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Loop Industries (LOOP) delivers transformative recycling solutions through its proprietary depolymerization technology, converting plastic waste into high-quality materials for global industries. This news hub provides investors and sustainability professionals with essential updates on corporate developments, strategic partnerships, and technological breakthroughs.
Access real-time announcements covering earnings reports, licensing agreements, manufacturing expansions, and environmental milestones. Our curated collection features press releases about Loop's circular economy initiatives, PET recycling innovations, and collaborations driving sustainable manufacturing worldwide.
Discover updates categorized for quick navigation: financial performance disclosures, technology patent developments, international joint ventures, and industry recognition. Bookmark this page for streamlined access to verified information supporting informed decisions about Loop's role in sustainable materials innovation.
Loop Industries (NASDAQ:LOOP) will hold a corporate update call on January 12, 2022, at 11:00 a.m. ET to discuss financial results for Q3 2022, which are set to be released on January 11, 2022. The company specializes in producing 100% recycled PET plastic and polyester fiber, supporting the transition to a circular plastics economy. The call will be accessible through various dial-in options globally. Loop is committed to sustainability and innovation in plastic recycling, aiming to reduce dependency on fossil fuels and contribute to environmental efforts.
Loop Industries, a clean tech firm specializing in recycling PET, reported its Q2 fiscal 2022 results, revealing a net loss of $8.39 million, up from $5.13 million year-over-year. Total expenses reached $8.39 million, driven by higher R&D costs of $5.28 million. Notably, Loop launched the 'evian Loop' water bottle made from 100% recycled PET in partnership with evian, set to debut in South Korea in 2022. Additionally, a $56.5 million investment from SK geo centric has strengthened Loop's financial position, allowing advances in its Infinite Loop manufacturing facilities.
evian has launched a prototype bottle made from 100% recycled plastic using innovative technology from Loop Industries, marking a significant step toward its 2025 circularity goal. This partnership, ongoing for four years, allows for the recycling of low-value PET plastics into high-quality materials. The commercial rollout is set to begin in South Korea in 2022. The prototype bottles have been named 'evian Loop,' emphasizing their recycling potential. Both companies aim to minimize the use of virgin plastic, driving sustainability in the beverage industry.
Loop Industries has finalized a $56.5 million equity investment from SK global chemical, acquiring new treasury common shares at $12 each. This partnership aims to enhance Loop's technology commercialization in Asia, starting with the first Infinite Loop™ facility in Ulsan, South Korea, and plans for at least four manufacturing sites by 2030, processing around 400,000 tons of PET plastic annually. Additionally, Jonghyuk Lee has joined Loop's Board of Directors.
Loop Industries, a clean technology company, has announced a strategic partnership with SK global chemical to accelerate commercialization of its sustainable PET production in Asia. Loop will own 49% of the joint venture, with SKGC owning 51%. SKGC is investing $56.5 million in Loop by purchasing new common shares. In Q1 2022, Loop reported a net loss of $12.16 million, up from $3.85 million the previous year, driven by increased R&D and administrative expenses. Cash reserves decreased to $18 million, down from $35 million, reflecting ongoing investments for future growth.
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.
