Loop Industries Secures Government Support for India Expansion

Loop Industries, Inc. has announced a collaboration with the Government of Gujarat, aiding in the launch of its commercial operations in India. The joint venture, Ester Loop Infinite Technologies Private Limited, has signed a Memorandum of Understanding with the local government to bolster the development of Loop's manufacturing platform in India.

This agreement focuses on easing permitting and infrastructure coordination for Loop's first large-scale commercial deployment, situated in Gujarat's Bharuch industrial corridor. The project includes an initial facility with an annual production capacity of 70,000 tonnes, with the potential to expand by another 100,000 tonnes at the same site.

Favorable foreign exchange rates and refined procurement processes have reduced the estimated capital cost for the first facility to approximately $165-170 million, enhancing project viability. Loop's CEO, Daniel Solomita, emphasized the significance of government alignment and reduced costs in supporting the global demand for high-quality recycled polyester.