News Release
May, 2007

Recycler MBA Polymers Raises At Least $20M
By Jonathan Shieber

MBA Polymers Inc., which has developed a process for recycling durable goods and complex plastics, has raised at least $20 million to make the adage "waste not, want not" a reality, VentureWire has learned.

Co-founded by former Dow Chemical Co. engineers Mike Biddle and Trip Allen, the Richmond, Calif.-based company has been steadily building its business since 1992 when Biddle left Dow to strike out on his own. That was when Biddle formed a consulting firm, which became MBA Polymers when Allen came on board in 1994.

MBA Polymers picks up where industrial recyclers for scrap metals leave off. The company's processes can separate plastic materials from other forms of waste in virtually any product by breaking down waste into its component parts. Anything with plastic - from computers, to car parts, to consumer appliances - can be harvested for reusable materials, according to the company.

Now, with new funding from new investors including Benchmark Capital Europe, Doughty Hanson Technology Ventures, and previous investor Asia West LLC, the company is looking to expand its business across Europe, according to a source with knowledge of the investment.

The company previously raised capital from strategic investors including Flextronics International Inc. and a business unit of General Electric Co., and seed funding from Band of Angels and American Industrial Partners. To date, MBA Polymers has raised around $50 million, the source said.

MBA Polymers has also received over $7 million in governmental and industry grants, according to information published by the company. Companies that it has worked with on recycling initiatives include Apple Inc., AT&T Corp., BASF Corp., DuPont Co., Ford Motor Co., General Electric Co, General Motors Corp., and Sony Corp.

Biddle declined to comment for this article.

According to the company's Web site, in addition to its Richmond facilities, MBA Polymers also operates globally through joint ventures in Austria and in China.

The Austro-American joint venture, based in Kematen-Ybbs, Austria, is MBA Polymers Austria Kunssoffverabeitung. It was founded in November 2004 and is owned by MBA Polymers and the Mueller-Guttenbrunn Group. The facility recycles approximately 40,000 tons per year.

Earlier, in January 2004, MBA Polymers launched its Chinese joint venture with Guangzhou Iron Steel Enterprises Group Co. Ltd. That venture, Guangzhou GISE-MBA New Plastics Technology Co. Ltd., is based in the Nansha Economic Development Zone and uses the MBA Polymers-process to supply high quality plastics for the Chinese market, according to the company's Web site.

http://www.mbapolymers.com

Jonathan Shieber | Reporter

Dow Jones | VentureWire

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Jonathan.Shieber@dowjones.com

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