Novoloop, a California-based startup, is addressing a significant recycling challenge where only 9% of plastic waste gets recycled. The company has developed a process to continuously upcycle waste plastics into thermoplastic polyurethane (TPU), achieving a production capacity of 70 metric tons per year. CEo Miranda Wang highlighted overwhelming demand, stating they remain sold out of their products. Recently secured $21 million in funding, Novoloop plans to establish a commercial-scale plant and collaborate with existing chemical plants to utilize their infrastructure.
Plastic recycling is severely limited; about 9% is recycled, mostly from single-use items. Novoloop seeks to solve this with innovative upcycling technologies.
Novoloop has successfully upcycled waste plastic into products such as TPU, with high demand leading to plans for a larger commercial facility.
CEO Miranda Wang states, 'We're sold out. Literally every time we make something, we're sold out,' indicating strong market interest in their upcycled products.
Novoloop's partnership with chemical plants allows established companies to enter growth opportunities without extensive market overhauls, while leveraging Novoloop's expertise in marketing.
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