SEOUL– Hanwha Solutions Corp. said Thursday it has participated in US$21 million joint funding for a U.S. plastic upcycling startup as the chemical and energy unit of South Korean conglomerate Hanwha Group seeks to expand its portfolio in green technologies.
Novoloop, a California-based plastic upcycling company that has raised the funds, specializes in producing eco-friendly thermoplastic polyurethane (TPU) by breaking down the molecule structures of polyethylene, the most common plastic widely used for plastic packaging.
The TPU can be used to manufacture durable goods like shoes, apparel or vehicle parts. The TPU developed by Novoloop can also contribute to reducing the carbon footprint as it emits less carbon dioxide by up to 46 percent compared with existing TPU material, Hanwha said.
Novoloop will use the funding to commercialize its TPU brand and push for its supply to global apparel and shoes companies, according to Hanwha.
The funding round for Novoloop was joined by other investors, including Envisioning Partners, Mistletoe Singapore and Valo Ventures.
Source: Yonhap News Agency