Loop Industries Inc (LOOP) has issued an update.
Loop Industries, Inc. has partnered with Ester Industries Ltd. to establish a new venture in India focused on creating an Infinite Loop™ manufacturing facility. This facility will specialize in producing eco-friendlier recycled materials such as rDMT and rMEG. Both companies will contribute equally to an expected $165 million funding for the construction and operation of the facility, which will also involve exclusive production and marketing agreements for specialty polymers. The deal, set to be finalized by the end of 2024, will leverage Loop’s patented depolymerization technology to convert polyester waste into valuable monomers.
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