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Suez, Loop Industries and SK Geo Centric Announce Selection of Saint-Avold, in the Grand Est Region of France, As the Site To Manufacture Virgin-Quality PET Plastic Made From 100% Recycled Content and Infinitely Recyclable by Leveraging the Infinite L...
Suez, Loop Industries and SK Geo Centric Announce Selection of Saint-Avold, in the Grand Est Region of France, As the Site To Manufacture Virgin-Quality PET
About this update from Loop Industries, Inc.
[{"type":"text","content":"Suez, Loop Industries and SK Geo Centric Announce Selection of Saint-Avold, in the Grand Est Region of France, As the Site To Manufacture Virgin-Quality PET Plastic Made From 100% Recycled Content and Infinitely Recyclable by Leveraging the Infinite Loop Technology \n Breaking Ground of the New Facility Targeted for 2025 With Commissioning Expected in 2027Facility To Manufacture 100% Recycled and Infinitely Recyclable Virgin-Quality PET ResinProjected Savings of Over 255,000 Tonnes of CO2 Annually Compared to Virgin PET Resin Made From Fossil FUELS1MONTREAL, QC and PARIS, FRANCE and SEOUL, SOUTH KOREA / ACCESSWIRE / February 16, 2023 / SUEZ, a global leader in circular solutions in water and waste, Loop Industries, Inc. (NASDAQ:LOOP) (\"Loop\"), a clean technology company whose mission is to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate (\"PET\") plastic and polyester fiber , and SK Geo Centric (\"SKGC\"), subsidiary of South Korean group SK, today announced that the Chemesis industrial platform in Saint-Avold, located in the Grand Est region of France, has been selected as the site for their planned manufacturing facility in Europe. This international project, supported by the French Ministries of Industry and Ecology, the Grand Est region and the Saint-Avold Synergy region community, leverages the experience of SKGC in petrochemical processes, the expertise of SUEZ in the area of resource management and the innovative depolymerization technology of Loop. The facility will manufacture 100% recycled and infinitely recyclable virgin-quality PET resin and has a planned capacity of 70,000 metric tons per year. This facility will help address the demand for recycled PET, which has continued to grow due to European regulations and requirements and will provide European-based global brands with a solution to their sustainability objectives of increasing the use of recycled content in their packaging and products.The Saint-Avold Chemesis industrial platform is strategically situated in the heart of Europe and provides an efficient industrial and infrastructure network (access to energy notably via existing heat networks, road and rail logistics, suppliers, etc.) making it the optimum environment for the manufacturing facility. This project, which represents a projected overall investme...