Business
Loop Industries Provides Commercialization Update and Reports Fourth Quarter and Fiscal Year 2021 Financial Results
CONVERSION OF PILOT PLANT INTO INFINITE LOOP™ DEMONSTRATION AND TRAINING FACILITYOBTAINED NO-OBJECTION LETTER FROM THE FDAADVANCED STAGES OF PRE-FEASIBILITY
About this update from Loop Industries, Inc.
[{"type":"text","content":"CONVERSION OF PILOT PLANT INTO INFINITE LOOP™ DEMONSTRATION AND TRAINING FACILITYOBTAINED NO-OBJECTION LETTER FROM THE FDAADVANCED STAGES OF PRE-FEASIBILITY ENGINEERING DESIGN FOR INFINITE LOOP™ COMMERCIAL FACILITIESSITE PURCHASE IN BÉCANCOUR, QUÉBEC FOR PLANNED INFINITE LOOP™ PROJECTADDITIONS TO LEADERSHIP TEAM TO EXECUTE COMMERCIALIZATION PLANSMONTREAL, QC / ACCESSWIRE / June 1, 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 reported its consolidated financial results for the fourth quarter and fiscal year ended February 28, 2021 and provided an update on commercialization efforts.Commercialization UpdateConversion of Pilot Plant into Infinite Loop™ Demonstration FacilityIn Q3 2021, the Company decided to convert its Terrebonne, Québec pilot plant to an Infinite LoopTM demonstration and training facility. This demonstration facility will showcase the Infinite LoopTM end-to-end technology and manufacturing process for producing recycled PET resin to potential partners and customers. Additionally, the facility will provide operational training in advance of the commissioning of commercial plants. Significant equipment upgrades have been made to the facilities. PET polymerization equipment is expected to be ordered and installed by end of calendar year 2021. We expect this equipment to be operational in early 2022.Regulatory Requirements for use in Food-Grade ApplicationsOn March 1, 2021, Loop received a no-objection letter (\"NOL\") from the US Federal Food and Drug Administration (\"FDA\") to confirm the capability of Loop's tertiary recycling process in cleaning and producing post-industrial and post-consumer recycled PET for use in the manufacture of food-contact articles that contact all food types under all conditions of use for which PET is permitted. We believe obtaining the NOL, in addition to the European Union REACH registration confirmation obtained in Q3 2021, is an important milestone in addressing food packaging regulations, and supports our targeted market opportunity for commercializing Loop™ recycled PET resin.Infinite Loop™ Engineering UpdateIn partnership with engineering, procur...