MONTREAL – Loop Industries, which says it can chemically recycle low-grade polyester infinitely, has signed a joint venture with a subsidiary of the Korean chemical giant SK Group to deploy Loop’s technology in Asia through several new manufacturing facilities.
Financial terms of the deal remain undisclosed, although the new joint venture will see SK Geo Centric Ltd own 51% of the business, with Loop taking a 49% interest. Initially, a new 70,000 metric tonne annual capacity facility using “Infinite Loop” technology is expected to come on stream by the end of 2025.
The recycled PET resin will be used for both packaging and polyester fibres.
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