TPU upcycling technology breakthrough
Upcycling start-up Novoloop has raised $11 million from several investors in a Series A financing and partnered with bonding specialist Bemis Associates to grow its plastic recycling technology.
Novoloop’s technology, ATOD (Accelerated Thermal Oxidative Decomposition), breaks down polyethylene into chemical building blocks that can be synthesised into other products.
Only 9% of polyethylene is recycled, according to the company.
The first product is Oistre, a thermoplastic polyurethane (TPU) for use in footwear and other applications. The company says it matches the performance of virgin TPUs made from petrochemicals.
The company claims the technology can upcycle carbon content found in common plastic waste like shopping bags, packaging and agricultural plastics that is too low value for recovery facilities to bale and sell.
Novoloop CEO Miranda Wang said: “Plastics are not going away anytime soon, so we need to innovate to close the gap between what is produced and what is repurposed. After years of technology development, we’re thrilled to announce backing by high-calibre investors and partners to commercialise this much-needed technology.”
Bemis will introduce Oistre into its portfolio as a first step to replace virgin petroleum-based thermoplastic polyurethane.
