MONTREAL, QC / ACCESSWIRE / May 30, 2023 / 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, hosted Franck Leroy, President of the Grand Est region in France, for a tour of their facility in Terrebonne, Quebec, Canada. The visit signifies an important step in Loop Industries' collaboration with strategic partners SK Geo Centric and SUEZ, as they prepare to construct a commercial manufacturing facility in Saint-Avold, in the Grand Est region of France, to deploy Loop's technology in the European market.
The Saint-Avold commercial manufacturing facility, which has a planned annual capacity 70,000 metric tonnes, will manufacture 100% recycled and infinitely recyclable virgin-quality Loop™ PET resin out of low value PET plastic and polyester fiber waste, and could save over 255,000 tonnes of CO2 annually, when compared to virgin PET resin made from fossil fuels1. The facility is anticipated to begin construction in 2025, with plant commissioning to follow in 2027.
The decision to establish a commercial manufacturing facility in France was driven by several key factors including its rich collaborative landscape, with major brands such as Danone, L'Occitane en Provence, and L'Oréal championing sustainability and local recycling efforts. This ecosystem provides a strong foundation for Loop to work hand-in-hand with industry leaders committed to sustainable practices. Additionally, France's unwavering commitment to environmental protection and recycling make it an ideal location to deploy Loop's technology. Loop's innovative technology can play a pivotal role in achieving the sustainability goals of brands and aligns perfectly with the nation's vision for a circular economy.
"The Grand Est region is particularly proud to support the establishment of Loop Industries on its territory, in association with SUEZ and SK Geo Centric. By visiting Loop's production facility in Terrebonne, our delegation was able to demonstrate its keen interest in the innovative technology, and to exchange views with Daniel Solomita and his teams. Our discussions enabled us to set the next milestones and ensure that this first industrial unit will be set up in Europe at a steady pace. This considerable investment, which will create new jobs, represents a further decisive step in the environmental transition of the Saint-Avold Carling chemical platform in eastern France. The challenge is simple: the environment creates jobs and reindustrializes our regions, and we want to become the benchmark region for the circular economy, thanks to major players such as Loop, Suez and SK Geo Centric," emphasizes Franck Leroy, President of the Grand Est region.
"We are honored to welcome President Leroy to our facilities and to showcase Loop's innovative technology firsthand." said Loop Founder and CEO Daniel Solomita. "We are delighted to expand our operations in France and to support the sustainability goals of European-based global brands by providing our virgin-quality, 100% recycled Loop™ PET resin. With the support of our strategic partners and the Grand Est region, we are confident in our ability to accelerate the commercialization of Loop's technology and drive transformative change."
The visit of Mr. Franck Leroy highlights the significance of this project for the Grand Est region and for the global circular plastics economy. Loop Industries is excited to forge ahead with the construction of the commercial manufacturing facility in Saint-Avold, ushering in a new era of sustainable PET production throughout Europe. The company remains dedicated to its mission of ending the cycle of PET plastic and polyester fiber waste and accelerating a circular, sustainable economy.
1 Based on latest LCA from March 2022, data is compared to Virgin PET made from dimethyl terephthalate (DMT).
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."
For more information, please visit www.loopindustries.com. Follow Loop on Twitter: @loopindustries, Instagram: loopindustries, Facebook: Loop Industries and LinkedIn: Loop Industries
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 our technology and products, (ii) our status of relationship with partners, (iii) development and protection of our intellectual property and products, (iv) industry competition, (v) our need for and ability to obtain additional funding relative to our current and future financial commitments, (vi) engineering, contracting, and building our manufacturing facilities, (vii) our ability to scale, manufacture, and sell our products in order to generate revenues, (viii) our proposed business model and our ability to execute thereon, (ix) adverse effects on the Company's business and operations as a result of increased regulatory, media, or financial reporting scrutiny, practices, rumors, or otherwise, (x) disease epidemics and other health-related concerns and crises, which could result in reduced access to capital markets, supply chain disruptions and scrutiny, embargoing of goods produced in affected areas, government-imposed mandatory business closures and any resulting furloughs of our employees, government employment subsidy programs, travel restrictions or the like to prevent the spread of disease, or market or other changes that could result in non-cash impairments of our intangible assets, and property, plant and equipment, (xi) the effect of the continuing worldwide macroeconomic uncertainty and its impacts, including inflation, market volatility and fluctuations in foreign currency exchange and interest rates, (xii) the outcome of any SEC investigations or class action litigation filed against us, (xiii) our ability to hire and/or retain qualified employees and consultants, (xiv) other events or circumstances over which we have little or no control, and (xv) 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:
Andrea Kostiuk, Vice-President Marketing & Communications
Loop Industries, Inc.
+1 (450) 951-8555
SOURCE: Loop Industries, Inc.