Petrochemical company Indorama Ventures and technology innovator Loop Industries has joined forces to manufacture sustainable polyester resin to meet the demand from packaging companies.
This partnership brings together Indorama Venture’s manufacturing footprint and Loop’s proprietary science and technology in the hope of becoming a leader in the circular economy for 100% sustainable and recycled PET resin and polyester fibre.
The collaboration has launched a commercial solution for consumer-packaged goods companies in response to the growth in global plastic consumption.
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From this, the companies will be able to continually recycle the increasing quantity of PET plastic and polyester fibre, helping to encourage the shift to a circular economy.
The joint venture will have an exclusive world-wide license to use Loop’s technology to produce 100% sustainability produced PET resin and polyester fibre, with plans to begin commercial production in Q1 2020.
Indorama Ventures group chief executive Aloke Lohia said: “At Indorama Ventures, we continue to pursue the right opportunities to fill gaps that are intrinsic to our sustainable and profitable business by deploying resources in order to support the circular economy. This joint venture with Loop Industries emphasises our belief in recycling and is aimed at investing in new technologies that can steer further our aspiration of being a world-class chemical company making great products for society.”
Loop industries founder and chief executive Daniel Solomita said: “We are excited to launch this partnership with Indorama Ventures, who provide a global leadership platform in petrochemical manufacturing and a shared commitment to sustainability. This joint venture combines each of our companies’ area of expertise so that we may both play a leading role in the global shift by business and consumers to the circular economy.
“This is a first strategic step in our global commercialisation plan and mission to accelerate the world’s shift toward sustainable plastic and away from the traditional, take, make and dispose economy.”