Loop Industries announces MOU for $66M of financing from Reed Management

Loop Industries announced that the company signed a non-binding Memorandum of Understanding with Reed, a European investment firm focused on high impact and technology-enabled infrastructure. Loop and Reed intend to form a strategic long-term partnership through the establishment of a 50/50 joint venture to commercialize Loop’s technology in Europe. Reed intends to provide financing of $66M in non-dilutive capital. Of this amount, $33M is to be provided to Loop as non-dilutive capital to fund Loop’s technology commercialization globally. The remaining $33M is to be invested in the JV. The non-binding MOU is subject to customary due diligence and the fulfillment of certain pre-closing conditions. The transaction is expected to close by the end of March 2024.