MONTREAL, QC / ACCESSWIRE / May 2, 2023 / Loop Industries, Inc. (NASDAQ:LOOP) ("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, and SK Geo Centric Co. Ltd. ("SKGC"), a subsidiary of the South Korean SK Group, today announced they have signed a definitive Joint Venture Agreement ("JVA") to deploy Loop's technology in the Asian market through multiple commercial manufacturing facilities. SKGC will own 51% of the venture, which will be headquartered in Singapore, and Loop will have the remaining 49% ownership. Under the JVA, the venture will have exclusive rights to commercialize Loop's technology in the Asian market for a prescribed period and Loop will license its technology for an annual royalty for each of the commercial plants.
Loop Industries and SK Geo Centric Sign Joint Venture Agreement To Commercialize Loop's Technology in the Asian Market
May 02, 2023
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