Novoloop, an advanced chemical recycling innovator, announced the closing of its Series B funding round led by Taranis. And with continued backing from existing investor Valo Ventures, the round also welcomed new investment from SHOP Limited, the Family Office of the Bata Shoe Company.
What the funding will be used for: The funding will advance Novoloop’s commercial scale-up of its proprietary Lifecycling™ technology, which transforms post-consumer polyethylene into high-performance polyol and polyurethane, and support the launch of key customer programs.
The funding also affirms Novoloop’s role at the forefront of circular materials innovation and recognizes its unique ability to deliver scalable impact by displacing fossil-based inputs in everyday products.
Momentum: This funding round brings Novoloop’s total capital raised to over $50 million and marks a continuation of the company’s significant momentum, demonstrated by achieving continuous operations at its demonstration plant in India, strategic partnerships with polyurethane producers in China, and progress toward siting its first commercial facility.
KEY QUOTES:
“We are thrilled to partner with Taranis, whose deep commitment in plastic circularity and industrial decarbonization aligns with our ambition to scale Lifecycling globally. This 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 first-of-a-kind technology.”
Miranda Wang, CEO and Co-Founder of Novoloop
“As the world looks to decarbonize materials and eliminate waste, Novoloop offers a breakthrough solution for upcycling polyethylene—one of the hardest plastics to recycle. Their technology fits within our mission to decarbonize heavy industries and scale circular infrastructure. We are proud to back the team in building a more circular, low-carbon plastics economy.”
David Sorin, Managing Director of Taranis
