RCS - Loop Industries - Loop Industries Announces Signed LOI With On AG
15/05/2023 12:15
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RNS Number : 3317Z Loop Industries 15 May 2023
Loop Industries Announces Signed Letter of Intent With On AG to Secure Volumes
From Planned Infinite Loop(TM) Manufacturing Facility in Ulsan, South Korea
MONTREAL, QC / ACCESSWIRE / May 15, 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 and On AG
("On"), a sportswear brand and a subsidiary of On Holding AG, today announced
a Letter of Intent ("LOI") has been signed by On to secure volumes of 100%
recycled virgin quality Loop™ PET resin from the upcoming Asian Infinite
Loop™ manufacturing facility in Ulsan, South Korea, which Loop is planning
with its strategic partner SK Geo Centric. The Ulsan manufacturing facility is
anticipated to break ground by end of this year.
The signed LOI follows a two-year period of collaboration between Loop and On,
throughout which time a technical due diligence was completed, validating
Loop's technology and Loop™ PET resin was tested in On's product. This
partnership will provide On the ability to produce sustainable footwear and
apparel using recycled materials and without the need for polyester fiber
created from fossil fuels, which helps to reduce PET waste and the
manufacturing footprint for On.
"Circularity is a main pillar in On's sustainability process. We are happy to
see that Loop is bringing their technology to commercial scale," said Ilmarin
Heitz, Head of Innovation at On. "This marks another huge step towards closing
the fiber-to-fiber loop within the textile industry."
"Loop's technology enables fiber to fiber recycling, providing brands like On
with a closed-loop solution to their supply chain," said Giovanni Catino, Vice
President of Sales and Business Development. "We anticipate that 60% of the
feedstock utilized at our planned commercial manufacturing facility in Ulsan
to come from polyester fibers which presents a significant opportunity for
circularity for this material."
Loop Industries is leading the way in sustainable and circular solutions for
PET waste, allowing materials to be infinitely recycled without loss of
quality or performance. Loop's breakthrough technology enables low value PET
waste to be upcycled into 100% recycled virgin-quality Loop™ PET resin which
can be used in plastic products and food-grade packaging as well as polyester
fiber applications. In addition to low value PET plastic waste, Loop also
utilizes polyester fiber waste as feedstock in its process. By upcycling these
materials, Loop's technology helps supply brands with sustainable, recycled
polyester fabric and offers a closed loop solution to the textile industry.
This unique fiber to fiber recycling process is achieved through Loop's
patented depolymerization technology.
By leveraging Loop's technology and securing volume at the upcoming Ulsan,
South Korea manufacturing facility, On is implementing a bold and sustainable
footwear strategy in the industry, taking a giant step forward in circularity.
The partnership between Loop Industries and On showcases how brands can
transition to a sustainable, environmentally friendly solution where materials
can be recycled infinitely.
About On
On (https://pr.report/qmixvWJ3) was born in the Swiss Alps with one goal: to
revolutionize the sensation of running by empowering all to run on clouds.
Thirteen years after market launch, On delivers industry-disrupting innovation
in premium footwear, apparel, and accessories for high-performance running,
outdoor, and all-day activities. Fueled by customer-recommendation, On's
award-winning CloudTec® (https://pr.report/CplGbk8z) innovation, purposeful
design and groundbreaking strides in sportswear's circular economy
(https://pr.report/zbM-lkLO) have attracted a fast-growing global fanbase -
inspiring humans to explore, discover and dream on. On is present in more than
60 countries globally and engages with a digital community on www.on.com
(https://pr.report/HmJyOA0Q) .
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
(https://pr.report/ZI7cf1LJ) . 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
(https://pr.report/eXIpjDU8) . 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
Media Inquiries:
Andrea Kostiuk, VP Marketing & Communications
Loop Industries, Inc.
+1 (450) 951-8555
akostiuk@loopindustries.com
SOURCE: Loop Industries, Inc.
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