Business
Loop Industries Reports Third Quarter Fiscal 2021 Consolidated Financial Results
MONTREAL, QC / ACCESSWIRE / January 14, 2021 / Loop Industries, Inc. (NASDAQ:LOOP) (the "Company" or "Loop Industries"), a leading sustainable plastics
About this update from Loop Industries, Inc.
[{"type":"text","content":"MONTREAL, QC / ACCESSWIRE / January 14, 2021 / Loop Industries, Inc. (NASDAQ:LOOP) (the \"Company\" or \"Loop Industries\"), a leading sustainable plastics technology innovator, today announced its consolidated financial results for the third quarter of the fiscal year ending February 28, 2021 and provided an update on its continuing progress in implementing its business plan.HighlightsInitiated the work with SUEZ on European Infinite LoopTM project.Initiated conversion of the Company's Pilot Plant to a demonstration and training facility in support of Infinite LoopTM commercialization.Independent verification report published attesting to the capacity of our technology to produce DMT and MEG monomers within our purity specifications.Received confirmation of registration for our DMT and MEG monomers for Europe.In the quarter, we continued to focus on the completion of the engineering of the Infinite LoopTM manufacturing process, including the integration of our depolymerization process with INVISTA's polymerization know how, with the assistance of Worley Group, a leading global engineering, procurement and construction company, and Chemtex Global Corporation.We also initiated work in the quarter on our planned European facility with SUEZ, a world leader in environmental services. To support this project and the Company's European business activities, the Company has hired Laurent Auguste, a former senior executive of Veolia, in an advisory capacity.In connection with our agreements with SUEZ and Chemtex, and more broadly with the commercialization activities of our future Infinite LoopTM manufacturing facilities, we have decided to convert our pilot plant to an Infinite LoopTM demonstration and training facility in support of the commercialization of our technology. The demonstration facility will be used to showcase the Infinite LoopTM technology to potential partners and customers, and train operational teams in advance of the commissioning of commercial plants. We made investments of $2,325,540 for this project during the three months ended November 30, and we expect this project to be largely completed by third quarter of calendar 2021. In addition, subsequent to the quarter, we have also entered into an agreement to acquire PET polymerization equipment from Chemtex to manufacture limited quantities of Loop™ branded PET resi...