Business
Loop Industries Provides Business Update and Reports Second Quarter Financial Results of Fiscal Year 2022
MONTREAL, QC / ACCESSWIRE / October 15, 2021 / Loop Industries, Inc. (NASDAQ:LOOP) (the "Company" or "Loop"), a clean technology company focused on
About this update from Loop Industries, Inc.
[{"type":"text","content":"MONTREAL, QC / ACCESSWIRE / October 15, 2021 / Loop Industries, Inc. (NASDAQ:LOOP) (the \"Company\" or \"Loop\"), a clean technology company focused on accelerating a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate (\"PET\") plastic and polyester fiber, today provided an update on its activities, and reported its consolidated financial results for the second quarter of fiscal year 2022.Unveiling of New evian Loop BottleOn September 20, 2021, Loop, in partnership with iconic global beverage brand evian, unveiled a new \"evian Loop\" prototype virgin-quality water bottle made from 100 percent recycled content. The monomers used to produce the evian Loop bottles were made at Loop's small-scale production facility in Terrebonne, Quebec. Evian plans to begin selling water bottles made from Loop™ PET initially in South Korea next year, and subsequently in other global markets. The waste plastic used to produce these bottles include polyester fibers from carpets and clothing which are considered unrecyclable and destined for landfill and other natural environments. This initiative reflects evian's commitment to its stated 2025 goals for circularity and recycled content.SK geo centric Strategic Investment Closing & Appointment of New DirectorOn August 2, 2021, Loop announced the closing of a $56.5 million purchase of new treasury common shares of Loop Industries by SK global chemical (\"SKGC\") 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. In 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. 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.As reported on July 8, 2021, SKGC signed a memorandum of understanding (\"MOU\") with the city of Ulsan, South Korea to develop an industrial complex which would be planned to include the first Infinite Loop™ manufacturing facility in Asia.SK global chemical unveiled on August 31 2021 its rebrand as SK geo centric, aligning with the company's goal of transforming into a green company and focusing on eco-friendl...