SEOUL — In an effort to bolster its green energy business, Hanwha Solutions, a chemical and energy company affiliated with South Korea’s Hanwha Group, joined in funding by Novoloop, a California-based plastic upcycling startup with a patented technology that decomposes the molecular structure of polyethylene to produce an eco-friendly raw material.
The size of Hanwha’s investment was not disclosed. Novoloop, which has attracted $21 million from investors, aims to commercialize Oistre, a raw material made of thermoplastic polyurethane (TPU) for apparel and shoe producers, by decomposing and upcycling polyethylene, the molecular structure of the most common plastic. Oistre generates less carbon dioxide than other TPU materials.
“As the importance of solving the plastic waste problem has increased worldwide, we will expand our eco-friendly technology portfolio through this investment and build a circular environment for plastic through upcycling,” an unnamed Hanwha Solutions official said in a statement on June 2. Upcycling creates new values using discarded products.
Hanwha Solutions took an aggressive strategy to acquire advanced green energy technologies. In November 2021, the company acquired a 16.7 percent stake worth $160.5 million in REC Silicon ASA, a Norway-based company that produces polysilicon, a high purity, polycrystalline form of silicon used as a raw material by the solar photovoltaic and electronics industry.
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