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Loop Industries and SK global chemical Close $56.5M Strategic Equity Deal, Provide Further Update on Asian Joint Venture to Manufacture 100% Recycled PET Plastic
$56.5 M purchase of new treasury common shares of Loop Industries at $12 per share, pursuant to the agreement announced by the two companies on June 23,
About this update from Loop Industries, Inc.
[{"type":"text","content":"$56.5 M purchase of new treasury common shares of Loop Industries at $12 per share, pursuant to the agreement announced by the two companies on June 23, 2021Joint venture to begin planning phase for first Infinite Loop™ facility in Ulsan, South Korea, with a minimum of four manufacturing facilities planned by 2030Mr. Jonghyuk Lee appointed to Loop's Board of DirectorsMONTREAL, QC / ACCESSWIRE / August 2, 2021 / Loop Industries (NASDAQ:LOOP) (\"Loop\" or \"The Company\"), a leading innovator in clean technology whose mission is to accelerate a circular plastics economy and SK global chemical Co. Ltd. (\"SKGC\"), a subsidiary of South Korea's SK Group, announce the closing of a $56.5 million purchase of new treasury common shares of Loop Industries at $12 per share and warrants to purchase common shares, pursuant to the agreement which was announced by the two companies on June 23, 2021. SKGC now owns 10 percent of Loop's common shares.The strategic partnership between the companies intends to accelerate the commercialization of Loop's technology throughout Asia to supply global CPG brand companies with virgin quality PET resin and polyester fiber made from 100% recycled material. Starting with a first facility in Ulsan, South Korea, expected to begin preparation in 2022, the joint venture intends to build a minimum of four facilities by 2030. Combined, these facilities are expected to process approximately 400,000 tons of PET plastic and polyester fiber waste annually.Appointment of Jonghyuk Lee to Loop's Board of DirectorsIn conjunction with the equity investment, Mr. Jonghyuk Lee, Vice President of SKGC's Green Business Division, has been appointed to Loop's Board of Directors, effective immediately. This appointment reflects SKGC's strategic view of the importance of its investment in Loop, as part of its “Green for Better Life” global strategic vision.About Loop IndustriesLoop Industries is a technology company whose mission is to accelerate the world's shift toward sustainable PET plastic and polyester fiber and away from our dependence on fossil fuels. Loop owns patented and proprietary technology that depolymerizes no and low-value waste PET plastic and polyester fiber, including plastic bottles and packaging, carpets and textiles of any color, transparency or condition and even ocean plastics that have been de...