LOOP INDUSTRIES DL-,001

Loop Industries has appointed Jeff Geygan as chairman of the board of directors. Founder and CEO Daniel Solomita remains CEO and a board member but is relinquishing the chair to focus on operational execution, projects in India and Europe, and on partnerships and financing. Geygan will oversee corporate strategy, corporate governance and capital allocation; he previously served as chairman at Climb Global Solutions and Rocky Mountain Chocolate Factory and is chairman of Global Value Investment Corporation, a major shareholder of Loop. » Mere på de.investing.com

Loop Industries and Ester Industries have signed definitive agreements to establish the joint venture Ester Loop Infinite Technologies (ELITe) to build and operate a production facility in India. ELITe will receive a largely exclusive, perpetual license to use Loop's Infinite Loop depolymerisation technology to produce rDMT, rMEG and specialty polymers; license and marketing fees are scaled based on revenue. Loop will remain the exclusive distribution, marketing and sales agent with rights to set prices and volumes, Ester will provide services and license process know‑how; all agreements are open‑ended with termination rights in case of contractual breach. » Mere på de.investing.com

Loop Industries confirmed that its subsidiary Loop Canada Inc. has received non-dilutive funding and advisory support of up to C$2.92 million from NRC IRAP to scale and further develop the Infinite Loop technology. The financing is intended to support operational readiness, efficiency and the transition to market readiness; the stock rose about 10.3% in after-hours trading. CEO Daniel Solomita said the project will advance validation of the technology platform and the scaling strategy. » Mere på de.investing.com