Business
SK Geo Centric to Participate as Equal Partner in Joint Venture to Build First Infinite Loop(TM) Facility in Europe, Together with Loop Industries and Suez
MONTREAL, QC and PARIS, FRANCE and SEOUL, SOUTH KOREA / ACCESSWIRE / June 16, 2022 / Loop Industries, Inc. (NASDAQ:LOOP) (the "Company" or "Loop"), an
About this update from Loop Industries, Inc.
[{"type":"text","content":"MONTREAL, QC and PARIS, FRANCE and SEOUL, SOUTH KOREA / ACCESSWIRE / June 16, 2022 / Loop Industries, Inc. (NASDAQ:LOOP) (the \"Company\" or \"Loop\"), an innovator in sustainable plastics technology whose mission is to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate (\"PET\") plastic and polyester, along with SUEZ, a world leader in environmental services, and SK Geo Centric (\"SKGC\"), a subsidiary of South Korea's SK Group, one of Asia's largest conglomerates, today announced that SKGC will become an equal partner in the previously announced partnership between Loop and SUEZ, which was formed to build the first Infinite Loop™ manufacturing facility in Europe.Photo: Mr. Daniel Solomita, CEO of Loop Industries, Mr. Maximilien Pellegrini, SUEZ' Executive Committee member in charge of France and Mr. Na Kyung-Soo, CEO of SK Geo CentricThe expanded partnership will combine SKGC's petrochemical manufacturing experience with SUEZ's resource management expertise and Loop's breakthrough proprietary technology to supply 70,000 M/T of virgin quality, 100% recycled, PET plastic and polyester fiber to the European market. The Infinite Loop™ facility will offer a solution to consumer goods companies which have committed to goals for significantly increased use of recycled content in their products and/or packaging and help to meet the growing demand for recycled PET resin and polyester fiber. Through the collective expertise of SKGC and SUEZ, together with Loop's technology, the Infinite Loop™ facility could save over 255,000 tons of CO2 every year, compared with virgin PET made from a traditional petrochemical process1.The three companies are reevaluating the optimal location for the European facility. The project is projected to break ground in 2023 in order to support the 2025 goals for recycled content as publicly stated by European consumer brands.Na Kyung-Soo, the CEO of SK Geo Centric said \"We are thrilled to participate in the Infinite Loop™ Europe project together with SUEZ, a leading French environmental services company and LOOP, which possesses an advanced recycling technology.\" He went on to emphasize \"This collaboration will be the first step for SK Geo Centric to move beyond Asia to be a global eco-friendly chemical company.\"\"We are thrilled about this enlarged strategic p...