MBA Polymers Inc., Richmond, Calif., has announced that it has secured a $40 million funding round co-led by Citi’s Sustainable Development Investments (SDI). Existing investors including Doughty Hanson Technology Ventures, Balderton Capital and Asia West also participated in the funding, according to an MBA news release.
MBA, which bills itself as “the first global company to deliver high performance plastic resin from plastic waste recovered from end-of-life durable goods” will use its new funds to further expand the number of facilities it operates.
MBA Polymers recovers marketable plastics from complex waste streams, extracting plastics from items such as household appliances, computer and business equipment and automobiles after they have been shredded.
The company has developed a proprietary process to recover and separate these high-value plastics from each other and from the residual waste. The result is plastic that can be recycled and used in the making of new durable goods.
“SDI gives us access to one of the leading late-stage cleantech investors in the world. With this investment we can continue to expand our worldwide presence as the cleantech leader in recycling high-value plastics” says Richard McCombs, CEO of MBA.
Michael Biddle, founder and president of MBA, says, “MBA will continue to increase its delivery of high quality resins from recycled plastic with a very small carbon footprint, so manufacturers can meet the consumer imperative for greater sustainability and environmental responsibility.”
“We are excited about our investment in MBA Polymers, the only company operating facilities at commercial scale to recycle such a problematic plastic waste stream,” remarks R. Andrew de Pass, managing director at SDI, who has joined the MBA Polymers Board of Directors. “Citi remains committed to making high impact investments that ensure continued sustainable development as our planet’s resources are strained by population growth and resource use.”
MBA Polymers operates a pilot facility in Richmond, Calif., and full-scale recovery facilities in Austria and China.