Loop Industries presents its Infinite Loop™ technology at groundbreaking ceremony of the Ulsan advanced recycling cluster in South Korea

2023-11-15 1:34 min Sustainability & Circular Economy, Asia Pacific

Loop Industries Montreal, QC, United States

SK Geo Centric (“SKGC”) breaks ground on world's first plastics recycling cluster
Infinite Loop™ manufacturing facility in Ulsan expected to begin construction at end of 2023 and reach completion by end of 2025

Loop Industries announced that Daniel Solomita, Loop’s Founder and CEO, had participated in the groundbreaking ceremony of SKGC’s Ulsan Advanced Recycling Cluster (“Ulsan ARC”) which took place on November 15th, 2023 in South Korea. Mr. Solomita presented the Company’s sustainable plastics technology and its Infinite Loop™ manufacturing model at the event.

The event was attended by the Prime Minister of South Korea Han Duck-soo, Mayor of Ulsan Kim Doo-gyeom, Member of the National Assembly Park Sung Min, Deputy Minister of the Climate Change and Carbon Neutral Policy Office of the Ministry of Environment Geum Han-seung, Director of the Industrial Policy office of the Ministry of Trade, Industry, and Energy Lee Seung-ryeol, Vice Chairman & CEO of SK Innovation Kim Jun, and SK Geo Centric CEO Na Kyung-soo along with 250 other guests.

“Ulsan, South Korea will become the backbone of the future plastic circular economy.” said Kim Jun, Vice Chairman & CEO of SK Innovation.

The Infinite Loop™ facility in Ulsan is expected to produce 70,000 tonnes of 100% recycled virgin-quality Loop™ PET resin annually and can play a significant role in the decarbonization of plastics with a projected savings of over 200,000 tonnes of CO2 per year compared to virgin PET made from fossil fuels¹. This CO₂ savings is equivalent to over 85 million liters of gasoline consumed or over 828 million kilometers driven by a gasoline car².

Loop’s Founder and CEO Daniel Solomita commented: “Loop is proud to partner with SKGC and be an integral part of its ARC complex in Ulsan. After perfecting our breakthrough depolymerization technology to produce virgin quality PET plastic and polyester fiber made from 100% recycled material, and demonstrating our ability to successfully scale up our technology at our production facility in Quebec, we are now transitioning to the next stage of our strategic development. Our future is very exciting, as we initially contemplate three more facilities in our Asian joint venture with SKGC, as well as a planned facility in France, to support the commitment of our global brand partners to achieve their sustainability targets for recycled content.”

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¹ Source: South Korea LCA including the avoided waste disposal

² Source: Greenhouse Gas Equivalencies Calculator | US EPA

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www.loopindustries.com

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Loop Industries presents its Infinite Loop™ technology at groundbreaking ceremony of the Ulsan advanced recycling cluster in South Korea

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