Plastic upcycling startup Novoloop has raised $11 million in Series A financing
Recently, Novoloop, a plastic upcycling startup has raised $11 million in Series A venture capital financing. Series A is the name given to a company’s first significant round of venture capital financing. According to Investopedia, Series A is a level of investment in a start-up that follows initial seed capital, generally bringing in investments in the tens of millions of dollars.
The estimates show that, since the early 1950s, over 8.3 billion tonnes of plastic have been produced around the globe. About 60% of that plastic has ended up in either a landfill or the natural environment. Now, Novoloop started to upcycle the plastic wastes that are ended up in landfills.
Novoloop is a startup company that uses advanced technologies to transform plastic waste into high-performance chemicals and materials. The startup raised $11 million in a Series A financing led by the Envisioning Partners with Valo Ventures, Bemis Associations, and other investors.
The startup was established in 2015 and focused on delivering high-performance chemicals and materials made from plastic waste. The upcycling and additional processing of plastic wastes were done using their patented, low-carbon upcycling technology process ATOD(Accelerated Thermal Oxidative Decomposition). Novoloop transforms hard-to-recycle plastic waste into virgin-quality materials using these technologies.
The startup provides thermoplastic polyurethane solutions for footwear, sporting goods, automotive and more. Their products not only have high quality. But also have high sustainability and superior performance at competitive pricing. Polyethylene is the most widely used plastic today. But, only 9% of them are recycled and none is upcycled. Novoloop’s technology breaks down polyethylene into chemical building blocks. These building blocks can be used to produce high-value products.
Novoloop’s first product was Oistre (pronounced as OYST-rah). Oistre is a thermoplastic polyurethane (TPU) that can be used in high-performance applications such as footwear, apparel, sporting goods, automotive, home appliances, and electronics. This is the first TPU material made from upcycled polyethylene waste. Interestingly, the carbon footprint of Oistre is 46% smaller than conventional Thermoplastic PolyUrethanes.
Novoloop’s technology is capable of recycling and upcycling the carbon found in common plastic waste such as grocery bags, packaging, and agricultural plastics. Today, these plastics end up in landfills or incinerators. The startup’s ATOD technology aims to increase the demand for polyethylene waste commercially.
“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-caliber investors and partners to commercialize this much-needed technology,” said Co-founder and CEO of Novoloop, Miranda Wang.
“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,” said Co-founder and COO of Novoloop, Jeanny Yao.
Later, Novoloop announced its new partnership with Bemis Associates, a front runner in garment bonding solutions such as seam tapes found in high performance and high-quality outerwear. These two companies will work together to introduce Oistre to the Bemis product portfolio as the first step in replacing petroleum-based virgin thermoplastic polyurethane.
Currently, the company is taking pre-orders for Oistre 65A, which is a soft grade polyester TPU for injection molding that is suitable for footwear applications. Soon, Oistre TPU’s higher durometer grades will be introduced.
“We are extremely excited to partner with Novoloop. Novoloop’s technology is a major 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,” said Bemis Director of Sustainability Ben Howard.
Plastic wastes were contaminating our environment and littering the Ocean. Maybe we cannot put a full stop to this practice. But we can reduce the negative impact of plastic wastes on our environment by recycling and upcycling them.
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