Business
Loop Industries Announces Commercial Supply Agreement with Danone SA to Supply Loop(TM) Branded PET Resin Made from 100% Recycled Content
New multi-year agreement for Loop™ PET resin from the planned Infinite Loop™ manufacturing facility located in Bécancour, Quebec.Supports Danone objectives
About this update from Loop Industries, Inc.
[{"type":"text","content":"New multi-year agreement for Loop™ PET resin from the planned Infinite Loop™ manufacturing facility located in Bécancour, Quebec.Supports Danone objectives and commitments towards a circular economy in packagingMONTREAL, QC / ACCESSWIRE / May 16, 2022 / Loop Industries, Inc. (NASDAQ:LOOP) (the \"Company\" or \"Loop\"), whose mission is to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate (\"PET\") plastic and polyester fiber, today announced a multi-year supply agreement with French food group Danone SA (Euronext: BN) (\"Danone\"), one of the world's leading global food and beverage companies. The new 5-year agreement will supply Danone brands, including evian water, with Loop™ branded PET resin made from 100% recycled content. The resin will be supplied from the planned Infinite Loop™ Bécancour plant which is currently anticipated to begin production in Q4 2024.\"This announcement is an important milestone in our long-standing partnership with Danone to supply Loop™ branded PET resin from our Infinite Loop™ Bécancour manufacturing facility. I would like to thank the teams from Danone and Loop for all their hard work and effort during the independent technology validation that was executed by a leading engineering firm, and everyone involved in the signing of this contract. Having Danone as the anchor customer is an important step for the Infinite Loop™ Bécancour facility as well as our global commercialization rollout of Infinite Loop™ manufacturing facilities.\" said Daniel Solomita, Loop's Founder and Chief Executive Officer.\"We need cutting-edge technologies like the ones Loop Industries has developed to reach our sustainable packaging ambition. This agreement is a natural next step in our partnership with Loop Industries, moving from technology development to the concrete production phase. It is an important milestone to establish ‘infinite' closed-loop recycling for PET bottles and enable the recycling of hard-to-recycle packaging and materials\" said Nicolas GREGOIRE, Vice-President Packaging Cycle at Danone.In conjunction with this agreement, Danone and other Loop partners retained a globally recognized third-party independent engineering firm to execute a detailed due diligence report, which validated and reinforced the quality, effectiveness, and scalability of Loop Indus...