Novoloop Secures $21 Million Series B to Propel Circular Plastics Innovation

Novoloop, a chemical recycling company, has announced the close of its $21 million Series B funding round, led by Taranis, a firm focused on climate infrastructure and industrial decarbonization.

The funding will support the scale-up of Novoloop’s proprietary Lifecycling™ technology, which transforms post-consumer polyethylene into high-performance polyols and polyurethanes used in sectors such as footwear, apparel, and automotive.

This latest funding round brings Novoloop’s total capital raised to over $50 million, positioning the company to advance toward commercial deployment and expand its network of global industry partners.

Key Highlights

• $21 million Series B round led by Taranis, with additional investment from SHOP Limited (the Bata Shoe Company’s family office) and existing investor Valo Ventures
• Funding will support the commercial scale-up of Lifecycling™ technology
• Novoloop has achieved continuous operations at its demonstration plant in India
• Active partnerships established with leading polyurethane producers in China
• More than 50 granted and pending patents across 18 regions

Advancing Circular Solutions for Polyethylene

Novoloop was founded in 2015 to address the global challenge of polyethylene (PE) waste, one of the most widely used and difficult plastics to recycle. Traditional mechanical recycling methods are limited in their ability to process contaminated or degraded PE.

Novoloop’s Lifecycling™ process uses chemical upcycling to convert waste polyethylene into valuable inputs for polyurethane production, offering a scalable pathway toward reducing plastic waste and fossil-based raw material dependency.

“We are thrilled to partner with Taranis, whose deep commitment to plastic circularity and industrial decarbonization aligns with our ambition to scale Lifecycling™ globally,” said Miranda Wang, CEO and Co-Founder of Novoloop.

“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.”

The funding will help Novoloop advance several key initiatives, including:

• Commercialization of Lifecycling™ technology and development of the company’s first commercial-scale facility
• Execution of strategic customer programs with leading manufacturers
• Expansion into key international markets, especially in Asia

Strategic Investment to Support Global Expansion

Lead investor Taranis brings a track record of supporting industrial technologies that aim to reduce emissions in hard-to-abate sectors.

The firm’s investment in Novoloop underscores confidence in the company’s ability to deliver scalable, climate-aligned materials infrastructure.

“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,” said David Sorin, Managing Director of Taranis.

“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.”

In addition to Taranis, new investor SHOP Limited, the family office of the Bata Shoe Company, joined the round, strengthening Novoloop’s ties to the footwear industry, where polyurethane-based materials are commonly used.

Commercial Momentum and Industry Recognition

Novoloop has made significant progress over the past year, including the successful launch of continuous operations at its demonstration facility in India and the establishment of partnerships with leading polyurethane producers in China.

These developments are critical steps in validating the company’s technology at scale and preparing for broader market entry.

The company’s material innovation has already been integrated into commercial applications.

In 2022, Novoloop’s Lifecycled™ thermoplastic polyurethane (TPU) debuted in the Cloudprime sneaker by Swiss performance footwear brand On.

In recognition of its innovation, Novoloop was named one of TIME’s World’s Top Greentech Companies in 2025.

With more than 50 granted and pending patents across 18 regions, Novoloop is building a strong intellectual property foundation to support its global growth.

Looking Ahead

With the new funding in place, Novoloop is well-positioned to accelerate the transition from demonstration to full commercial operations.

The company’s technology offers a viable solution to one of the most persistent environmental challenges—plastic waste—while also enabling the production of lower-carbon materials for global supply chains.

As demand increases for sustainable materials across industries, Novoloop’s Lifecycling™ technology provides a scalable path to reduce the environmental impact of polyethylene and advance the circular economy.