Loop Industries Inc. (LOOP) this month entered into a licensing and support agreement with Chemtex Global Corporation for the PET plastic and polyester polymer. LOOP is a sustainable plastics technology focused company with innovative transformation ideas and expertise.
The current agreement is to enhance the fiber manufacturing skills of INVISTA Performance Technologies (IPT), a technology and licensing group of INVISTA. The agreement is part of Loop’s strategy of commercializing its advance depolymerization technology. Through this Loop is intending launching its fully integrated Infinite Loop manufacturing facilities globally. As part of the agreement, Chemtex will also provide INVISTA’s polymerization knowledge with engineering and design support services.
With Infinite Loop, the company is to roll out facilities which could provide complete solution to meet the demand for its branded product. Loop will made its branded PET polyester fiber and resin from 100% recycled materials.
The innovative depolymerization technology by Loop converts waste PET plastic and polyester fiber into its basic petrochemical element, or monomers. Monomers are comprised of mono-ethylene glycol (MEG) and dimethyl terephthalate (DMT). The monomers so formed will then be purified to their original form. After this, comes in the role of polymerization proficiency of INVISTA. Through that those MEG and DMT will be rebuild into brand new PET resin or polyester fiber.
Infinite Loop will be a game changer in future that will change the way PET plastic and polyester fiber are being made today. The continuously transitioning world is turning away from plastics made from fossil fuels and has been adopting recycling strategies.
Our manufacturing technology will make a plastic that will be recyclable infinitely, said Daniel Solomita, Founder and CEO of Loop Industries. The plastic so made will be of high quality up to the desired level of our customers. Loop’s technology has low carbon prints and is more environment friendly than the virgin PET technology.