MONTREAL, QC / ACCESSWIRE / October 11, 2022 / Loop Industries, Inc. (Nasdaq:LOOP) (the "Company" or "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 L'OCCITANE en Provence, a global manufacturer and retailer of sustainable beauty and wellness products, today unveiled a new bottle for the brand's Almond Shower Oil that was created through Loop's revolutionary technology.
Loop Industries has partnered with L'OCCITANE en Provence to help meet the brand's sustainability goal of using 100% recycled PET in its bottles by 2025. In partnership with the brand, a pilot project was executed where the iconic Almond Shower Oil bottle (excluding cap and label) was produced using 100% recycled Loop™ PET resin and was successfully carried out on L'OCCITANE production lines. This initiative marks a significant step forward in the partnership between the two companies and sets the pathway to implement Loop's technology across other products in the brand's assortment.
As part of this partnership with L'OCCITANE en Provence, Loop's branding is featured prominently on the front of the packaging, with additional details speaking to the technology on the back label. The primary placement and visibility of Loop branding on the packaging is a major component of this initiative as it acts as an indicator for true circularity and the quality of the material, highlighting the bottle's ability to recirculate in the economy infinitely, without degrading in quality. The presence of Loop branding on the packaging adds strong value as it allows the brand to make a powerful statement in sustainability and helps bring visibility to the recyclable potential of the product, supporting Loop's mission to accelerate a circular plastics economy.
Loop is currently supplying leading consumer brand companies, including L'OCCITANE en Provence, with 100% recycled virgin-quality PET resin that is suitable for food-grade packaging and polyester fiber use through its Terrebonne, Quebec production facility. Loop has recently completed upgrades to the facility which has increased production capacity at the plant. Loop, along with strategic partners SUEZ and SK Geo Centric, plan to commercialize Loop's technology in Europe through its planned Infinite Loop™ France facility which will help supply European consumer brands, including L'OCCITANE en Provence, with 100% recycled Loop™ PET resin to be used in products and packaging.
Commenting on the activation, David Bayard, Packaging R&D Director at L'OCCITANE en Provence said "L'OCCITANE en Provence is very conscious of the importance of eco-design and sustainable packaging. We have been launching eco-refill products, in-store collections and recycling services and bottles made out of 100% recycled plastic for more than 13 years and are continuing to progress on this. We are proud to partner with Loop Industries, whose innovative technology will help us in achieving our target of 100% sustainable PET plastic in all our bottles by 2025. The innovative technology they provide is a game-changer that can help us play a part in addressing the growing global concern over plastic pollution."
Daniel Solomita, Loop's Founder and CEO, stated "We are thrilled to partner with L'OCCITANE en Provence in their journey towards sustainability and to leverage our technology with the brand, helping them progress towards meeting their 2025 goal. The integration of Loop's branding serves as a visual reference to the infinitely recyclable capabilities of our product and technology, allowing consumers and companies alike to become active partners in our continuous efforts in establishing a circular economy for plastics. We have accomplished another exciting milestone by completing the upgrades to our plant in Terrebonne, Quebec where we are now in full production supplying global brand companies with Loop™ branded PET resin to be used in food-grade packaging and for polyester fiber use."
About L'OCCITANE en Provence
Since 1976, L'OCCITANE en Provence has been devising, producing and selling beauty, skincare and wellbeing products with the aim of sharing nature's wonders with the world. We believe that by reviving the strength of all living things, we can help seeds bloom again and reconcile humans with nature. We are Cultivators of Change. Every year, we plant powerful ingredients which are in perfect symbiosis with their ecosystems. We turn to Mother Earth and marvel at her in bloom. We explore her treasures and question our own methods to discover new breakthroughs. We craft them into unexpected memories. We team up with people at a local level because we believe that any action can make a difference, no matter how big or small.
About Loop Industries
Loop Industries is a technology company whose mission is to accelerate the world's shift toward sustainable PET plastic and polyester fiber and away from our dependence on fossil fuels. Loop Industries owns patented and proprietary technology that depolymerizes no and low-value waste PET plastic and polyester fiber, including plastic bottles and packaging, carpets and textiles of any color, transparency or condition and even ocean plastics that have been degraded by the sun and salt, to its base building blocks (monomers). The monomers are filtered, purified and polymerized to create virgin-quality Loop™ branded PET resin suitable for use in food-grade packaging and polyester fiber, thus enabling our customers to meet their sustainability objectives. Loop™ PET plastic and polyester fiber can be recycled infinitely without degradation of quality, successfully closing the plastic loop. Loop Industries is contributing to the global movement towards a circular economy by reducing plastic waste and recovering waste plastic for a sustainable future.
Common shares of the Company are listed on the NASDAQ Global Market under the symbol "LOOP."
This news release contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "should," "could," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or "continue" the negative of such terms or similar words. These forward-looking statements include, without limitation, statements about Loop's market opportunity, its strategies, ability to improve and expand its capabilities, competition, expected activities and expenditures as Loop pursues its business plan, the adequacy of its available cash resources, regulatory compliance, plans for future growth and future operations, the size of Loop's addressable market, market trends, and the effectiveness of Loop's internal control over financial reporting. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond Loop's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with among other things: (i) commercialization of Loop's technology and products, (ii) Loop's status of relationship with partners, (iii) development and protection of Loop's intellectual property and products, (iv) industry competition, (v) Loop's need for and ability to obtain additional funding relative to its current and future financial commitments, (vi) engineering, contracting and building Loop's manufacturing facility, (vii) Loop's ability to scale, manufacture and sell its products in order to generate revenues, (viii) Loop's proposed business model and its ability to execute thereon, (ix) adverse effects on Loop's business and operations as a result of increased regulatory, media or financial reporting scrutiny and practices, rumors or otherwise, (x) disease epidemics and health related concerns, such as the current outbreak of additional variants of coronavirus (COVID-19), which could result in (and, in the case of the COVID-19 outbreak, has resulted in some of the following) reduced access to capital markets, supply chain disruptions and scrutiny or embargoing of goods produced in affected areas, government-imposed mandatory business closures and resulting furloughs of Loop's employees, government employment subsidy programs, travel restrictions or the like to prevent the spread of disease, and market or other changes that could result in noncash impairments of our intangible assets, and property, plant and equipment, (xi) the outcome of the current SEC investigation or recent class action litigation filed against Loop, (xii) Loop's ability to hire and/or retain qualified employees and consultants and (xiii) other factors discussed in Loop's subsequent filings with the Securities and Exchange Commission ("SEC"). More detailed information about Loop and the risk factors that may affect the realization of forward-looking statements is set forth in Loop's filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. Loop assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
For More Information:
Kevin C. O'Dowd, Vice-President Communications & Investor Relations
Loop Industries, Inc.
Andrea Kostiuk, VP Marketing & Communications
Loop Industries, Inc.
+1 (450) 951-8555
SOURCE: Loop Industries, Inc.