RCS - Loop Industries - SK Geo Centric joins Loop & Suez in Joint Venture

Loop IndustriesAnnouncement

17/06/2022 08:15

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RNS Number : 2264P  Loop Industries  17 June 2022

SK Geo Centric to join Loop Industries & Suez in Joint Venture

SK Geo Centric to Participate as Equal Partner in Joint Venture to Build First
Infinite Loop™ Facility in Europe, Together with Loop Industries and Suez.

MONTREAL, QC and PARIS, FRANCE and SEOUL, SOUTH KOREA / ACCESSWIRE / June 17,
2022 / Loop Industries, Inc. (NASDAQ:LOOP) (the "Company" or "Loop"), an
innovator in sustainable plastics technology whose mission is to accelerate a
circular plastics economy by manufacturing 100% recycled polyethylene
terephthalate ("PET") plastic and polyester, along with SUEZ, a world leader
in environmental services, and SK Geo Centric ("SKGC"), a subsidiary of South
Korea's SK Group, one of Asia's largest conglomerates, today announced that
SKGC will become an equal partner in the previously announced partnership
between Loop and SUEZ, which was formed to build the first Infinite Loop™
manufacturing facility in Europe.

Photo: Mr. Daniel Solomita, CEO of Loop Industries, Mr. Maximilien Pellegrini,
SUEZ' Executive Committee member in charge of France and Mr. Na Kyung-Soo, CEO
of SK Geo Centric

The expanded partnership will combine SKGC's petrochemical manufacturing
experience with SUEZ's resource management expertise and Loop's breakthrough
proprietary technology to supply 70,000 M/T of virgin quality, 100% recycled,
PET plastic and polyester fiber to the European market. The Infinite Loop™
facility will offer a solution to consumer goods companies which have
committed to goals for significantly increased use of recycled content in
their products and/or packaging and help to meet the growing demand for
recycled PET resin and polyester fiber. Through the collective expertise of
SKGC and SUEZ, together with Loop's technology, the Infinite Loop™ facility
could save over 255,000 tons of CO(2) every year, compared with virgin PET
made from a traditional petrochemical process(1).

The three companies are reevaluating the optimal location for the European
facility. The project is projected to break ground in 2023 in order to support
the 2025 goals for recycled content as publicly stated by European consumer
brands.

Na Kyung-Soo, the CEO of SK Geo Centric said "We are thrilled to participate
in the Infinite Loop™ Europe project together with SUEZ, a leading French
environmental services company and LOOP, which possesses an advanced recycling
technology." He went on to emphasize "This collaboration will be the first
step for SK Geo Centric to move beyond Asia to be a global eco-friendly
chemical company."

"We are thrilled about this enlarged strategic partnership. Together with Loop
and now SKGC, we will provide European customers with a solution to boost the
circular economy of plastic, while saving over 255,000 tons of CO2 every
year", said Maximilien Pellegrini, SUEZ' Executive committee member in charge
of France. "The joint project will enlarge our long-standing offering in
mechanical plastic recycling to chemical recycling, thus increasing the
options for sustainable treatment of plastic."

"We are excited to have SKGC join our strategic partnership in Europe for the
planned Infinite Loop™ facility with SUEZ," said Loop Founder & CEO
Daniel Solomita. "Their extensive global expertise in petrochemical
manufacturing will be invaluable in complementing the strengths that Loop and
Suez will bring to the joint venture. SKGC has developed significant knowledge
and understanding of Loop's sustainable plastics technology and its Infinite
Loop™ engineering package over the last 2 years. Their plan to co-invest in
a second major geographical market, in addition to the planned joint venture
to roll out Infinite Loop™ manufacturing plants in Asia, is further
validation of Loop's potential to be a global leader in sustainable plastics."

(1) Based on latest LCA from March 2022, data is compared to Virgin PET made
from DMT

About SKGC

In 1972, SK geo centric laid the foundation for the development of
petrochemical industry by operating the first naphtha-cracking facility in
Korea. SK geo centric provides various automotive & packaging products and
solutions that customers and markets require. Furthermore, SK geo centric is
growing into a technology-based global chemical company through continuous
R&D efforts and global expansion. SK geo centric will achieve its vision,
"Green for Better Life", by establishing a plastic based circular economy by
collaborating with various partners and stakeholders. SK geo centric will
expand its portfolio of eco-friendly products and will continuously recycle
beyond the amount of plastics produced in order to realize and leverage the
sustainability efforts that will benefit our planet.

About Suez

SUEZ is a major player in environmental services. For almost 160 years, SUEZ
has supported local communities and industrial companies in the management of
essential services such as water, waste, and air quality. As such, SUEZ
produces drinking water for 66 million people worldwide, recovers 2 million
tons of secondary raw materials per year, and generates 3.1 TWh of renewable
energy from waste. In our ongoing management of the ecological transition and
climate change challenges, SUEZ relies on the expertise and commitment of its
35,000 employees (particularly in France, Italy, Central Europe, Africa, Asia,
and Australia) to offer high value-added and customized environmental
solutions to all its customers. SUEZ's expertise allows, for instance, its
customers to avoid the emission of 4.2 million tons of CO2, thus improving
their carbon footprint and their impact on climate. With a turnover of more
than 7.5 billion euros in 2021 and backed by its expertise and capacity to
innovate, SUEZ has strong growth prospects. SUEZ relies on a solid consortium
of investors made up of Meridiam and GIP - with 40% stakes each - and the
Caisse des Dépôts et Consignations Group with a 20% stake in the capital,
including 8% held by CNP Assurances, to pursue its strategic development plans
in France and internationally.

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/VBRaCUKr) . Follow Loop on Twitter: @loopindustries
(https://pr.report/wnySi7-T) , Instagram: loopindustries
(https://pr.report/MIpcShFi) , Facebook: Loop Industries
(https://pr.report/6lDfNTIC) and LinkedIn: Loop Industries
(https://pr.report/z7eFmCIj)

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, relative to its current and future financial commitments (vi)
engineering, contracting and building Loop's manufacturing facilities, (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 additional variants 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/KvcXN78e) . 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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