on Loop Industries, Inc. (NASDAQ:LOOP)
Loop Industries to Acquire Strategic Site in Gujarat for Recycling Facility
Loop Industries, a clean technology company, has announced its joint venture in India has reached an agreement to acquire a strategic site in Gujarat. This site is intended for the development of an Infinite Loop™ manufacturing facility for recycled polyethylene terephthalate (PET) plastic and polyester fiber.
The acquisition involves a 93-acre site near Surat, with proximity to ample textile waste feedstock, necessary for PET production. The facility will be powered by 80% renewable energy, reducing carbon emissions drastically. The land cost is $10.5 million, representing a notable $5 million reduction in initial project estimates.
The site, located within a Petroleum, Chemicals and Petrochemicals Investment Region, offers logistical benefits such as access to skilled labor and a nearby deep-water port for efficient export logistics. Loop Industries plans to complete the permitting process by the end of 2025.
R. P.
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