Novoloop Raises $11 Million to Boost Upcycling of Low-Value Plastic
A Brief Summary
Novoloop, an advanced upcycling startup, announced it raised $11 Million in Series A financing to fund the completion of pilot scale-ups and the commercialization of the firm's process technology that helps in turning plastics often not recycled into high-performance materials and chemicals.
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Jeanny Yao and Miranda Wang are the founders of Novoloop, launched in 2015. The firm deals in the chemical transformation of plastic waste into chemicals and materials through a technology called Accelerated Thermal Oxidative Decomposition (ATOD), which helps in breaking down polyethylene into chemical building blocks that then later be synthesized into products.
ATOD helps in upcycling the carbon content found in low-value plastic waste. Consequently prevents plastic waste from ending up in landfills.
Jeanny Yao, Novoloop Co-founder, and COO said: “With this funding, we look forward to completing crucial pilot scale-ups and commercializing our process technology to make a lasting impact. Our team is excited to lead the circular economy revolution for plastics.”
A venture capital investor called Envisioning Partners finances the initiative. New investors also participate in the process, including Valo Ventures, Bemis Associates, SOSV, Mistletoe, Marc Benioff’s TIME Ventures etc.
Miranda Wang, Novoloop Co-founder and CEO said: “Plastics are not going away anytime soon, so we need to innovate to close the gap between what is produced and what is repurposed. After years of technology development, we’re thrilled to announce backing by high-calibre investors and partners to commercialize this much-needed technology.”
Oistre, a thermoplastic polyurethane (TPU) that may be utilised in high-performance applications such as footwear, clothing, sports goods, automotive, and electronics, is the first product based on Novoloop's ATOD technology. Novoloop and Bemis have established a cooperation that will see Oistre introduced into Bemis' product line as a first step toward replacing virgin petroleum-based TPU.
Ben Howard, Bemis Director of Sustainability, said: “We are extremely excited to partner with Novoloop. Novoloop’s technology is a breakthrough for our supply chain. Scaling it will be a huge step in shifting away from virgin petroleum sources and reducing our products’ carbon footprints.”
