Chemical recycling start-up Novoloop raises €18m in new funding round

Menlo Park, California – US chemical recycling start-up Novoloop has closed its series B funding round, led by investment vehicle Taranis.

In a 25 June statement, the Menlo Park-based company said the $21 million (€18 million) investment will accelerate the commercial scale-up of its Lifecycling technology.

A top 10 company in ERJ’s Elastomers for Sustainability rankings, Novoloop’s technology focuses on chemically recycling polyethylene waste into performance materials, particularly thermoplastic polyurethanes (TPU).

TPUs produced via Novoloop’s patented ATOD (accelerated thermal oxidative decomposition) process have already found a number of promising applications, including the On running shoe branded Cloudprime.

According to the company, the recent funding brings Novoloop’s total capital raised to over $50 million and will support the launch of key customer programmes.

Novoloop is aiming to establish its first commercial facility, having achieved continuous operation at a demo plant in India and entered strategic partnerships with “world-leading polyurethane producers in China.”

The latest investment round "positions us to meet growing demand from a wider supply-chain seeking circular and cost-competitive polyurethanes through the industrial scale-up of our technology,” said Miranda Wang, CEO and co-founder of Novoloop.

Taranis, according to Novoloop, will bring “deep operational and technical expertise in scaling industrial technologies.”