The International Finance Corp., as administrator of the Environmental Opportunities Facility, has invested $1.2 million equity in MBA Polymers, Inc., to develop and operate a joint venture plastics recycling facility in Guangzhou, China.
MBA Polymers has developed the first technology that can recycle on a commercial production scale highly mixed waste streams of high value plastics. Raw material is converted for reuse into high-value engineering plastics while at the same time providing an environmentally attractive processing channel for a recyclable resource that would otherwise be destined for landfills or incineration.
“Choosing China for its first plastic recycling plant outside the United States was a strategic part of MBA’s international expansion,” said Karin Finkelston, IFC’s associate director for China. “The company’s efforts will help create more sustainable manufacturing activities for all connected industries which, without MBA’s technology, would end up producing waste streams that contaminate groundwater and pollute the air.”
“MBA Polymers is pleased to have IFC tangibly recognize the significant environmental and economic benefits of our technology,” said Mike Biddle, MBA’s CEO. “We intend to build additional recycling facilities in countries where IFC is focusing its development efforts, and we look forward to further projects together.”
The Environmental Opportunities Facility was established in 2002 to provide flexible financing to innovative ventures that have a strong potential to increase environmental sustainability but that must overcome the uncertainty associated with new markets, new technologies, and new ways of doing business. It is part of IFC’s Sustainable Business Assistance Program, which provides a platform for making highly selective, strategic interventions in key environmental sectors where the demonstration of sustainable business practices offers potentially significant benefits. Key funders of the facility include the governments of Austria, Italy, the Netherlands, and Norway, as well as IFC.