- This contract represents final engineering milestone, as project advances towards beginning of construction
National, 19 December, 2025 : Loop Industries, Inc. (Nasdaq: LOOP), today announced that its
India joint-venture Ester Loop Infinite Technologies Private Limited (ELITe),
formed in partnership with Ester Industries Limited (NSE: ESTER), has awarded
the detailed engineering contract for its Infinite Loop™ India project to Toyo
Engineering India Private Limited, a globally recognized EPC firm with over
four decades of experience executing large-scale industrial and petrochemical
projects across India. This step follows the successful completion of front-end
engineering design (FEED) by Tata Consulting Engineers, and represents the
final engineering phase ahead of construction.
The contract will cover the full scope of detailed
design, procurement engineering, and technical documentation.
The Infinite Loop™ India manufacturing facility is
strategically positioned to address demand in the packaging and textile
sectors, designed with an annual production capacity of 70,000 metric tonnes of
PET resin. The project is maintaining its anticipated construction timeline,
with completion projected for end of 2027. The joint venture recently announced
a multi-year offtake agreement signed with Nike, which is positioned as the
facility’s anchor customer.
Project economics remain strong and confirm prudent
capital discipline; specifically, realized savings of USD 5 million from land
acquisition efforts ensure the facility is trending on budget. Further
signaling strong market confidence, the debt financing process is running as
per schedule, with multiple term sheets received from international lenders,
representing a strong endorsement of the project's attractive economics.
“We are excited to collaborate with Toyo on this
critical phase as we deliver India’s first Infinite Loop facility, a model for
true circularity, engineered to convert low-value textile and plastic waste
into virgin-quality resin, enabling both textile-to-textile and food-contact
packaging.” said Adel Essaddam, Chief Operating Officer of Loop. “With FEED
complete, land secured, Nike signed as anchor customer and detailed engineering
now underway, we are on schedule to complete construction by end of 2027
efficiently and competitively deploying our technology in the world's
fastest-growing major economy.”
Commenting on the development, Mr. Arvind Singhania,
Chairman & CEO, Ester Industries Limited, said, “Our detailed engineering
partnership with Toyo marks a meaningful step forward in delivering India’s
first Infinite Loop facility. With the land secured and Nike confirmed as our
anchor customer, the project now stands on a strong technical foundation with
clear commercial visibility. Toyo brings proven engineering expertise, and
together we are moving closer to building a world-class plant that can redefine
PET recycling in India. This phase reinforces our commitment to driving
circular economy solutions at scale.”
“Toyo-I is genuinely delighted to be associated with
ELITe in the execution of the Chemical Recycling PET Project at Bharuch,
Gujarat”, commented Kishor Salunke, Chief Operating Officer (SSBU) of Toyo
Engineering India. “The recycling of PET into monomers and then back to a
virgin quality PET, is a distinctive initiative. It’s a new beginning and in
line with our mission i.e. engineering for sustainable growth of the global
community. We will turn this project into a legacy while strengthening our
business relationship with ELITe.”
About Loop Industries
Loop Industries is a technology company whose mission
is to accelerate the world's shift toward sustainable PET plastic and polyester
fiber and away from its dependence on fossil fuels. Loop Industries owns
patented and proprietary technology that depolymerizes no and low-value waste
PET plastic and polyester fiber, including plastic bottles packaging and
textiles such as carpets and clothing, into its base building block monomers
DMT and MEG. The monomers are separated, purified and polymerized to create
virgin-quality Loop™ & Twist™ branded PET resin suitable for use in
food-grade packaging and polyester fiber, thus enabling our customers to meet
their sustainability objectives. Loop™ & Twist™ PET can be recycled
infinitely without degradation of quality, helping to close the plastic loop.
Loop Industries is committed to contributing to the global movement towards a
circular economy by reducing plastic waste and recovering waste plastic for a
sustainable future.
For more information: Please visit www.loopindustries.com
Follow Loop on X: @loopindustries, Instagram: loopindustries, Facebook: Loop Industries and LinkedIn: Loop Industries
Follow Twist™ on Instagram: twistbyloop
Investor Relations:
Kevin C. O'Dowd, Investor Relations
Loop Industries, Inc.
+1 617-755-4602
Forward-Looking Statements
This news release contains "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933, as amended (the "Securities Act"), Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") and
as defined in the United States Private Securities Litigation Reform Act of
1995. In some cases, you can identify forward-looking statements by terminology
such as "may," "will," "should,"
"could," "expects," "plans," "intends,"
"anticipates," "believes," "estimates,"
"predicts," "potential," or "continue," or the
negative of such terms and other comparable terminology. These forward-looking
statements include, without limitation, statements about anticipated project
timelines, capital requirements and revenue opportunities for our projects in
India and Europe, as well as the expected benefits of our offtake agreements,
strategic alliance, and other partnerships. Although we believe that the
expectations reflected in the forward-looking statements are reasonable, we
cannot guarantee future results, levels of activity, performance, or
achievements. Actual results may differ materially from the projections
discussed in these forward-looking statements. The economic environment within
which we operate could materially affect our actual results. Forward-looking
statements are inherently subject to risks and uncertainties, some of which
cannot be predicted or quantified. These risks and other factors include, but
are not limited to, those listed under "Risk Factors." Additional
factors that could materially affect these forward-looking statements and/or
projections include, among other things: (i) our ability to commercialize our
technology and products, (ii) the status of our relationships with our partners,
(iii) development and protection of our intellectual property and products,
(iv) industry competition, (v) our need for and ability to obtain additional
funding relative to our current and future financial commitments, (vi) our
ability to continue as a going concern, (vii) engineering, contracting, and
building our manufacturing facilities, (viii) our ability to scale,
manufacture, and sell our products and to license our technology in order to
generate revenues, (ix) our proposed business model and our ability to execute
it, (x) our ability to obtain the necessary approvals or satisfy any closing
conditions in respect of any of our proposed partnerships, (xi) our joint
venture projects and our ability to recover certain expenditures in connection
to them, (xii) adverse effects on the Company's business and operations as a
result of increased regulatory, media, or financial reporting scrutiny,
practices, rumors, or otherwise, (xiii) public health issues, such as disease
epidemics, which may lead to reduced access to capital markets, supply chain
disruptions, and government-imposed business closures, (xiv) war, regional
tensions, and economic or other conflicts including trade disputes and
increasing protectionist measures that could impact market stability and our
business; (xv) the effect of the continuing worldwide macroeconomic uncertainty
and its impacts, including inflation, market volatility and fluctuations in
foreign currency exchange and interest rates, (xvi) the outcome of any SEC
investigations or class action litigation filed against us, (xvii) our ability
to hire and/or retain qualified employees and consultants, (xviii) other events
or circumstances over which we have little or no control, and (xix) other
factors discussed in Loop's Annual Report on Form 10-K for the fiscal year
ended February 28, 2025 filed with the SEC and in Loop's subsequent filings
with the SEC. More detailed information about Loop and the risk factors that
may affect the realization of forward-looking statements is set forth in Loop's
filings with the SEC. Investors and security holders are urged to read these
documents free of charge on the SEC's web site at http://www.sec.gov. Loop
assumes no obligation to publicly update or revise its forward-looking
statements as a result of new information, future events or otherwise, unless
otherwise required by law.
For More Information:
SOURCE: Loop Industries
About Ester Industries
Incorporated in 1985, Ester Industries Limited (EIL),
a public limited listed company promoted by Singhania family, is an ISO
50001:2018, ISO 45001:2018, ISO 14001:2015, ISO 9001:2015 and Food Safety
System Certified leading manufacturer of Polyester Film, Specialty Polymers and
rPET in India with over 35 years of industry expertise. It has a track
record of continually developing new and innovative products for meeting varied
needs of customers across the globe. Serving key sectors such as flexible and
rigid packaging, textiles, technical textiles, carpets and consumer
electronics, Ester is head quartered in Gurgaon, India, with three
state-of-the-art manufacturing facilities across India.
The company has global presence, supplying its
innovative products to customers in over 50 countries across Europe, the
Americas, Africa, Asia Pacific, and the Middle East with strong customer
relationships.
Ester’s commitment to deliver customer-centric
solutions driven by continuous innovation and sustainability is evidenced by
19+ granted patents and strategic partnerships like its joint venture with Loop
Industries Inc. to promote a circular economy.
With state-of-the-art manufacturing plants, skillfully
managed operations and a committed workforce of 590+ employees, Ester
continuously strives to deliver total customer satisfaction.
Ester’s strong research and development platform
ensures development of high-quality, technology-driven products, while
maintaining focus on environmental stewardship and operational excellence.
Ester Industries currently has long-term credit rating
of A- and short-term credit rating of A2+ by CRISIL
Website: www.esterindustries.com
+91 8595911393