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. operates as a clean technology company focused on circular plastics and polyester. Its patented and proprietary depolymerization technology breaks down low-value PET plastic and polyester fiber, including packaging, carpets and clothing, into DMT and MEG monomers that can be used to make Loop™ and Twist™ branded PET resin for packaging and fiber applications.
Company news commonly covers quarterly results, commercialization of Infinite Loop™ projects, licensing and joint-venture arrangements, offtake agreements, engineering milestones, strategic alliances with polyester and apparel participants, investor conferences, and leadership or finance updates. Developments frequently connect the company’s technology platform with recycling, textile-to-textile polyester and food-grade packaging markets.
Loop Industries has selected Port-Jérôme in Normandy, France, for its first European Infinite Loop™ manufacturing facility, aiming to support sustainability objectives of consumer packaged goods companies. The facility is expected to produce 70,000 tonnes of virgin-quality PET resin from 100% recycled content annually, saving 255,000 tonnes of CO2 emissions each year. With a capital investment of approximately €250 million, it will create 180 jobs and is anticipated to commence operations in about 18 months, following permitting and funding discussions with the French government.
Loop Industries reported an update on its Infinite Loop project, focusing on capital spending and engineering progress. The company initiated site preparation in Bécancour, Québec, and ordered long-lead equipment, aiming to align with Canada's 2030 plastic waste targets. Revenue remains unchanged, with a net loss of $10.1 million for Q3 2021, improved from $14.2 million a year prior. Research and development expenses rose to $6.8 million, partly due to increased headcount. CEO Daniel Solomita will discuss developments during a corporate call on January 12, 2022.
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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.