Novoloop raises $ 11 Million to upcycle low value plasticsPublished Date: February 25, 2022 |
Novoloop, a US-based advanced upcycle company, has raised USD 11 million in series A funding led by Envisioning Partners, with participation from Velo Ventures and Bemis Associates; Investors who joined the first round included SOSV, Mistletoe, and Time Ventures.
Novoloop is a leader in the chemical transformation of plastic waste into high-performance materials. The company’s proprietary process technology breaks down polyethylene into chemical building blocks that can be synthesized into high-value products. Polyethylene is the most widely used plastic today, yet only 9% is recycled, and virtually no recyclables. ATOD can recycle the carbon material found in ordinary plastic waste that is of little value to recover and sell and usually ends up incinerated or in landfills.
According to a research source, it is estimated that the plastic recycling market size is expected to reach over USD 60 billion by 2030 which is expected to provide new opportunities for the market players.
The Novoloop’s first product is based on ATOD, which is known as Oistre, thermoplastic polyurethane (TPU) that can be used in high-performance applications such as automotive, electronics, apparel, footwear, and sporting goods. Novoloop announced a partnership with Bemis, which will introduce Oistre as the first step to replace Virgin Petroleum-based TPU in Bemis’ product portfolio.
Miranda Wang, co-founder, and CEO of Novoloop said in a statement, “Plastics aren’t going away anytime soon, so we need to innovate to bridge the gap between produced and repurchased. After years of technology development, subsequently, we are thrilled to announce support from high potential investors and partners to commercialize this much-needed technology.”
Novoloop was established in 2015 by co-founders Miranda Wang and Jeanny Yao. The company is pioneering the chemical transformation of plastic waste into high-performance chemicals and materials through process technology, ATOD (Accelerated Thermal Oxidative Decomposition), which breaks down polyethylene into chemical building blocks that can be synthesized into products.