Novoloop Raises $21 Million Series B Funding Led by Taranis to Scale Circular Performance Materials

MENLO PARK, Calif.--(BUSINESS WIRE)--Novoloop, a pioneer in advanced chemical recycling, announced today the successful close of its Series B funding round, led by Taranis. The investment will accelerate Novoloop’s commercial scale-up of its proprietary Lifecycling™ technology, which transforms post-consumer polyethylene into high-performance polyol and polyurethane, and support the launch of key customer programs.

This latest funding round brings Novoloop’s total capital raised to over $50 million and marks a continuation of the company’s significant momentum—demonstrated by achieving continuous operations at its demonstration plant in India, strategic partnerships with world-leading polyurethane producers in China, and progress toward siting its first commercial facility. With continued backing from existing investor Valo Ventures, the round also welcomed new investment from SHOP Limited, the Family Office of the Bata Shoe Company.

“We are thrilled to partner with Taranis, whose deep commitment in 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.”

Taranis brings deep operational and technical expertise in scaling pioneering industrial technologies and solutions that enable the circular transformation of hard-to-abate sectors. The investment affirms Novoloop’s role at the forefront of circular materials innovation and recognizes its unique ability to deliver scalable impact by displacing fossil-based inputs in everyday products.

“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.”

About Novoloop

Novoloop is a circular innovation company transforming hard-to-recycle plastics with its proprietary Lifecycling™ technology. By chemically upcycling post-consumer polyethylene into high-performance, low-carbon polyols and polyurethanes, Novoloop enables sustainable materials for applications in footwear, apparel, automotive, and more. Founded in 2015 and based in California, the company has raised over $50 million and holds 50 granted and pending patents across 18 regions. Novoloop’s Lifecycled™ TPU debuted in On’s Cloudprime sneaker in 2022, and in 2025, the company was named one of TIME’s World’s Top Greentech Companies. Learn more at novoloop.com.

About Taranis

Taranis is an investment and impact project development entity of the Perenco Group. Its mission is to research, finance and operate innovative initiatives in the fields of sustainable energy, carbon management and nature-based solutions. Drawing on Perenco's industrial expertise, Taranis aims to reconcile economic performance and environmental responsibility, while generating a tangible social impact. For more information, visit taranis.eu.