Loop Industries and SK Geo Centric announced they have signed a definitive Joint Venture Agreement to deploy Loop‘s technology in the Asian market through multiple commercial manufacturing facilities. SKGC will own 51% of the venture, which will be headquartered in Singapore, and Loop will have the remaining 49% ownership. Under the JVA, the venture will have exclusive rights to commercialize Loop’s technology in the Asian market for a prescribed period and Loop will license its technology for an annual royalty for each of the commercial plants. The first planned commercial manufacturing facility with Infinite Loop technology, located in Ulsan, South Korea, will have an annual capacity to supply 70,000 metric tons per year of Loop PET resin for packaging and polyester fiber applications, and is anticipated to break ground in 2023 and to have construction completed by the end of 2025. In addition to Infinite Loop Ulsan, the two partners have outlined plans which target a minimum of three additional commercial manufacturing facilities to be constructed throughout Asia by 2030. Loop and SKGC have partnered with SK ecoengineering, a subsidiary of the SK Group that brings a wealth of expertise as an EPC contractor, for the engineering and construction of the commercial manufacturing facilities.
Published first on TheFly
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