LOOP MANAGEMENT TO HOLD UPDATE CALL AT 8:45 AM ET on December 13, 2024 MONTRÉAL, QC / ACCESSWIRE / December 12, 2024 / Loop Industries, Inc. (Nasdaq:LOOP) (the "Company," "Loop," "we," "us," or "our"), a clean technology company whose mission is to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate ("PET") plastic and textile-to-textile ("T2T") polyester fiber, has secured €10 million through a convertible preferred security financing with Reed Societe Generale Group, a European investment firm majority-owned by the bank Societe Generale. Additionally, as part of the Reed Societe Generale Group transaction, Loop has finalized the sale of its first Infinite LoopTM technology license, generating an initial €10 million payment, with additional milestone-based payments from Reed Societe Generale Group to follow.
The Reed Societe Generale Group transaction marks a pivotal step in Loop's commercialization strategy, enabling the deployment of its patented recycling technology across Europe and supporting capital investment in cost-effective manufacturing regions, including its joint venture in India with strategic partner Ester Industries Ltd. Proceeds from the financing and licensing deal will fund the Indian project and Loop's operational cash flow needs. Key terms of the €10 million convertible preferred security include: The technology license will be granted to a European partnership owned 90% by Reed Societe Generale Group .
