Loop Industries Collaborates With On and Unveils Launch of the Cloudeasy Cyclon, a Shoe Manufactured With the Infinite Loop(TM) Fiber-To-Fiber Recycling Technology
Loop Industries (Nasdaq: LOOP) has partnered with Swiss sportswear brand On to launch the Cloudeasy Cyclon shoe. This innovative footwear is made using Loop's Infinite Loop™ fiber-to-fiber recycling technology, crafting its upper from 100% recycled polyester fiber. The partnership aims to set a new standard for sustainable footwear by creating a closed-loop system that minimizes waste and maximizes sustainability. The recycled polyester fiber, produced at Loop's facility in Quebec, reduces carbon emissions by up to 79%. The Cloudeasy Cyclon will be available through On's subscription service, Cyclon™.
- Launch of Cloudeasy Cyclon shoe using 100% recycled polyester fiber.
- Collaboration with On, a recognized brand in sustainable sportswear.
- Utilization of Loop's Infinite Loop™ technology for fiber-to-fiber recycling.
- Significant reduction in carbon emissions by up to 79%.
- Closed-loop system minimizes waste and supports sustainability.
- Recycled polyester fiber produced from textile waste destined for incineration.
- First footwear launch using Infinite Loop™ technology.
- Positive market reception due to heightened focus on sustainability.
- Dependence on strategic partnerships for polymerization, potentially limiting control over production processes.
- Initial launch through a subscription service may limit immediate widespread consumer adoption.
- Market response to the new technology and product offering remains uncertain.
Insights
The collaboration between Loop Industries and On for the Cloudeasy Cyclon shoe showcases a significant step in the circular economy for the footwear industry. The use of Loop's Infinite Loop™ technology demonstrates a practical application of fiber-to-fiber recycling, which is a substantial advancement over traditional recycling methods. This will likely increase investor interest in companies that are innovating in sustainability.
From a market perspective, Loop's partnership with On extends its brand visibility and could attract other major brands looking to enhance their sustainability credentials. The success of this collaboration could encourage similar alliances, expanding Loop Industries' market share and improving its revenue streams through licensing and product sales.
For retail investors, this news hints at potential growth opportunities. As consumer demand for sustainable products rises, companies like Loop that offer innovative and effective solutions could see increased demand. This is especially relevant as the fashion and sportswear industries pivot towards more eco-friendly practices.
The introduction of the Cloudeasy Cyclon shoe using Loop's recycling technology is pivotal in reducing the environmental impact of footwear manufacturing. The claim of reducing carbon emissions by
Moreover, this closed-loop system notably reduces reliance on virgin materials, which are typically derived from fossil fuels. The advantage of using recycled polyester fiber is that it minimizes waste and promotes the reuse of resources, aligning with global sustainability goals.
For environmentally-conscious investors, this collaboration is a positive indicator of the direction in which Loop Industries and the footwear industry are heading. It represents a commitment to sustainable practices that could translate to long-term environmental benefits and stronger brand loyalty from eco-aware consumers.
MONTREAL, QC / ACCESSWIRE / May 21, 2024 / Loop Industries, Inc. (Nasdaq:LOOP) (the "Company" or "Loop"), a clean technology company whose mission is to accelerate a circular plastics economy by manufacturing
This collaboration combines On's commitment to performance and sustainability with Loop's disruptive technology to manufacture a shoe that is not only manufactured with recycled polyester fiber but can also be recycled into new shoes endlessly. This closed-loop system minimizes waste and maximizes sustainability, setting a new standard for environmentally responsible footwear manufacturing. Coloured, multi-material textile waste that was destined to be incinerated was diverted and upcycled into recycled polyester fiber and used in the upper of the Cloudeasy Cyclon shoe. The recycled polyester fiber was created from purified rDMT and rMEG monomers that were manufactured at Loop's depolymerization facility in Terrebonne, Quebec, which were then polymerized into
The Cloudeasy Cyclon represents a new era of sustainable footwear and sets a precedent for circularity in the industry. The Infinite Loop™ technology not only reduces reliance on virgin materials produced from fossil fuels but also significantly cuts down carbon emissions by up to
"We are excited to collaborate with Loop Industries as we take this significant next step in our circularity journey," said Begüm Kürkçü, Director of Sustainability at On. "This latest expansion of the Cyclon program brings us closer to our long-term vision of becoming circular through design and business models."
Daniel Solomita, Founder and CEO of Loop Industries, commented " Our collaboration with On is a prime example that demonstrates the power and impact of fiber-to-fiber recycling, and showcases how polyester fiber waste can be transformed into virgin quality, recycled materials for new products. Our Infinite Loop™ technology enables brands to lower their carbon footprint without impacting quality or performance and helps pave the way for a more circular approach to manufacturing."
The Cloudeasy Cyclon is available online through On's subscription service Cyclon™ at www.on.com/cyclon
To view the press release issued by On, please click on the following link:
About On
On was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement - a mission that still guides the brand today. Fourteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On's award-winning CloudTec® innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base - 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.
1 Life Cycle Assessment of Loop GEN II Infinite Loop France done by Franklin Associates, a division of ERG, compares kg for kg Loop PET vs. Virgin PET. CO2 savings are compared to the production of virgin PET made from fossil fuels and the avoided incineration of waste used as a feedstock.
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 Loop Industries Collaborates With on and Unveils Launch of the Cloudeasy Cyclon, a Shoe Manufactured With the Infinite Loop™ Fiber-To-Fiber Recycling Technologyour 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) the ability to obtain the necessary approvals or satisfy any closing conditions in respect of any of our proposed partnerships, (x) our joint venture projects and our ability to recover certain expenditures in connection therewith, (xi) adverse effects on the Company's business and operations as a result of increased regulatory, media, or financial reporting scrutiny, practices, rumors, or otherwise, (xii) 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, (xiii) the effect of the continuing worldwide macroeconomic uncertainty and its impacts, including inflation, market volatility and fluctuations in foreign currency exchange and interest rates, (xiv) the outcome of any SEC investigations or class action litigation filed against us, (xv) our ability to hire and/or retain qualified employees and consultants, (xvi) other events or circumstances over which we have little or no control, and (xvii) 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, 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.
View the original press release on accesswire.com
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