Loop Industries reorganises planned recycling facilities
17/01/2025
The company founded in 2015 currently operates a recycling plant in Terrebonne. This achievement has allowed it to license out the technology for the first time to Reed Societe General Group, in an agreement signed at the very end of 2024, for €10 million. A new company, 90% owned by Reed Circular Economy and 10% by Loop, is being tasked with identifying possible sites in Europe. A prior plan, for a facility based in France, in a joint venture with French utilities company Suez, has been put on hold.
The funds raised will be in part dedicated to Loop Industries’ project in India with local partner Ester Industries. Construction of a future recycling factory in Gujarat province pay begin this year, with commercial operations commencing in 2027. The Infinite Loop India facility expects to source waste polyester feedstocks in India to manufacture polyester resin made from 100% textile waste along with bottle grade PET resin recycled from PET bottle waste.
This project has been announced in conjunction with the termination of a projected factory in South Korea with SK Geo Centric. The two partners had announced in 2023 a plan to build a facility in Ulsan, but have mutually agreed to terminate their joint venture to allow Loop to shift its focus to a lower cost country.
“The successful completion of our transaction with Reed Societe Generale Group marks a significant step towards our strategic goals. This includes investing in low-cost manufacturing locations like India and licensing our technology to companies seeking solutions to the plastic waste crisis in higher-cost regions such as Europe,” commented Daniel Solomita, founder and CEO of Loop.
Loop supplies Infinite Loop textile-to-textile recycled polyester to Swiss activewear brand On for its Cloudeasy Cyclon shoe.
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