Novoloop Raises $11M Series A to Advance Plastic Waste Recycling
Announces joint development partnership with Bemis Associates to convert plastic waste into high-performance products
MENLO PARK, Calif., February 15, 2022 /PRNewswire/ — Advanced recycling startup Novoloop has raised $11 million in a Series A financing led by Envisioning Partners with participation from Valo Ventures and Bemis Associates; previous investors who joined the round included SOSV, Mistletoe and TIME Ventures.
Novoloop is a pioneer in the chemical transformation of plastic waste into high-performance chemicals and materials. The company’s proprietary process technology, ATOD™ (Accelerated Oxidative Thermal Decomposition), breaks down polyethylene into chemical building blocks that can be synthesized into high-value products. Polyethylene is the most widely used plastic today, but only 9% is recycled and virtually none is recycled.
The first product based on Novoloop’s ATOD process is Oistre™ (OYST-rah), a thermoplastic polyurethane (TPU) intended for use in high-performance applications such as footwear, apparel, sporting goods, automotive, and electronics. Oistre is the first TPU made from post-consumer polyethylene waste that matches the performance characteristics of virgin TPUs made from petrochemicals. At the same time, Oistre’s carbon footprint is up to 46% lower than that of conventional TPUs.
“What really drove us to lead the investment cycle was that Novoloop found the product-market fit,” said Jun Cha, Partner of Envisioning Partners. “Novoloop has proven that Oistre has a wide range of applications in the market, even in their infancy.”
Novoloop’s technology can recycle the carbon content found in common plastic waste such as grocery bags, packaging and agricultural plastics, the value of which is too low for material recovery facilities to bale. and sell them. Instead, plastics today go to landfills or incinerators. Novoloop’s ATOD technology aims to increase commercial demand for polyethylene waste.
“Plastics aren’t going away anytime soon, so we need to innovate to close the gap between what’s produced and what’s reused. After years of technology development, we’re delighted to announce the support of investors and high caliber partners to bring this much-needed technology to market,” said Novoloop Co-Founder and CEO Miranda Wang.
“With this funding, we look forward to achieving critical pilot scale-ups and commercializing our process technology for lasting impact. Our team is excited to lead the circular economy revolution for plastics,” said Novoloop Co-Founder and COO. Jeanny Yao.
Novoloop also announces the company’s new partnership with Bemis Associates, the leader in garment bonding solutions such as seam tape, found in high performance outerwear. Together, the companies will introduce Oistre to Bemis’ product portfolio as the first step in replacing petroleum-based virgin thermoplastic polyurethane.
“We are extremely excited to partner with Novoloop,” said Bemis Chief Sustainability Officer Ben Howard. “Novoloop’s technology is a major breakthrough for our supply chain. Scaling it up will be an important step in moving away from virgin oil sources and reducing the carbon footprint of our products.”
Novoloop is currently sampling and taking pre-orders for Oistre 65A, a soft grade polyester TPU for injection molding particularly suitable for footwear applications. Higher durometer grades of Oistre TPU will soon be introduced. For more information about the company’s product, visit www.oistre.com.
Novoloop was founded in 2015 to provide quality chemicals and materials made from plastic waste through their patented ATOD™ low-carbon recycling technology process. By transforming hard-to-recycle plastic waste into virgin-grade materials, Novoloop delivers superior durability and performance at competitive prices. With Oistre™ recycled product, Novoloop provides thermoplastic polyurethane solutions for footwear, sporting goods, automotive and more. To learn more, visit novoloop.com and oistre.com. Contact: firstname.lastname@example.org.
About Envisioning Partners
Envisioning Partners is an impact venture capital firm in South Korea. Envisioning Partners focuses on four impact areas: climate change, wellbeing, education and the future of work. The company invests globally and manages a dedicated climate solutions fund in industrial and circular economy solutions, sustainable food and agriculture, energy solutions and carbon-benefiting technologies. To learn more, visit Envisioning Partners.
About Bemis Associates
For over 110 years, Bemis has worked with the world’s leading brands to design, create and build cool things. Bemis’ creativity and innovation in the world of bonding provides inventive ideas that revolutionize the way adhesives, coatings, tapes and specialty films are made. They are constantly developing new ways to improve the performance of their products while providing elegant aesthetics and lightweight, durable applications. Based at Shirley, MA With offices around the world, Bemis partners with brands in multiple industries, including sportswear, outerwear, lingerie, consumer electronics, handbags, automotive, graphics and many more. To learn more, visit bemisworldwide.com.
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