Loop Industries New €250 Million Plant Will Save 255,000 Tonnes Of CO2 As It Produces 70,000 Tonnes P.A Of Virgin-Quality Pet Resin Made From 100% Recycled Content
MONTREAL, QC, JANUARY 2022 — Loop Industries, Inc. (Nasdaq: 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, today announced the selection of the site for its first European Infinite Loop™ manufacturing facility.
The site is strategically located for waste plastic feedstock transportation via the Seine River from the Paris region and is well located to service the large French CPG brand companies.
The capital investment required for the project is expected to be €250 M and the project is expected to create 180 full-time manufacturing and engineering jobs.
The next major steps for the project include permitting, finalizing customer offtake agreements and financing, including support from the French government.
Following the completion of permitting, construction of the facility is expected to begin in 2023, with commissioning approximately 18 months later.
The Infinite Loop™ manufacturing model is designed to produce 70,000 tonnes of PET resin made from 100% recycled content per year.
The facility will provide an opportunity for global CPG brands based in France to accelerate the achievement of their sustainability objectives by gaining access to locally produced virgin-quality PET plastic and polyester fiber made entirely from waste material.
At full capacity, the facility is projected to save over 255,000 tonnes of CO2 annually, when compared to virgin PET resin made from fossil fuels.
This CO2 reduction is comparable to the emissions from over 108 million liters of gasoline or over 1 billion kilometers driven by an average passenger vehicle.
The majority of the incoming waste plastic feedstock for the facility is currently not recycled and contributes to the waste plastic pollution problem.
The facility is aligned with European plastic regulation and objectives, such as the EU’s plastic levy, which charges €800 per tonne of non-recyclable plastic waste, as well as France’s ambition to transition to 100% recyclable plastic by 2025.
Port-Jérôme was selected after an extensive review of several dozen potential sites across Europe.
The Normandy region offers a skilled labor pool, favorable logistics and a supportive regional government which has articulated a clear vision of a more sustainable future focused on the circular economy.
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 Industries is contributing to the global movement towards a circular economy by reducing plastic waste and recovering waste plastic for a sustainable future.
