carolina as well. Williams also says that the company is considering expansion opportunities in the Netherlands and in Germany.

Williams envisions these new factories comparable to the one it has in Franklinton and predicts having to raise $25 million for each one.

PRTI was founded in 2013. Currently, it has 30 employees at its plant in Franklinton. Different form traditional processing method, the company’s patented rubber depolymerization system fractionalizes whole tires into syngas, steel, oil and carbon products.

The company has partnered with Raleigh-based Causam Energy to use its EnergyNet software to sell its distributed energy back to the power grid through local utilities across North America.

Williams has been the president and CEO of PRTI for 3 years. He founded FastMed in 2001, where he served as president and CEO until 2015.

“Other than the payment of salaries and other compensation and benefits, no officer, director or promoter will receive any payments from the proceeds of this offering,” said the company in the filing.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically after they first sell their securities.