Loop Industries ends South Korean JV, shifts focus to India for recycling expansion

Loop Industries has terminated its joint venture with South Korea’s Geo Centric (SKGC), initially formed in early 2023 to build an Infinite Loop manufacturing facility in Ulsan, South Korea. The decision, aligns with Loop's strategy to prioritize licensing and engineering services in higher-cost countries and focus investments in low-cost regions. Jonghyuk Lee, representing SKGC, resigned from Loop’s board on January 13, 2025, due to SK Group’s internal reorganization. Despite the venture’s end, SKGC plans to retain its financial investment in Loop.

Meanwhile, Loop’s efforts in India are progressing. Following a site analysis, Gujarat has been identified as an ideal location for a new facility. Loop, in collaboration with local partner Ester, is completing due diligence for land acquisition, with third parties engaged for construction and accounting oversight.

The innovation for the Gujarat facility is slated for Q2 2025, with construction completion expected by late 2026 and commercial operations beginning in 2027. The plant aims to produce 100 per cent recycled polyester resin using textile waste, catering to the growing demand from circular fashion brands seeking sustainable textile solutions.