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S. Korea's Hanwha takes part in $21 million funding for US plastic upcycling firm Novoloop
Hanwha Solutions Corp. has participated in US$21 million joint funding for a US plastic upcycling startup it seeks to expand its portfolio in green technologies.
The funds were obtained by Novoloop, a California-based plastic upcycling firm that specializes in generating eco-friendly thermoplastic polyurethane (TPU) by breaking down the molecular structures of polyethylene, the most common plastic generally used for plastic packaging.
TPU may be utilized to make long-lasting products such as shoes, clothing, and automobile parts.
Novoloop's TPU can also help to reduce the carbon impact because it emits up to 46 percent less carbon dioxide than conventional TPU materials, according to Hanwha Solutions, the chemical and energy unit of South Korean conglomerate Hanwha Group.
Novoloop would utilize the funds to promote its TPU brand and push for its supply to the global garment and shoe firms, Hanwha said.
Other investors in Novoloop's investment round included Envisioning Partners, Mistletoe Singapore, and Valo Ventures.