- LOOP AND REED MANAGEMENT SAS (“REED”) SIGN AGREEMENT FOR €35 MILLION IN FINANCING TO CONTRIBUTE TO THE GLOBAL COMMERCIAL ROLLOUT OF THE INFINITE LOOP™ TECHNOLOGY
- LOOP AND REED TO FORM JOINT VENTURE TO COMMERCIALIZE LOOP’S TECHNOLOGY ACROSS EUROPE
- PARTNERSHIP IN LINE WITH LOOP’S STRATEGY OF DEPLOYING CAPITAL IN LOW-COST MANUFACTURING COUNTRIES SUCH AS INDIA AND HAVE A MORE ASSET-LIGHT MODEL FOCUSED ON LICENSING ITS TECHNOLOGY IN HIGHER COST COUNTRIES
MONTREAL, QC / ACCESSWIRE / May 30, 2024 / Loop Industries, Inc. (NASDAQ:LOOP) (the “Company,” “Loop,” “we,” “us,” or “our”), a clean technology company whose mission is to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate (“PET”) plastic and polyester fiber, today announced that the Company and Reed, a European investment firm focused on high impact and technology-enabled infrastructure, have signed definitive binding agreements, subject to certain closing conditions, for an investment of €35 million from Reed to fund the global commercialization of the Infinite Loop™ technology and have agreed to form a 50/50 joint venture for the European deployment of Loop’s technology.
