Loop Industries Announces Selection of Port-Jérôme, in Normandy, France, as Site for First European Infinite Loop Manufacturing Facility
FACILITY TO SUPPORT SUSTAINABILITY OBJECTIVES OF EUROPEAN CONSUMER PACKAGED GOODS COMPANIESBREAKING GROUND OF NEW FACILITY TARGETED FOR 2023 WITH FACILITY STARTUP AND COMMISSIONING APPROXIMATELY 18 MONTHS LATERINFINITE LOOP™ MANUFACTURING MODEL …
- FACILITY TO SUPPORT SUSTAINABILITY OBJECTIVES OF EUROPEAN CONSUMER PACKAGED GOODS COMPANIES
- BREAKING GROUND OF NEW FACILITY TARGETED FOR 2023 WITH FACILITY STARTUP AND COMMISSIONING APPROXIMATELY 18 MONTHS LATER
- INFINITE LOOP™ MANUFACTURING MODEL DESIGNED TO PRODUCE 70,000 TONNES OF VIRGIN-QUALITY PET RESIN MADE FROM 100% RECYCLED CONTENT ANNUALLY
- PROJECTED 255,000 TONNES OF CO2 SAVINGS ANNUALLY COMPARED TO VIRGIN PET RESIN MADE FROM FOSSIL FUELS
MONTREAL, QC / ACCESSWIRE / January 16, 2022 / Loop Industries, Inc. (NASDAQ:LOOP) (the "Company" or "Loop"), a clean technology company, whose mission is to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate ("PET") plastic and polyester fiber, today announced the selection of the site for its first European Infinite Loop™ manufacturing facility. As previously disclosed, Loop and leading French environmental services group Suez, have announced their intent to form a joint venture to build the first Infinite Loop™ manufacturing facility in Europe. The two companies have secured exclusive rights until June 2022 to purchase a 130,000 m² parcel of land in Port-Jérôme-sur-Seine, in the region of Normandy in Northern France. The purchase price for the land is approximately €1.3 M.
The site is strategically located for waste plastic feedstock transportation via the Seine River from the Paris region and is well located to service the large French CPG brand companies. The capital investment required for the project is expected to be €250 M and the project is expected to create 180 full-time manufacturing and engineering jobs. The next major steps for the project include permitting, finalizing customer offtake agreements and financing, including support from the French government. Following the completion of permitting, construction of the facility is expected to begin in 2023, with commissioning approximately 18 months later.
The Infinite Loop™ manufacturing model is designed to produce 70,000 tonnes of PET resin made from 100% recycled content per year. The facility will provide an opportunity for global CPG brands based in France to accelerate the achievement of their sustainability objectives by gaining access to locally produced virgin-quality PET plastic and polyester fiber made entirely from waste material. At full capacity, the facility is projected to save over 255,000 tonnes of CO2 annually, when compared to virgin PET resin made from fossil fuels. This CO2 reduction is comparable to the emissions from over 108 million liters of gasoline or over 1 billion kilometers driven by an average passenger vehicle. The majority of the incoming waste plastic feedstock for the facility is currently not recycled and contributes to the waste plastic pollution problem. The facility is aligned with European plastic regulation and objectives, such as the EU's plastic levy, which charges €800 per tonne of non-recyclable plastic waste, as well as France's ambition to transition to 100% recyclable plastic by 2025.