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It will be carried out in India to produce rDMT, rMEG and specialty polymers from waste polyesters with a significantly lower carbon footprint. High profitability is anticipated thanks to a total capital investment of approximately $165 million, favorable pricing for the sector, and a low operating cost environment.
Montreal, May 2, 2024 - Loop Industries, Inc. (NASDAQ:LOOP) (the "Company" or "Loop"), a clean technology company whose mission is to accelerate a circular plastics/fiber economy through plastic manufacturing of 100% recycled polyethylene terephthalate ("PET") and polyester fiber, has concluded an agreement with Ester Industries Ltd. ("Ester"). ("Ester"), one of India's leading manufacturers of polyester films and specialty polymers, to form a 50/50 joint venture in India ("India JV"). The JV's objective in India is to build and operate an Infinite Loop™ manufacturing facility in India that will produce a unique offering of recycled dimethyl terephthalate ("rDMT"), recycled monoethylene glycol ("rMEG") and specialty polymer products. lowest carbon footprint in India, using Infinite Loop™ technology that offers significant advantages over traditional mechanical recycling of PET.
Loop and Ester have a well-established working relationship, with Ester producing Loop™ PET for Loop's global brand clients for the past four years. The India JV leverages the complementary skill set of each partner by combining Loop's innovative technology and well-established global customer base with nearly 40 years of Ester specialty polymer production, operational competency and local experience, including supplying PET plastic and polyester fiber waste raw materials.
The global DMT and MEG specialty chemicals market size is estimated at $28 billion and is expected to grow at a year-on-year rate of 3.7% through 2033. The Infinite Loop™ India plant is expected to produce 70,000 tons of rDMT and 23,000 tons of rMEG per year, and Ester will be responsible for converting the rDMT and rMEG into various grades of specialty polymers. The planned facility in India can reduce carbon emissions by up to 70% compared to virgin DMT and MEG made from fossil fuels1, offering chemical companies an easy add-on and circular alternative to help them achieve their sustainability goals.
The rDMT and rMEG product offerings manufactured at Infinite Loop™ facilities in India represent a strategic product expansion in a low-cost manufacturing environment that complements Loop's existing PET plastic and polyester fiber manufacturing business and will drive growth by addressing the large and growing market demand. This expansion allows Infinite Loop™ technology to reach new markets and serve a broader range of customers across multiple sectors, including electronics, automotive, textiles, cosmetics and packaging.
The Indian plant will leverage Infinite Loop™ technology and the existing engineering package, accelerating the timeline for groundbreaking, scheduled for later this year. Raw material sourcing for the facility, which has an abundant supply of textile waste in India, is well advanced and the partners have hired an external company to source and secure land for the facility. Construction is expected to conclude in late 2026 and commercial operations to begin in early 2027.
The Indian joint venture offers an attractive economic return without the need for a substantial premium linked to sustainability. The total capital investment is estimated at approximately $165 million.
Arvind Singhania, President and CEO of Ester Industries Ltd., commented: "Ester and Loop have a long-standing working relationship with deep alignment of values and a shared commitment to circularity and driving sustainable change. This partnership reinforces our dedication to advance sustainable solutions in the polymer industry and, by leveraging Loop's technology along with our decades of experience in polymer production, we will contribute to reducing the carbon footprint of our products, meeting the changing needs of our customers.
Daniel Solomita, Founder and CEO of Loop, commented: "Our partnership with Ester reflects a strategic alignment based on our shared values of sustainability and innovation and combines the areas of expertise of both companies. The specialty chemicals market offers a unique opportunity for "Expand the reach of our Infinite Loop technology beyond PET and polyester fiber. Customer demand for rDMT, rMEG and specialty polymers produced with our technology is strong due to the few viable options currently available on the market." .
Infinite Loop's facility in India represents a great opportunity for Loop to be part of the world's fastest growing economy and take advantage of the benefits of operating in a low-cost manufacturing environment. We see India and this partnership with Ester as a great growth opportunity for future expansion.
"This approach allows us to optimize profitability, expand our presence in key markets and drive sustainable growth, while maximizing shareholder value."
Contact
Contact name: Andrea Kostiuk
Contact description: VP Marketing
Contact telephone number: 1 450 9518555
