RCS - Loop Industries - Franck Leroy, President of The Grand Est Region

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RNS Number : 0364B  Loop Industries  30 May 2023

Franck Leroy, President of The Grand Est Region, Visits Loop Industries'
Terrebonne, Quebec, Canada Facility

MONTREAL, QC / ACCESSWIRE / May 30, 2023 / Loop Industries, Inc. (Nasdaq:LOOP)
(the "Company" or "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, hosted Franck
Leroy, President of the Grand Est region in France, for a tour of their
facility in Terrebonne, Quebec, Canada. The visit signifies an important step
in Loop Industries' collaboration with strategic partners SK Geo Centric and
SUEZ, as they prepare to construct a commercial manufacturing facility in
Saint-Avold, in the Grand Est region of France, to deploy Loop's technology in
the European market.

Photo: Mr. Franck Leroy, President of the Grand Est region in France and
Daniel Solomita, Founder and CEO of Loop Industries at Loop's head office in
Terrebonne, Quebec, Canada.

The Saint-Avold commercial manufacturing facility, which has a planned annual
capacity 70,000 metric tonnes, will manufacture 100% recycled and infinitely
recyclable virgin-quality Loop™ PET resin out of low value PET plastic and
polyester fiber waste, and could save over 255,000 tonnes of CO2 annually,
when compared to virgin PET resin made from fossil fuels(1). The facility is
anticipated to begin construction in 2025, with plant commissioning to follow
in 2027.

The decision to establish a commercial manufacturing facility in France was
driven by several key factors including its rich collaborative landscape, with
major brands such as Danone, L'Occitane en Provence, and L'Oréal championing
sustainability and local recycling efforts. This ecosystem provides a strong
foundation for Loop to work hand-in-hand with industry leaders committed to
sustainable practices. Additionally, France's unwavering commitment to
environmental protection and recycling make it an ideal location to deploy
Loop's technology. Loop's innovative technology can play a pivotal role in
achieving the sustainability goals of brands and aligns perfectly with the
nation's vision for a circular economy.

Photo: Group photo of French delegation and project partners from SUEZ and SK
Geo Centric.

"The Grand Est region is particularly proud to support the establishment of
Loop Industries on its territory, in association with SUEZ and SK Geo Centric.
By visiting Loop's production facility in Terrebonne, our delegation was able
to demonstrate its keen interest in the innovative technology, and to exchange
views with Daniel Solomita and his teams. Our discussions enabled us to set
the next milestones and ensure that this first industrial unit will be set up
in Europe at a steady pace. This considerable investment, which will create
new jobs, represents a further decisive step in the environmental transition
of the Saint-Avold Carling chemical platform in eastern France. The challenge
is simple: the environment creates jobs and reindustrializes our regions, and
we want to become the benchmark region for the circular economy, thanks to
major players such as Loop, Suez and SK Geo Centric," emphasizes Franck Leroy,
President of the Grand Est region.

"We are honored to welcome President Leroy to our facilities and to showcase
Loop's innovative technology firsthand." said Loop Founder and CEO Daniel
Solomita. "We are delighted to expand our operations in France and to support
the sustainability goals of European-based global brands by providing our
virgin-quality, 100% recycled Loop™ PET resin. With the support of our
strategic partners and the Grand Est region, we are confident in our ability
to accelerate the commercialization of Loop's technology and drive
transformative change."

The visit of Mr. Franck Leroy highlights the significance of this project for
the Grand Est region and for the global circular plastics economy. Loop
Industries is excited to forge ahead with the construction of the commercial
manufacturing facility in Saint-Avold, ushering in a new era of sustainable
PET production throughout Europe. The company remains dedicated to its mission
of ending the cycle of PET plastic and polyester fiber waste and accelerating
a circular, sustainable economy.

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

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™ PET plastic and polyester fiber can be recycled infinitely
without degradation of quality, successfully closing the plastic loop. 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. Follow Loop on
Twitter: @loopindustries, Instagram: loopindustries, Facebook: Loop Industries
and LinkedIn: Loop Industries

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 our technology
and products, (ii) our status of relationship with partners, (iii) development
and protection of our intellectual property and products, (iv) industry
competition, (v) our need for and ability to obtain additional funding
relative to our current and future financial commitments, (vi) engineering,
contracting, and building our manufacturing facilities, (vii) our ability to
scale, manufacture, and sell our products in order to generate revenues,
(viii) our proposed business model and our ability to execute thereon, (ix)
adverse effects on the Company's business and operations as a result of
increased regulatory, media, or financial reporting scrutiny, practices,
rumors, or otherwise, (x) disease epidemics and other health-related concerns
and crises, which could result in reduced access to capital markets, supply
chain disruptions and scrutiny, embargoing of goods produced in affected
areas, government-imposed mandatory business closures and any resulting
furloughs of our employees, government employment subsidy programs, travel
restrictions or the like to prevent the spread of disease, or market or other
changes that could result in non-cash impairments of our intangible assets,
and property, plant and equipment, (xi) the effect of the continuing worldwide
macroeconomic uncertainty and its impacts, including inflation, market
volatility and fluctuations in foreign currency exchange and interest rates,
(xii) the outcome of any SEC investigations or class action litigation filed
against us, (xiii) our ability to hire and/or retain qualified employees and
consultants, (xiv) other events or circumstances over which we have little or
no control, and (xv) 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. 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 (mailto:617-755-4602kodowd@loopindustries.com)
kodowd@loopindustries.com (mailto:617-755-4602kodowd@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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