Loop industries and reed management sign agreement for €35 million financing for global commercialization of the infinite loop(tm) technology and to form french joint venture

Loop and reed management sas ("reed") sign agreement for €35 million in financing to contribute to the global commercial rollout of the infinite loop™ technology loop and reed to form joint venture to commercialize loop's technology across europe partnership in line with loop's strategy of deploying capital in low-cost manufacturing countries such as india and have a more asset-light model focused on licensing its technology in higher cost countries montreal, qc / accesswire / may 30, 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 polyester fiber, today announced that the company and reed, a european investment firm focused on high impact and technology-enabled infrastructure, have signed definitive binding agreements, subject to certain closing conditions, for an investment of €35 million from reed to fund the global commercialization of the infinite loop™ technology and have agreed to form a 50/50 joint venture for the european deployment of loop's technology. the signing of this agreement occurred subsequent to the company's fourth quarter and full fiscal year 2024 financial release and 10-k filing and is therefore being announced separately as a further update to these filings.
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