MBA Polymers raises $40M for recycling plants
Some plastics, like high grade steel or aluminum, are just too good to toss in the dump. But for years that has happened to them anyway, for lack of good recycling technology.
MBA Polymers was started to separate out worthwhile plastics from waste streams to break down and re-form into new, high-quality plastics. The company just took funding to build new recycling plants, according to VentureWire.
Although based in Richmond, Calif., MBA has plans to build its plants around the world, starting in either the United Kingdom or China.
The $40 million investment was co-led by Citi Sustainable Investments and Honeywell Capital Management, both large corporate investors. Previous backers Doughty Hanson Technology, Balderton Capital and Asia West returned for the round.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.