on Loop Industries, Inc. (NASDAQ:LOOP)
Loop Industries Advances Indian PET Recycling Project
Loop Industries, in partnership with Ester Industries, has progressed its Infinite Loop™ India project by awarding Toyo Engineering India the detailed engineering contract. This milestone completes the engineering phase before construction starts. The facility aims to produce 70,000 metric tonnes of PET resin annually for packaging and textiles, with construction set to finish by the end of 2027. Nike is onboard as the primary customer, enhancing project stability.
The project's capital expenditures remain under $176 million, benefiting from cost savings on land acquisition. Financing efforts, led by KPMG in India, are proceeding positively with multiple international term sheets received. The collaboration promises an innovative solution for transforming plastic and textile waste into high-quality PET resin.
R. E.
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