Hanwha Solutions Invests in US Plastic Upcycling Startup
Waste Plastic → Eco-friendly Polyurethane
"Contributing to the Establishment of a 'Plastic Circular Economy'"
The upcycling material 'Oystra' by the US startup Novorup, invested in by Hanwha Solutions. (Photo by Hanwha Solutions)
View original image[Asia Economy Reporter Moon Chaeseok] Hanwha Solutions announced on the 2nd that it participated in a $21 million (27 billion KRW) common investment raised by NovoLoop, a plastic upcycling startup based in California, USA. The company plans to contribute to the expansion of eco-friendly technologies by investing in a plastic waste upcycling startup. Hanwha Solutions intends to proactively secure various eco-friendly technologies and seek opportunities to establish new business models.
The investment included impact venture capital firms such as Envisioning Partners, Mistletoe Singapore, and Valor Ventures. NovoLoop was co-founded in 2015 by Miranda Wang and Jenny Yao. They developed a patented technology that breaks down the molecular structure of PE (polyethylene), a material used in disposable bags, and reconstructs it into raw materials. This technology enables the production of eco-friendly TPU (thermoplastic polyurethane) used in shoes and automotive parts. Instead of merely recycling discarded plastics, they developed technology to upcycle them into high value-added products.
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Using the investment funds, NovoLoop plans to commercialize its upcycled TPU product called "Oystra" and supply it to global apparel and footwear manufacturers. Oystra emits up to 46% less carbon during production compared to conventional TPU made without recycled materials. NovoLoop’s Oystra production technology was also listed among the ‘Top 100 Most Promising Technology Pioneers of 2022’ by the World Economic Forum (WEF). A Hanwha Solutions official stated, “As the importance of solving the global plastic waste problem grows, this investment will expand our eco-friendly technology portfolio and help build a circular economy for plastics through upcycling.”
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