Novoloop Extends Series A Round To $21M
Global Chemical Leader Hanwha Solutions and Taizo Son's Mistletoe Co-lead Financing to Accelerate Commercialization
MENLO PARK, Calif., June 2, 2022 /PRNewswire/ -- Advanced upcycling startup Novoloop expands its Series A to $21 million through an oversubscribed extension led by Mistletoe Singapore and Hanwha Solutions. This nearly doubles the company's raise of $11 million announced in February, which sparked additional investor interest.
"This round brings together mission-driven financial investors and industry strategics who believe in our vision of a circular economy for plastics," said CEO Miranda Wang. "We're thrilled to make that vision a reality by leveraging their access to resources and markets around the world."
The round's investors are decarbonizing energy, textiles, construction, and other industries across Europe, Asia, and the US. Valo Ventures' anchor LP Fortum is a hundred-year-old, publicly-listed clean energy and resource efficiency solution provider headquartered in Finland; SOSV is the world's leader in climate tech investing; Drive Catalyst is the corporate venture arm of the Far Eastern Group, a global player in the polyester and textile industries and PET recycling headquartered in Taiwan; and Alante Capital and S CAP are climate investors focused on deep tech.
"Leading this round was obvious," said Taizo Son, founder of Mistletoe. "After seeing Novoloop emerge from R&D with a product that solves real world problems, Mistletoe is a firm believer in the financial and environmental impact the company will create. We're already looking at ways to amplify this impact in places that really need it like Asian countries where the economy is fast-growing and the waste problem is serious."
Novoloop uses its proprietary ATOD™ technology to make high-performance chemicals and materials from polyethylene, which is the most commonly used yet least recycled plastic. Their first product, Oistre™ (pronounced OYST-rah), is the world's only thermoplastic polyurethane (TPU) made from post-consumer waste that matches the performance of TPUs derived from ptrochemicals.
With a carbon footprint up to 46% smaller than conventional TPUs, Oistre won the Plastics Industry Association's 2022 People's Choice award for Sustainable Plastic Innovation. It also put Novoloop in the World Economic Forum's 100 most promising Technology Pioneers of 2022.
"Hanwha has done an extensive assessment of the advanced plastic recycling landscape. Novoloop's technology is solid and unique," said Hanwha Solutions' spokesman. "We look forward to collaborating with Novoloop on upcycling carbon content in waste for the circular economy."
Novoloop will use the capital to begin developing industrial capabilities. Key initiatives include scaling up pilot production to make Oistre more readily available for customers in footwear, apparel, sporting goods, automotive, and electronics. It will also set up a feedstock pretreatment unit to assess the quality of post-consumer plastic waste from material recovery sources.
Other Series A investors announced earlier this year include Envisioning Partners, Bemis Associates, and TIME Ventures.
Novoloop was founded in 2015 to deliver quality chemicals and materials made from plastic waste through ATOD™, their patented, low-carbon upcycling technology. By transforming hard-to-recycle plastic waste into virgin-quality materials, Novoloop offers superior sustainability and performance at competitive pricing. With their upcycled product Oistre™, Novoloop provides thermoplastic polyurethane solutions for footwear, sporting goods, automotive and more. To learn more, visit novoloop.com and oistre.com.
About Hanwha Solutions
Hanwha Solutions aims to deliver sustainable solutions for the planet through smart energy solutions and customer-focused materials. The Company operates its business through five divisions: Qcells, Chemical, Advanced Materials, Galleria and City Development. The Qcells Division offers total energy solutions from photovoltaic module manufacturing, power plant operation to electricity retailing service. The Chemical Division, the first in Korea to produce polyvinyl chloride (PVC), manufactures various chemical products and eco-friendly plasticizers. The Advanced Materials Division produces high-tech materials for automotive, photovoltaic and electronic devices. The Galleria Division, an operator of premium department store chain, provides premium fashion and food services. The City Development Division is a leading real estate developer specializing in industrial complexes. With its innovative technologies for sustainable growth, Hanwha Solutions strives to become a global leader in bringing a better future for humanity. For more information, visit hanwhasolutions.com/en.
Founded by Taizo Son, Mistletoe is a Collective Impact Community based in Japan and Singapore with a mission to create a sustainable human-centered future using deep technologies. Their international community comprises more than 400 entrepreneurs, investors, researchers, and visionaries who are at the forefront of the global startup movement. They are building an environment for various talents to come together and discover solutions to societal challenges that are impossible for single companies to solve alone. To learn more, visit mistletoe.co.