Welcome to our dedicated page for Loop Industries news (Ticker: LOOP), a resource for investors and traders seeking the latest updates and insights on Loop Industries stock.
Loop Industries, Inc. (NASDAQ: LOOP) is a pioneering technology company dedicated to propelling the transition to sustainable plastics. Specializing in the production of purified terephthalic acid (PTA) and ethylene glycol (EG), Loop Industries utilizes patented technology to transform low-value and waste PET plastic and polyester fiber into high-quality PET resin and polyester fiber. This innovative process includes using degraded ocean plastics, thereby promoting a circular economy and reducing the reliance on fossil fuels.
Loop Industries' core business revolves around its proprietary depolymerization technology, which breaks down PET waste into base monomers and repolymerizes them into virgin-quality products. Their branded PET resin meets stringent standards for use in food-grade and pharmaceutical packaging, as well as in cosmetics and polyester textiles.
Recently, Loop Industries announced a strategic partnership with Reed Management, a European investment firm, to commercialize its technology in Europe with a focus on high-impact and technology-enabled infrastructure projects. This partnership is expected to provide US$66 million in non-dilutive financing for global technology commercialization.
Further, Loop Industries has collaborated with Bormioli Pharma to unveil sustainable pharmaceutical packaging and formed a joint venture with Ester Industries to build an Infinite Loop™ manufacturing facility in India. These strategic alliances are designed to meet the growing demand for sustainable packaging solutions and specialty polymers globally.
Loop Industries continues to advance its mission through its Infinite Loop™ technology, which facilitates the recycling of the lowest quality PET and polyester waste into high-purity recycled products. This approach not only addresses environmental concerns but also helps consumer goods companies achieve their sustainability goals.
Common shares of Loop Industries are listed on the NASDAQ Global Market under the symbol LOOP. For more information, visit www.loopindustries.com and follow Loop on social media platforms.
Loop Industries has announced a strategic partnership with SK global chemical to form a joint venture for building Infinite Loop facilities in Asia. The Memorandum of Understanding outlines that SKGC will own 51% of the joint venture, with Loop holding 49%. As part of the deal, SKGC will invest $56.5 million in Loop, facilitating the funding of a new manufacturing facility in Bécancour, Québec. The joint venture aims to construct four facilities by 2030, potentially recycling 400,000 tons of PET plastic annually and saving approximately 632,100 metric tons of CO2 emissions once operational.
Loop Industries (NASDAQ: LOOP) reported its fourth quarter and fiscal year results on February 28, 2021, showcasing a net loss of $36.34 million, up from $14.51 million the previous year. The increase in losses stemmed from substantial R&D expenditures of $18.69 million, primarily due to significant investment in machinery and engineering design for the Infinite Loop™ technology. The company is transitioning its pilot plant into a demonstration facility and has secured a no-objection letter from the FDA for food-grade applications, enhancing its market potential.
Loop Industries has appointed Louise Sams to its Board of Directors, effective immediately. Ms. Sams, who previously held executive roles at Turner Broadcasting, brings valuable legal expertise and governance knowledge. She will also chair the Governance Committee, aiding in the company’s plans for global commercialization of its sustainable PET technology. Additionally, Loop's independent directors confirmed no falsification in testing results following a thorough review of a short-seller report. The company remains committed to its innovative approach to reduce plastic waste.
Loop Industries announced the retirement of Nelson Gentiletti as COO and CFO, effective March 1, 2021. Andrew (Drew) Hickey has been appointed as the new CFO, bringing over 25 years of investment banking experience. Gentiletti will assist with the transition until April 30. CEO Daniel Solomita expressed confidence in Hickey's capability to lead future commercialization efforts. Loop is dedicated to advancing sustainable PET plastic technology, emphasizing the importance of enhancing corporate governance and financial practices.
Loop Industries (NASDAQ: LOOP) reported its Q3 fiscal results for the period ending November 30, 2020. The company saw a net loss of $14.17 million, an increase of $10.32 million from the previous year, primarily due to a spike in R&D expenses and a write-down of machinery. Key updates include the initiation of a partnership with SUEZ for the European Infinite Loop project and the establishment of a demonstration facility. Despite these advancements, the company faces challenges, including delays in a joint venture project due to COVID-19 restraints.
Loop Industries announced that independent testing by Kemitek confirmed the effectiveness of its patented Gen II depolymerization technology in producing pure monomers. The verification involved a rigorous methodology over 16 days at Loop's Quebec facilities, examining the conversion of waste PET plastic into high-purity dimethyl terephthalate (DMT) and monoethylene glycol (MEG). Results showed DMT purity between 99.7% and 100.1% and MEG purity from 98.2% to 98.9%. The technology's capability could significantly impact the reduction of plastic waste while meeting European and FDA standards.
Labaton Sucharow has launched an investigation into Loop Industries (NASDAQ: LOOP) amid serious allegations from Hindenburg Research claiming deceptive practices and false claims about its recycling processes. Reports suggest that Loop's results are unreplicable, its lead scientists lack formal qualifications, and its CEO has connections to individuals with criminal backgrounds related to stock manipulation. Following these revelations, LOOP shares have plummeted over 30%, highlighting potential risks to investors. The firm warns that Loop is unlikely to generate meaningful revenue, with a market cap of approximately $515 million.
Loop Industries (NASDAQ:LOOP) addressed inaccuracies in a report by Hindenburg Research, which holds a short position in its stock. Loop contends the claims in the report are unfounded and based on outdated technology (Gen 1) from 2014-2017, while its current operations utilize the improved Gen 2 technology. The company remains focused on commercializing its sustainable technology to meet the demand for 100% recycled PET plastic and polyester fiber. Loop aims to contribute to a circular economy by recovering waste plastics for sustainable production.
Labaton Sucharow has launched an investigation into Loop Industries (NASDAQ: LOOP) following Hindenburg Research's report accusing the company of fraudulent practices. The report alleges discrepancies in Loop's operations, including two labs producing inconsistent results, unqualified lead scientists, and false claims regarding recycling capabilities. The report also highlights concerning hiring practices by CEO Daniel Solomita and ongoing issues with partnerships, notably with Thyssenkrupp and other major companies. Following the revelations, Loop's shares dropped over 30%.
Loop Industries, Inc. (NASDAQ: LOOP) announced its financial results for Q2 FY21, highlighting key milestones in its Infinite Loop™ commercialization strategy. The company has partnered with Suez Groupe to build its first facility in Europe and completed agreements with INVISTA/Chemtex to finalize its technology package. Despite not generating revenue, Loop raised $25.1 million through a public offering, but reported a net loss of $5.13 million, an increase from the previous year's loss of $3.34 million. R&D expenses surged significantly, and the company aims to scale its operations amid ongoing pandemic challenges.
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