An operator of PET plastic and polyester fiber recycling technology, Loop Industries has ended its joint venture with South Korean company Geo Centric (SKGC). Established in early 2023, the partnership aimed to build and operate an Infinite Loop manufacturing facility in Ulsan, South Korea.
The decision to terminate the agreement aligns with Loop’s strategy to focus on deploying capital in low-cost regions and prioritizing a licensing and engineering services model in higher-cost countries. A regulatory filing also cited strategic restructuring and reorientation within the SK Group as factors in the decision.
As part of this reorganization, Jonghyuk Lee, SKGC stepped down from his position as the Board Member with Loop on January 13, 2025. Despite the termination, SKGC plans to maintain its financial investment in Loop.
While the dissolution of the South Korean agreement poses a challenge for Loop, the company is advancing its plans for a facility in India. Following a land study, Gujarat was identified as the optimal location for the project. In partnership with local firm Ester, Loop is conducting due diligence on land acquisition and has engaged third-party contractors to manage construction and accounting.
The Indian facility is expected to be launched in Q2, FY25 with construction set to be completed by late 2026. Commercial operations are projected to begin in 2027.
The Indian facility will cater to the growing demand from circular fashion brands for textile-to-textile (T2T) polyester. By utilizing waste polyester feedstocks from India, the facility will produce polyester resin made entirely from textile waste, supporting sustainable practices in the fashion industry.
