The investment will accelerate Noovoleum’s expansion, particularly through its UCOllect Solution, a cutting-edge technology that transforms used cooking oil (UCO) into sustainable biofuel.
Indonesia’s green tech startup Noovoleum has secured $3 million in funding in a round led by Rigel Capital, a firm specializing in environmental, social, and governance (ESG) initiatives. The investment will accelerate Noovoleum’s expansion, particularly through its UCOllect Solution, a cutting-edge technology that transforms used cooking oil (UCO) into sustainable biofuel.
RELEVANT SUSTAINABLE GOALS
Revolutionizing UCO Recycling with UCOllect
Noovoleum is at the forefront of sustainable waste management with its innovative UCOllect Solution, which streamlines UCO collection and recycling through proprietary AI-driven technology. The platform incentivizes households and small-scale producers to recycle used cooking oil through a revenue-sharing model, ensuring that what was once considered waste can be repurposed into a valuable biofuel resource.
The company launched operations in Bandung, Indonesia, in September 2023 and successfully deployed 100 UCOllect Boxes across the city in 2024. With the new funding, Noovoleum aims to expand to 1,000 collection points in Indonesia and expand into three other Asian markets by the end of 2025.
Noovoleum was co-founded by a team of industry veterans, including:
- Philippe Micone (CEO) – Ph.D. from Polytechnique Montreal, former Shell executive, and biofuel expert.
- Olivier Biot (CTO) – Former Thales and Nagra executive, specializing in digital transformation.
- Egis Rimkus (CIO) – Ex-Glencore professional with over 25 years in commodities trading.
Their collective expertise has shaped Noovoleum’s vision of community-driven sustainability, with a focus on tech-enabled waste management and biofuel production.
CEO Philippe Micone emphasized the company’s commitment to sustainability and community empowerment, stating:
“We truly feel inspired by our UCOllect users, partners, and employees for having generated such a tremendous and quick impact in the various communities we service.”
The investment aligns with Rigel Capital’s ESG-focused approach, supporting ventures that drive measurable environmental and social impact.
Sebastian Togelang, Founding Partner of Rigel Capital, underscored Noovoleum’s pioneering efforts in sustainable innovation, saying:
“Noovoleum’s commitment to sustainability demonstrates the positive impact that innovation can have on environmental responsibility. Their efforts in advancing used cooking oil recycling set a high standard for sustainable practices in the industry.”
The Future of Green Tech in Indonesia and Beyond
With this fresh injection of capital, Noovoleum is set to enhance AI-driven UCO recycling technology, expand collection points across Indonesia and Asia, and strengthen partnerships to advance circular economy solutions.
The startup’s mission to revolutionize waste-to-energy solutions highlights Indonesia’s growing role in the global push for sustainable biofuels. As Noovoleum scales its UCOllect Solution, it sets a precedent for environmentally responsible innovations that merge technology, community engagement, and economic incentives.
Lead image courtesy of Noovoleum
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