RCS - Loop Industries - Loop Industries Announces Danone Supply Agreement

Loop IndustriesAnnouncement

16/05/2022 13:45

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RNS Number : 5352L  Loop Industries  16 May 2022

Loop Industries Announces Danone Supply Agreement

·      Loop Industries Announces Commercial Supply Agreement with Danone
SA to supply Loop™ branded PET resin made from 100% recycled content

·      New multi-year agreement for Loop™ PET resin from the planned
Infinite Loop™ manufacturing facility located in Bécancour, Quebec.

·      Supports Danone objectives and commitments towards a circular
economy in packaging

MONTREAL, QC / ACCESSWIRE / May 16, 2022 / Loop Industries, Inc. (NASDAQ:LOOP)
(the "Company" or "Loop"), whose mission is to accelerate a circular plastics
economy by manufacturing 100% recycled polyethylene terephthalate ("PET")
plastic and polyester fiber, today announced a multi-year supply agreement
with French food group Danone SA (Euronext: BN) ("Danone"), one of the world's
leading global food and beverage companies. The new 5-year agreement will
supply Danone brands, including evian water, with Loop™ branded PET resin
made from 100% recycled content. The resin will be supplied from the planned
Infinite Loop™ Bécancour plant which is currently anticipated to begin
production in Q4 2024.

"This announcement is an important milestone in our long-standing partnership
with Danone to supply Loop™ branded PET resin from our Infinite Loop™
Bécancour manufacturing facility. I would like to thank the teams from Danone
and Loop for all their hard work and effort during the independent technology
validation that was executed by a leading engineering firm, and everyone
involved in the signing of this contract. Having Danone as the anchor customer
is an important step for the Infinite Loop™ Bécancour facility as well as
our global commercialization rollout of Infinite Loop™ manufacturing
facilities." said Daniel Solomita, Loop's Founder and Chief Executive Officer.

"We need cutting-edge technologies like the ones Loop Industries has developed
to reach our sustainable packaging ambition. This agreement is a natural next
step in our partnership with Loop Industries, moving from technology
development to the concrete production phase. It is an important milestone to
establish 'infinite' closed-loop recycling for PET bottles and enable the
recycling of hard-to-recycle packaging and materials" said Nicolas GREGOIRE,
Vice-President Packaging Cycle at Danone.

In conjunction with this agreement, Danone and other Loop partners retained a
globally recognized third-party independent engineering firm to execute a
detailed due diligence report, which validated and reinforced the quality,
effectiveness, and scalability of Loop Industries' technology. Loop and Danone
have developed a long-standing relationship built on transparency and
communication that supports Danone's circular packaging commitments on a
global basis. Throughout this time, Loop Industries has continued to work
diligently on perfecting its technology for commercial production on an
international scale, including projects to build greenfield Infinite Loop™
facilities in Canada, France, and South Korea.

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.

Common shares of the Company are listed on the NASDAQ Global Market under the
symbol "LOOP."

For more information, please visit www.loopindustries.com
(https://pr.report/ZHfuhLiF) . Follow Loop on Twitter: @loopindustries
(https://pr.report/h0iLXsl4) , Instagram: loopindustries
(https://pr.report/RCtPoSfa) , Facebook: Loop Industries
(https://pr.report/vPAVkc5J) and LinkedIn: Loop Industries
(https://pr.report/-uKlxsFo) .

Forward-Looking Statements

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, (vi) 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 a novel strain 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
(https://pr.report/oK9efiY0) . 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:

Investor Relations:

Kevin C. O'Dowd, Vice-President Communications & Investor Relations

Loop Industries, Inc.

+1 617-755-4602
kodowd@loopindustries.com (mailto:kodowd@loopindustries.com)

Media Inquiries:

Andrea Kostiuk, Vice President Marketing & Communications

Loop Industries, Inc.

+1 (450) 951-8555
akostiuk@loopindustries.com (mailto:akostiuk@loopindustries.com)

SOURCE: Loop Industries, Inc.

 

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