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 (NASDAQ: LOOP) has entered into an agreement to sell its remaining property in Bécancour, Quebec for CDN $18.5 million (US $13.9 million), expected to close on February 24, 2023. This sale, combined with significant operational cuts at its Terrebonne facility, provides approximately US $33.1 million in cash at the end of the fiscal year, ensuring nearly three years of liquidity without equity dilution. Loop will focus on joint ventures with SKGC for commercialization in Asia and Europe, which require less investment and offer higher returns.
Loop Industries (Nasdaq:LOOP) announced a transition in its Chief Financial Officer role, effective December 30, 2022. Drew Hickey will depart the Company for other opportunities, while Nicolas Lafond, currently the Director of Finance, will take on the Interim CFO position as Loop assesses its long-term needs. Lafond, a Canadian CPA with the company since 2017, is backed by VP Corporate Development Mike De Notaris. The Company remains focused on its mission to promote sustainable PET solutions and contribute to a circular economy.
Loop Industries (NASDAQ:LOOP) announced its participation in the Bernstein Industrials One-on-One Forum on November 28-29, 2022, in New York City. The company's Founder and CEO, Daniel Solomita, alongside Vice President of Communications and Investor Relations, Kevin O'Dowd, will be presenting. Loop Industries focuses on accelerating sustainable PET plastic and polyester fiber production through patented technology that recycles waste into virgin-quality materials, contributing to a circular economy and reducing reliance on fossil fuels.
Loop Industries (NASDAQ:LOOP) will present at the Benchmark Company's 11th Annual Discovery One-on-One Investor Conference on December 1, 2022, at the New York Athletic Club, NYC. CEO Daniel Solomita and Vice President of Communications and Investor Relations Kevin O'Dowd will engage in one-on-one meetings with institutional analysts and investors, promoting the company's mission of advancing a circular plastics economy with 100% recycled PET. For meeting requests or conference registration, visit here.
Loop Industries (Nasdaq:LOOP) will participate in the Sidoti & Company LLC Virtual Investor Conference on November 9-10, 2022. Co-founder and CEO Daniel Solomita and VP of Communications Kevin O'Dowd will present on November 10 at 10:00 AM ET. Registration for the presentation and virtual one-on-one meetings is free and open to all investors. Loop Industries focuses on creating 100% recycled PET plastics, contributing to a circular economy by reducing plastic waste and enabling sustainable packaging solutions.
Loop Industries reported its first revenues of $135,428 for Q2 2023 from the sale of 100% recycled Loop™ PET resin, marking a significant milestone. The increase in production capacity at its Terrebonne, Quebec facility supports sustainability goals for consumer brands. However, the company faced a net loss of $7.71 million, a decrease from the previous year, attributed to reduced R&D expenses. A strategic partnership with L'OCCITANE aims to enhance sustainability in product packaging. Loop plans to expand with new manufacturing facilities in North America, Europe, and Asia by 2030.
Loop Industries (Nasdaq:LOOP) and L'OCCITANE en Provence have announced the launch of a new bottle for the Almond Shower Oil, made from 100% recycled Loop™ PET resin. This initiative supports L'OCCITANE's goal of utilizing 100% recycled materials in its packaging by 2025. The collaboration highlights Loop's branding on the packaging, emphasizing sustainability and recyclability. Additionally, Loop's production facility in Terrebonne, Quebec, has undergone upgrades to boost capacity, facilitating the supply of recycled PET resin to leading brands, including L'OCCITANE.
Loop Industries (Nasdaq:LOOP) will be represented by Founder and CEO Daniel Solomita, along with VP of Communications Kevin O'Dowd, at the Sidoti & Company LLC Virtual Investor Conference on November 9-10, 2022. The company focuses on advancing a circular plastics economy through its technology that produces 100% recycled polyethylene terephthalate (PET) plastic and polyester fiber. This technology aids in converting waste PET and polyester into high-quality material, thus contributing to sustainability objectives. For registration, visit this link.
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