Novoloop Raises $11 Million Series A

Oistre™ TPU by Novoloop uses up to 50% upcycled content from post-consumer plastic waste and has a 46% smaller CO2-eq footprint than fossil fuel-derived TPU

MENLO PARK &&num;8212&semi; Upcycling startup Novoloop has raised &dollar;11 million in Series A financing led by Envisioning Partners with participation from Valo Ventures and Bemis Associates&semi; earlier investors who joined the round included SOSV, Mistletoe, and TIME Ventures&period;&NewLine;Novoloop is pioneering the chemical transformation of plastic waste into high-performance chemicals and materials&period; The company&&num;8217&semi;s proprietary process technology, ATOD (Accelerated Thermal Oxidative Decomposition), breaks down polyethylene into chemical building blocks that can be synthesized into high-value products&period; Polyethylene is the most widely used plastic today yet only 9&percnt; is recycled and virtually none is upcycled&period;&NewLine;[Photo above&colon; Oistre TPU by Novoloop uses up to 50&percnt; upcycled content from post-consumer plastic waste and has a 46&percnt; smaller CO2-eq footprint than fossil fuel-derived TPU&period;]&NewLine;The first product based on Novoloop&&num;8217&semi;s ATOD process is Oistre (OYST-rah), a thermoplastic polyurethane (TPU) for use in high-performance applications such as footwear, apparel, sporting goods, automotive, and electronics&period; Oistre is the first TPU made from post-consumer polyethylene waste that matches the performance characteristics of virgin TPUs made from petrochemicals&period; At the same time, Oistre&&num;8217&semi;s carbon footprint is up to 46&percnt; smaller than conventional TPUs&period;&NewLine;&&num;8220&semi;What really compelled us to lead the investment round is that Novoloop has found product-market fit,&&num;8221&semi; said June Cha, Partner of Envisioning Partners&period; &&num;8220&semi;Novoloop has proven that Oistre has a wide range of applications in the market even at their early stage&period;&&num;8221&semi;&NewLine;Novoloop&&num;8217&semi;s technology can upcycle carbon content found in common plastic waste like grocery bags, packaging, and agricultural plastics that is too low value for material recovery facilities to bale and sell&period; Instead, the plastics go into landfills or incinerators today&period; Novoloop&&num;8217&semi;s ATOD technology aims to increase commercial demand for waste polyethylene&period;&NewLine;&&num;8220&semi;Plastics are not going away anytime soon, so we need to innovate to close the gap between what is produced and what is repurposed&period; After years of technology development, we&&num;8217&semi;re thrilled to announce backing by high-caliber investors and partners to commercialize this much-needed technology,&&num;8221&semi; said Novoloop Co-founder and CEO Miranda Wang&period;&NewLine;&&num;8220&semi;With this funding, we look forward to completing crucial pilot scale-ups and commercializing our process technology to make a lasting impact&period; Our team is excited to lead the circular economy revolution for plastics,&&num;8221&semi; said Novoloop Co-founder and COO Jeanny Yao&period;&NewLine;Novoloop is also announcing the company&&num;8217&semi;s new partnership with Bemis Associates, the leader in apparel bonding solutions such as seam tapes, which can be found in high performance outerwear&period; Together, the companies will introduce Oistre into the Bemis product portfolio as a first step to replace virgin petroleum-based thermoplastic polyurethane&period;&NewLine;&&num;8220&semi;We are extremely excited to partner with Novoloop,&&num;8221&semi; said Bemis Director of Sustainability Ben Howard&period; &&num;8220&semi;Novoloop&&num;8217&semi;s technology is a major breakthrough for our supply chain&period; Scaling it will be a huge step in shifting away from virgin petroleum sources and reducing our products&&num;8217&semi; carbon footprints&&num;8221&semi;&period;&NewLine;

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