{"id":13932,"date":"2023-03-29T09:00:43","date_gmt":"2023-03-29T00:00:43","guid":{"rendered":"https:\/\/askinno.com\/global\/?p=13932"},"modified":"2023-03-30T12:10:27","modified_gmt":"2023-03-30T03:10:27","slug":"sk-geo-centric-and-loop-industries-confirm-the-successful-completion-of-a-technical-due-diligence-of-loops-technology-at-its-production-facility-in-quebec-canada","status":"publish","type":"post","link":"https:\/\/askinno.com\/global\/archives\/13932","title":{"rendered":"SK Geo Centric and Loop Industries confirm the successful completion of a technical due diligence of Loop\u2019s technology at its production facility in Quebec, Canada"},"content":{"rendered":"

\u25a0 Marks the next phase in the commercialization of infinite Loop\u2122 facilities across Asia<\/span><\/strong><\/p>\n

\u25a0 Breaking ground of first facility in Ulsan, South Korea, anticipated later in 2023<\/span><\/strong><\/p>\n

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Montreal (Canada) \u2013 SK Geo Centric (SKGC) and Loop Industries (Loop), 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 the successful completion of a technical due diligence conducted by SKGC and the validation of Loop\u2019s technology. The technical due diligence marks the next phase in SKGC and Loop\u2019s long-standing partnership to commercialize Loop\u2019s technology through Infinite Loop\u2122 manufacturing facilities in the Asian market.<\/span><\/p>\n

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SKGC, which acquired a 10% equity stake in Loop in August 2021, executed a comprehensive due diligence to validate Loop\u2019s technology and its production facility in Terrebonne, Quebec. The scope of the technical due diligence included the depolymerization of low value PET waste into its base monomers of DMT and MEG, the purification of the monomers, as well as the polymerization into virgin-quality Loop\u2122 PET resin and polyester fiber. Key parameters of Loop\u2019s technology that were validated were the production yields, operational stability, quality of the outputting monomers and overall performance of the production facility. The technical due diligence validated that the PET resin and polyester fiber produced using Loop\u2019s technology is of virgin-quality. The technical due diligence report, signed by both parties, confirms Loop\u2019s innovative technology.<\/span><\/p>\n

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SKGC and Loop are committed to commercialize the Infinite Loop technology in Asia and the partners are planning several jointly built large-scale manufacturing facilities. SKGC and Loop are also working together with SK ecoengineering (SKEE), a subsidiary of the SK Group who brings considerable experience and proficiency as an EPC contractor, on the engineering services for their Asian manufacturing facilities. The first Asian manufacturing facility in Ulsan, South Korea, is anticipated to break ground in 2023 and the evaluation of the second Asian facility has already begun. The next step in the partnership is to sign the definitive joint venture agreement which is currently being finalized.<\/span><\/p>\n

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“We are confident that Loop Industries’ cutting-edge technology of PET recycling will be a winning tech in the industry. We are currently focused on the planning of our first manufacturing facility in Ulsan, South Korea, where we will implement Loop\u2019s technology\u201d, said Ham Hyeong-taek, Chief Technology Officer of SK Geo Centric.<\/span><\/p>\n

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\u201cSK Geo Centric has closely studied Loop\u2019s technology that depolymerizes PET waste. With our combined efforts, we aim to utilize and increase the use of a more diversified selection of PET feedstock which will drive circularity for this material,\u201d Leader of Environmental R&D center of SK Innovation Kim Tae-jin added.<\/span><\/p>\n

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\u201cThe technical due diligence, executed by SKGC\u2019s extremely knowledgeable group of scientists and engineers at our production facility in Terrebonne, has further validated the effectiveness and robustness of our technology. This complete due diligence is a critical milestone to our partnership with SKGC and the commercialization of Infinite Loop\u2122 manufacturing plants across Asia. Due to the large population centers and being the main hub for the polyester fiber supply chain for textiles, the Asian market represents a tremendous opportunity for growth,\u201d said Loop Founder and CEO Daniel Solomita. \u201cWe are delighted to continue working closely with SKGC and to commercialize our technology in the Asian market.\u201d<\/span><\/p>\n

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\u201cThe successful completion of this technical due diligence validates our unique process and reaffirms the overall performance of our production facility,” said Vice President of Science and Innovation for Loop Industries Adel Essaddam. “Our technology enables us to make virgin-quality Loop\u2122 PET resin and polyester fiber from low-value PET plastic, which is an important step towards our goal of reducing plastic waste and becoming a leader in PET plastic circularity.\u201d<\/span><\/p>\n

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[Photo]<\/strong><\/span><\/p>\n

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Loop Industry\u2019s production facility in Terrebonne, Quebec, Canada<\/span><\/p>\n

 
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\u25a0 Marks the next phase in the commercialization of infinite Loop\u2122 facilities across Asia \u25a0 Breaking ground of first facility in Ulsan, South Korea, anticipated later in 2023   Montreal (Canada) \u2013 SK Geo Centric (SKGC) and Loop Industries (Loop), a clean technology company whose mission is to accelerate a circular plastics economy by manufacturing … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":13935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4,8,58],"tags":[675,1414,737,638,1415,151,243],"class_list":["post-13932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporates","category-press-room","category-press-release","category-sk-geo-centric","tag-depolymerization","tag-loop","tag-loop-industries","tag-pet","tag-quebec","tag-skgc","tag-ulsan"],"acf":[],"_links":{"self":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts\/13932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/comments?post=13932"}],"version-history":[{"count":10,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts\/13932\/revisions"}],"predecessor-version":[{"id":13980,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts\/13932\/revisions\/13980"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/media\/13935"}],"wp:attachment":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/media?parent=13932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/categories?post=13932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/tags?post=13932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}