“KBA has been critical to Green Dot’s development from its inception to the present time,” - Mark Remmert, CEO.
Green Dot develops, commercializes, manufactures and distributes proprietary biodegradable and compostable biopolymer resins as a substitute for non-biodegradable, petroleum-based plastics. It produces the only organic, compostable, soft and flexible elastomer in the world that is ASTM and EU certified for biodegradability and compostability. Most biopolymer competitors offer a more rigid and brittle product which can only be used in hard applications.
KBA funded Green Dot’s proof of concept work, introducing the company to researchers at the Kansas Polymer Center at Pittsburgh State University where the work was completed to answer key questions about the company’s proprietary bioplastic and evaluate the use of alternative feed stocks. KBA also introduced Green Dot to MGP Ingredients, an Atchison, Kan.-based producer of specialty wheat proteins, starches and distillery products. Green Dot acquired MGPI’s bioplastics division, including a manufacturing facility in Onaga, Kan., in February 2013. Established in 2009, in Cottonwood Falls, Kan., Green Dot is led by CEO Mark Remmert.
“KBA has been critical to Green Dot’s development from its inception to the present time,” said Mark Remmert, CEO. “It began with KBA supporting our getting the data necessary to achieve proof of concept and IP rights for our biodegradable elastomeric materials. Since then, KBA’s connections throughout the state have been invaluable. They brought Green Dot new, Kansas-based investors as well as led to our acquiring production and lab facilities in the state that enable the company to quickly test and produce materials tailored to customer specifications. Today KBA is an investor and is represented on our board. We hope to benefit from their counsel and connections for some time to come.”
The research KBA funded and its introduction to MGPI allowed Green Dot to rapidly advance the company and develop the foundation to raise $5 million in Class A financing in which KBA participated. With the MGPI acquisition, Green Dot further accelerated its development and added manufacturing capabilities, established brands and existing product sales. The addition of these assets positioned Green Dot to more rapidly execute on its business strategy.