Loop Industries Presents Its Infinite Loop(TM) Technology at Groundbreaking Ceremony of the Ulsan Advanced Recycling Cluster in South Korea

• 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

MONTREAL, QC / ACCESSWIRE / November 15, 2023 / 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 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 15^th, 2023 in South Korea. Mr. Solomita presented the Company's sustainable plastics technology and its Infinite Loop manufacturing model at the event.

Foto: Accesswire

Groundbreaking ceremony of the Ulsan ARC which took place on November 15^th, 2023 in South Korea.

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.

Foto: Accesswire

Loop's Founder and CEO Daniel Solomita presents the Infinite Loop technology at a press conference for the Ulsan ARC groundbreaking ceremony in South Korea.

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.