Loop Industries (NASDAQ: LOOP), a clean technology company whose mission is to accelerate a circular plastics economy, has chosen the Chemesis industrial platform in France as the location for it’s new manufacturing facility to produce 100% recycled polyethylene terephthalate plastic and polyester fiber.

The company says that the new facility will help meet growing demand for recycled polyethylene terephthalate plastic. The facility has a planned capacity of 70,000 metric tons per year and will save over 255,000 tonnes of CO2 annually, while also contributing to the sustainable revitalization of the local industrial base.

Loop expects to commence construction in 2025, with plant commissioning slated for 2027. The company says that the project will provide a sustainable solution to the global plastic waste challenge by leveraging low-value waste and utilizing Loop's depolymerization technology.

Daniel Solomita, Loop Founder and CEO stated: "Saint-Avold was chosen as the location of our facility due to its proximity to feedstock sources and its extensive road and rail links in Europe, which facilitates the distribution of Loop PET resin throughout the continent.”

Loop Industries is a technology company whose mission is to accelerate the world's shift toward sustainable polyethylene terephthalate plastics and fibers while reducing dependence on fossil fuels.

Shares of Loop Industries trade on the NASDAQ under the ticker symbol LOOP.