Loop Industries Inc. (NASDAQ: LOOP) stock gained by 0.44% at the last close whereas the LOOP stock price declines by 5.75% in the after-hours trading session. Loop Industries is a technological firm whose aim is to speed the world’s transition away from fossil fuels and toward sustainable PET plastic and polyester fiber.
LOOP stock’ Past Development
During Recycle Week, Evian unveiled a new prototype bottle made of recycled plastic (rPET, or recycled polyethylene terephthalate), which was created using cutting-edge technology from Loop Industries. This is a big step forward in evian’s circularity journey, which will see the company speed up the move to 100% * recycled plastic in all of its plastic bottles by 2025. Loop Industries’ revolutionary technology enables no and low-value PET polymers (that would otherwise go to trash) to be recycled indefinitely into new, virgin-like PET plastic, meeting the growing need for more sustainable packaging solutions. The method breaks down plastic into its basic building elements, or monomers, using cutting-edge technology.
All sorts of PET plastic trash, from abandoned gym bags to flip flops and even ocean, colored and opaque plastic, may be converted into high-quality plastic bottles thanks to the cutting-edge technology. To emphasize each bottle’s recycling potential, Evian has named its prototype bottles ‘Evian Loop’ to put this latest concept to reality.
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Loop Industries and Evian have been partners for four years, and during that time Loop Industries has worked hard to develop its technology for commercial manufacturing on a worldwide scale. Beginning in 2022, this ground-breaking technology will be scaled out throughout markets as part of evian’s ongoing efforts to lead the transition and expedite the development of new sustainable packaging solutions. This will enable evain to recycle and repurpose an increasing amount of current plastic trash, bringing them closer to their circularity goal of 2025.
