Business
Loop Industries Reports Fourth Quarter and Full Year Fiscal 2023 Results and Provides Update on Continuing Business Developments
LOOP AND SK GEO CENTRIC ("SKGC") SIGN AGREEMENT TO COMMERCIALIZE LOOP'S TECHNOLOGY IN ASIASAINT-AVOLD IN THE GRAND EST REGION OF FRANCE SELECTED AS SITE FOR
About this update from Loop Industries, Inc.
[{"type":"text","content":"LOOP AND SK GEO CENTRIC (\"SKGC\") SIGN AGREEMENT TO COMMERCIALIZE LOOP'S TECHNOLOGY IN ASIASAINT-AVOLD IN THE GRAND EST REGION OF FRANCE SELECTED AS SITE FOR EUROPEAN COMMERCIAL MANUFACTURING FACILITYLOOP AND GARNIER LAUNCH MICELLAR CLEANSING WATER IN A 100% UPCYCLED BOTTLE USING LOOP'S TECHNOLOGYFADY MANSOUR APPOINTED AS CFOLoop Management to hold update call at 11 AM ET on May 19, 2023MONTREAL, QC / ACCESSWIRE / May 18, 2023 / Loop Industries, Inc. (NASDAQ:LOOP) (the \"Company\" or \"Loop\"), a clean technology company on a mission to accelerate 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 fourth quarter and full fiscal year 2023.Significant Milestones1. Global Commercialization Update - AsiaLoop and SKGC announced on May 2nd, 2023, that the two partners have signed a joint venture agreement to commercialize Loop's technology in the Asian market through multiple commercial manufacturing facilities. The first planned Asian manufacturing facility, located in Ulsan, South Korea, is anticipated to break ground in 2023 and to have construction completed by end of 2025. The partners are targeting another three manufacturing facilities to be constructed throughout Asia by 2030. SKGC will own 51% of the joint venture, headquartered in Singapore, with Loop retaining the remaining 49%. The joint venture will hold exclusive commercialization rights to Loop's technology in the Asian market for a set period, with Loop licensing its technology for an annual royalty for each of the commercial plants.Prior to finalizing the joint venture agreement, on March 28th, 2023, Loop and its strategic partner, SKGC, announced the successful completion of a technical due diligence, executed by SKGC, which evaluated Loop's technology at its Terrebonne, Quebec, Canada, production facility. A range of parameters were assessed including production yields, operational stability, quality of the purified monomers and overall performance of the production facility. The final report, which was signed by both parties, validates and confirms the efficacy of Loop's unique technology.2. Global Commercialization Update - EuropeLoop Industries, together with SUEZ and SKGC, announced on Febru...