Loop Industries, thyssenkrupp sign agreement to advance sustainable PET manufacturing

Loop Industries Inc. (Montréal, QC), a technology innovator in sustainably produced plastic, has announced a strategic partnership with thyssenkrupp Industrial Solutions subsidiary Uhde Inventa-Fischer GmbH (Essen, Germany), a global polyester technology provider. The agreement seeks to offer a turnkey industrial solution that can be licensed to manufacturing companies for the commercially viable production of sustainable PET and polyester.

“We have successfully established a large variety of patented technologies and processes in the global market. This agreement will enable a very resource-efficient and cost-attractive solution for the production of sustainable PET and polyester,” said Sami Pelkonen, CEO of the Electrolysis & Polymers Technologies business unit of thyssenkrupp Industrial Solutions. “The alliance with Loop Industries is an important milestone on the way to producing sustainable PET and polyester.”

Daniel Solomita, founder and CEO of Loop Industries, said the Global Alliance Agreement "allows for Loop’s technology to rapidly transform the plastic market and fully capitalize on our disruptive potential as the leader in the circular economy for PET plastic. Thyssenkrupp’s extensive engineering expertise and proven melt-to-resin technology provides Loop with a world-class partner to bring the waste-to-resin manufacturing solution to market.”

Loop’s mission is to accelerate the shift toward sustainable plastic and away from dependence on fossil fuels through technology that decouples plastic from fossil fuels by depolymerizing waste polyester to its base building blocks (monomers). The monomers are then repolymerized to create virgin-quality polyester that meets FDA requirements for use in food-grade packaging. Loop expects its production plant to be ready in 2020.

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