Funding of $21 Million for Novoloop's Sophisticated Chemical Recycling System in Series B

In a significant stride towards a more sustainable future, Novoloop, a leading innovator in circular materials, has announced the completion of a Series B funding round led by Taranis. This funding round brings Novoloop's total capital raised to over $50 million.

The partnership with Taranis recognises Novoloop's unique ability to deliver scalable impact by displacing fossil-based inputs in everyday products. Taranis, a company committed to decarbonizing heavy industries and scaling circular infrastructure, sees Novoloop's technology as a breakthrough solution for upcycling polyethylene, one of the hardest plastics to recycle.

Miranda Wang, CEO and Co-Founder of Novoloop, expressed her excitement about partnering with Taranis, stating, "We are thrilled to have Taranis join us in our mission to scale Lifecycling globally." David Sorin, Managing Director of Taranis, echoed this sentiment, expressing his support for Novoloop's mission.

The funding will be used to advance Novoloop's commercial scale-up of its LifecyclingTM technology. This technology transforms post-consumer polyethylene into high-performance polyol and polyurethane, contributing to a more circular economy. The partnership with Taranis will support the industrial scale-up of Novoloop's first-of-a-kind technology.

Novoloop's LifecyclingTM technology positions the company to meet growing demand from a wider supply chain seeking circular and cost-competitive polyurethanes. The company already has strategic partnerships with polyurethane producers in China, further enhancing its ability to meet this demand.

The funding round also saw participation from Valo Ventures and SHOP Limited (the Family Office of the Bata Shoe Company). The funds will support the launch of key customer programs and the siting of Novoloop's first commercial facility.

Novoloop has achieved continuous operations at its demonstration plant in India and is progressing towards siting its first commercial facility. This partnership with Taranis further affirms Novoloop's role at the forefront of circular materials innovation. Taranis is proud to back Novoloop in building a more circular, low-carbon plastics economy.

In conclusion, this partnership and funding round mark a significant step forward in Novoloop's mission to scale its LifecyclingTM technology globally, contributing to a more sustainable future by displacing fossil-based inputs in everyday products.