Recycling engineering plastics company MBA Polymers announced today it has raised $25 million in equity funding, which includes the $6.6 million it had raised as of September.
The money will go towards funding the company’s existing operations and supporting its new factories in Europe and Asia. The company recovers plastics from recycled materials. It squeezes recyclable plastic out of just about every imaginable thing — cars, cell phones, computers, household appliances and plastic-rich shredded materials from durable goods. The recycled plastics — which are compressed in to pellets (pictured) — are “virtually indistinguishable” from virgin material, and sold to companies that use plastic in their manufacturing process and want to be environmentally conscious.
Most consumers probably associate recycling with putting old cereal boxes and Coke cans in a bin, but MBA Polymers represents the industrial side of recycling, using a process that is more energy-efficient and earth-friendly than traditional plastics manufacturing. It has been moving at a steady clip, opening facilities in China, Austria and England. Its last round of fundraising was for $40 million in 2008.
This round of financing was led by Doughty Hanson Technology Ventures and Balderton Capital. Participants include past investors Honeywell Capital Management, Citi’s Sustainable Development Investments and Less Plastics Limited of Hong Kong.
“MBA’s market leading ability to reclaim high-grade engineering plastics is progressing rapidly. The company is experiencing more than 100% revenue growth year over year,” said George Powlick, managing director of Doughty Hanson, in a statement. “We are pleased with the recent opening of MBA’s largest plant located in the U.K. This facility extends MBA’s processing ability into the automotive waste market and will drive the next phase of the company’s growth.”
Are you a green executive or entrepreneur? If so, sign up now for GreenBeat 2010 — the year’s seminal conference on the smart grid — November 3-4 at Stanford University. World leaders in smart grid initiatives will debate how the new “Super Grid” is creating huge opportunities in cars, energy storage, and renewables. GreenBeat 2010 is hosted by VentureBeat and SSE Labs of Stanford University. Go here for full conference details and to apply for the 2010 Innovation Competition. Register by October 22nd and save 30%.