Loop – Chemical recycling firm lands $35 million in backing

Loop Industries has struck a deal for a $35 million investment, which will help fund a recycling plant to produce tens of millions of pounds of RPET each year.

Montreal-based Loop, which is commercializing a PET depolymerization technology, will sell 4,093,567 shares of stock to Northern Private Capital (NPC) for $8.55 each. After deducting Loop’s offering expenses, the company will receive about $34.6 million (all dollar amounts in this story are in USD).

According to a press release, the money will help Loop build its first commercial recycling facility, as part of its joint venture with global virgin plastics producer Indorama Ventures. It will also help fund the pre-revenue company’s R&D and operations expenses.

Read more at https://resource-recycling.com/.

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