Business
Loop Industries Reports Second Quarter Fiscal 2021 Consolidated Financial Results and Provides Corporate Update
Company Achieves Key Milestones Towards Infinite Loop™ Commercialization StrategyMONTREAL, QC / ACCESSWIRE / October 7, 2020 / Loop Industries, Inc.
About this update from Loop Industries, Inc.
[{"type":"text","content":"Company Achieves Key Milestones Towards Infinite Loop™ Commercialization StrategyMONTREAL, QC / ACCESSWIRE / October 7, 2020 / Loop Industries, Inc. (NASDAQ:LOOP) (the \"Company\" or \"Loop Industries\"), a leading sustainable plastics technology innovator, today announced its consolidated financial results for the second quarter of the fiscal year ending February 28, 2021, and provided an update on its continuing progress in implementing its business plan.HighlightsEntered into strategic partnership with Suez Groupe to build first Infinite LoopTM facility in EuropeSigned know-how and engineering agreement with INVISTA/Chemtex, completing the technology package for the first Infinite LoopTM facilitiesStrengthened balance sheet through underwritten public offering for net proceeds of $25.1 millionSheila Morin joins Loop Industries' executive leadership team as Chief Marketing OfficerCommercialization ProgressThe Infinite LoopTM manufacturing technology is the key pillar of our commercialization blueprint. We believe our technology is at the forefront of the global transition away from fossil fuels and petrochemicals and into the circular economy, where PET plastic and polyester fiber are produced from 100% recycled content. The Infinite Loop™ technology is engineered to support the commitment of global consumer brands to achieve a high level of recycled content in packaging. Our technology allows for waste plastic currently not able to be recycled to now become fully circular and upcycled into the highest purity PET plastic and polyester fiber. Infinite Loop™ facilities could be located near large urban centers where more plastic is being consumed and therefore more waste plastic feedstock is available.Our objective is to achieve global expansion of the technology through a mix of fully owned facilities, partnerships, and licensing agreements. We believe that industrial companies, which today are not in the business of manufacturing PET and polyester fiber, will view our Infinite Loop™ manufacturing technology as a growth opportunity for the future, which offers attractive economic returns either as Loop manufacturing partners or as licensees of Loop technology.In September 2020, we made two key announcements regarding significant advancements for the Infinite LoopTM manufacturing technology. First, we completed a partnership wit...