Loop terminates Korea deal as losses widen

Loop Industries, which offers technology that can chemically recycle low-grade polyester, has terminated its agreement with a subsidiary of the Korean chemical giant SK Group to deploy Loop’s technology in Asia through several new manufacturing facilities.

Reporting a wider net loss for the nine-month period ended November 30, 2024, of  $21,940, compared to $15,995 for the same period in 2023, Loop said the joint decision reflected its strategy to focus investment in lower cost production centres while also prioritising a licensing and engineering services model in higher cost countries. Revenue for the nine-month period was down $27,000 to $81,000.