Today, Loop Industries (Nasdaq: LOOP), a leading innovator in sustainable plastics technology, and SUEZ, a world leader in environmental services, announce plans to build the first Infinite Loop recycling facility in Europe. Based on enhanced recycling, the partnership will combine the resource management expertise of SUEZ and Loop’s unique breakthrough technology for the production of virgin quality, food grade, 100% recycled and infinitely recyclable plastic. Located in Europe, the new facility will offer a sustainable and truly needed solution to global consumer goods companies.
Loop’s patented and proprietary low-energy technology enables waste plastic to be recycled an infinite number of times, with no degradation in quality. Combined with the expertise of SUEZ, the Infinite Loop™ facility will respond to huge growth in demand in Europe from global beverage and consumer goods brand companies, committed to aggressive targets for a high level of recycled content in their products. This new enhanced recycling facility dedicated to PET1 plastic will be the largest in the world, with the potential to produce the equivalent of approximately 4.2 billion food grade beverage bottles2 made of 100% recycled and infinitely recyclable PET plastic annually.
By leveraging Loop’s innovating technology, this facility will be able to claim savings of 180,000 tons of CO2 annually, compared with virgin PET production from a traditional petrochemical process. These savings are equivalent to approximately 418,000 barrels of oil.
SUEZ has been involved for more than 10 years in mechanical plastic recycling, while investing constantly in research & innovation. In 2019, we processed 450,000 tons of plastics across Europe and produced 150,000 tons of recycled plastics. Highly convinced by the complementarity between mechanical and chemical recycling solutions, we are thrilled to be part of this innovative project with Loop Industries as it will expand our offer and our solutions improving the economic and environmental performance of our industrial customers, but also contributing to a sustainable resource management.
“Expansion of our technology across Europe has always been of high strategic importance for Loop and our customers. We are beyond excited to be working with the excellent team at SUEZ, who bring a complimentary skill-set to Loop’s team with their deep knowledge in resource management,” said Loop Founder and CEO Daniel Solomita.
“Europe is leading the charge against petroleum-based plastics: through tougher regulations and taxes, they are setting a global example on transitioning to a more circular economy. The Infinite Loop™ technology creates the infrastructure countries need to be able to eliminate plastic waste and increase recycling rates. Loop’s expansion is tailored to our customers’ needs allowing them to meet and exceed their ambitious targets for recycled content in their packaging, but also to have the ability to recycle their packaging infinitely, without having to compromise quality.” (Jean-Marc Boursier , Group SEVP – France Region and COO)
Reducing Environmental Impact While Increasing Recycling Rates of Plastic Packaging
Europe consumes approximately 5.5 million tons of PET plastic every year, less than 7% of which makes its way back into bottles. European governments are imposing new regulation on single used plastics and set minimum recycled content laws for packaging. It results in a critical need for a sustainable solution that can drastically reduce the environmental impact of plastic packaging for consumer brands. With this partnership, Loop Industries and SUEZ intend to build in Europe a new Infinite Loop™ recycling facility which will bring an end-of-life solution to the waste plastic inputs currently not recycled. This will directly increase recycling rates in the country where it will be built. Final site selection and engineering are targeted to be completed by mid-2021 and commissioning of the facility is currently projected in 2023.
1 Polyethylene Terephthalate
2 With an average weight of 20 grams
Source: SUEZ, press release, 2020-09-10