Loop Industries

Loop Industries recycles hard-to-recycle PET plastics (colored and opaque plastic) and polyester fiber (from carpets and clothing) into virgin quality recycled polyethylene terephthalate (rPET) resin and recycled polyester fiber. Loop Industries trades on the NASDAQ under the ticker “LOOP” since 2017.

In February 2023, Loop Industries selected the Chemesis industrial platform in France for its new manufacturing facility. With a planned capacity of 70,000 metric tons annually, the facility will produce 100% recycled polyethylene terephthalate plastic and polyester fiber, resulting in a saving of over 255,000 tons of CO2 annually. Loop anticipates construction to commence in 2025, with plant commissioning in 2027.

Key customers and partnerships

In May 2023, the company partnered with On, a sportswear brand, to supply the latter with 100% recycled virgin quality Loop PET resin from the upcoming Asian Infinite Loop manufacturing facility in Ulsan, South Korea. In April 2023, the company partnered with Garnier, a leading mass-market beauty brand, to launch Garnier's first Micellar Cleansing Water All-In-1 bottle made from plastic waste. In May 2023, Loop Industries expanded into the Asian market with SK Geo Centric, aiming to establish at least three commercial manufacturing facilities in Asia by 2030. The first facility, situated in Ulsan, South Korea, will annually produce 70,000 metric tons of Loop PET resin. Construction is scheduled to commence in 2023 and conclude by the end of 2025.

Funding and financials

In January 2024, Loop Industries partnered with Reed, a European investment firm, to establish a 50:50 joint venture (JV) for commercializing Loop's technology in Europe. Reed planned to offer EUR 60 million (~USD 66 million) in non-dilutive capital, with USD 33 million allocated to support Loop's global technology commercialization and the remaining USD 33 million to be invested in the JV. The transaction is expected to be completed by the end of March 2024.