Advanced upcycling company Novoloop announced today it has raised $11 million in a Series A financing, aimed at funding the completion of pilot scale-ups and the commercialization of Novoloop’s process technology, which turns plastics that are often not recycled into high-performance chemicals and materials.
Novoloop was launched in 2015 by co-founders Jeanny Yao and Miranda Wang, The company is pioneering the chemical transformation of plastic waste into chemicals and materials, through a process technology, ATOD (Accelerated Thermal Oxidative Decomposition), that breaks down polyethylene into chemical building blocks that can be synthesized into products. ATOD can upcycle carbon content found in common plastic waste that is too low value for material recovery facilities to recover and sell, and typically ends up incinerated or 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.”
The financing was led by venture capital investor Envisioning Partners, with participation from new investors Valo Ventures and adhesives & specialty films company Bemis Associates, as well as earlier investors SOSV, Mistletoe, and Marc Benioff’s TIME Ventures.
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-caliber investors and partners to commercialize this much-needed technology.”
The first product based on Novoloop’s ATOD process is Oistre, a thermoplastic polyurethane (TPU) that can be used in high-performance applications such as footwear, apparel, sporting goods, automotive, and electronics. Novoloop announced a partnership with Bemis, which will introduce Oistre into Bemis’ product portfolio as a first step to replace virgin petroleum-based TPU.
Ben Howard, Bemis Director of Sustainability, said:
“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.”