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Novoloop Announces Latest Waste Plastic Chemical Recycling Program

 Last Update: 2023-01-25
 Source: Internet
 Author: User

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Novoloop, an advanced recycling startup based in Menlo Park, California, announced that it has raised $11 million in Series A funding
.
The funding will be used to expand the company's plastic chemical recycling process, Accelerated Thermal Oxidative Decomposition (ATOD), and bring its production process to scale
.

Miranda Wang, co-founder and CEO of Novoloop, said: “Plastic is not going away anytime soon, so we need innovation to close the gap between what is produced and what is reused
.
Our vision is to put Our technical processing capacity has expanded to tens of thousands of tons
.
”

The round was led by Envisioning Partners, with participation from Valo Ventures and Bemis Associates
.
Early investors in the round include SOSV, Mistletoe and TIME Ventures
.

ATOD is a proprietary processing technology that breaks down polyethylene (PE) into chemical components that can be synthesized into high-value products, the company said
.
The process will be used to make Oistre, a thermoplastic polyurethane (TPU) used in high-performance applications such as footwear, apparel, sporting goods, automotive and electronics
.

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