Loop Industries to buy site for first manufacturing plant
October 4, 2017 by Loop Industries
Oct. 4, 2017 – Loop Industries announced today that it has agreed to purchase the site where it plans to build its first manufacturing facility.
Located in Montreal, Que., the plant is scheduled to be completed by the last quarter of 2018. Along with other conditions, the purchase offer is conditioned on the zoning acceptance by the city of Montreal East. The purchase price is $1,200,000.
The new facility is anticipated to have a total processing capacity of approximately 53 million pounds (24,000 M/T) per year of waste PET/polyester plastic. The resulting Purified Terephthalic Acid (PTA) and Mono Ethelyne Glycol (MEG) will be used to manufacture Loop branded PET resin. The Loop branded PET resin is anticipated to be commercially available in Q1 2019.
Additionally, the company has sourced several streams of waste PET/polyester plastic feedstocks as well as identified potential customers who have indicated that they will purchase the production from this new facility.
“Over the past 18 months we have successfully operated our pilot plant and in the process, we were able to significantly improve and optimize our patented depolymerization process. The acquisition of this site and the building of our first commercial scale plant is a tremendous first step towards the expansion of Loop Industries’ technology,” said Daniel Solomita, Loop Industries founder and CEO. “Our goal is to provide Loop branded PET resin to sustainability-committed consumer goods companies focused on improving the environmental impact of PET plastic packaging. Loop’s technology permits for low quality PET/Polyester feedstocks such as polyester fibers, coloured PET plastics and opaque PET plastics to be upcycled into high value chemicals. Loop’s technology is poised to accelerate the world’s shift towards a sustainable, circular economy that decouples PET plastic and polyester fibre from fossil fuels.”