Loop Industries, Inc. (Nasdaq: LOOP) (the “Company” or “Loop”), whose mission is to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate (“PET”) plastic and polyester fiber, today announced a multi-year supply agreement with French food group Danone SA (Euronext: BN) (“Danone”), one of the world’s leading global food and beverage companies. The new 5-year agreement will supply Danone brands, including evian water, with Loop™ branded PET resin made from 100% recycled content. The resin will be supplied from the planned Infinite Loop™ Bécancour plant which is currently anticipated to begin production in Q4 2024.
“This announcement is an important milestone in our long-standing partnership with Danone to supply Loop™ branded PET resin from our Infinite Loop™ Bécancour manufacturing facility. I would like to thank the teams from Danone and Loop for all their hard work and effort during the independent technology validation that was executed by a leading engineering firm, and everyone involved in the signing of this contract. Having Danone as the anchor customer is an important step for the Infinite Loop™ Bécancour facility as well as our global commercialization rollout of Infinite Loop™ manufacturing facilities.” said Daniel Solomita, Loop’s Founder and Chief Executive Officer.
“We need cutting-edge technologies like the ones Loop Industries has developed to reach our sustainable packaging ambition. This agreement is a natural next step in our partnership with Loop Industries, moving from technology development to the concrete production phase. It is an important milestone to establish ‘infinite’ closed-loop recycling for PET bottles and enable the recycling of hard-to-recycle packaging and materials” said Nicolas GREGOIRE, Vice-President Packaging Cycle at Danone.
In conjunction with this agreement, Danone and other Loop partners retained a globally recognized third-party independent engineering firm to execute a detailed due diligence report, which validated and reinforced the quality, effectiveness, and scalability of Loop Industries’ technology. Loop and Danone have developed a long-standing relationship built on transparency and communication that supports Danone’s circular packaging commitments on a global basis. Throughout this time, Loop Industries has continued to work diligently on perfecting its technology for commercial production on an international scale, including projects to build greenfield Infinite Loop™ facilities in Canada, France, and South Korea.
