Set in Montreal Canada, leading market player inn technological innovations, Loop Industries and PepsiCo have joined hands for multiple year agreement that allows PepsiCo to enhance production capacity with Loop’s combined venture facility in the U.S. The agreement will enable the incorporation of Loop’s fully recyclable PET material into its packaging for products by the beginning of 2020, then the first commercial plant of the company is expected to be established.
Loop Industries has developed a new and innovative procedure to depolymerize PET material and upcycle waste of high purity of different kinds. Loop’s unique patented process can break down waste plastic into monomers with zero energy wastage, without any need of heat or pressure, and are purified resulting in the removal of every trace of solid waste, coloring and other forms of contaminants, which are then re-polymerized into virgin PET material branded by Loop, that meets all FDA requirements for food grade packaging.
Earlier, last month Indorama ventures of Thailand entered into an equal partnership to make an investment in opportunity for PET resin and polyester of sustainable nature worth millions to fulfill the demand arising from business entities that are interested in the adoption of a circular economy model. The move by PepsiCo to join hands with Loop is seen as a sound decision, owing to the enormous amount of PET material consumed by the company, and its aim to meet sustainability goals and consumer needs through greater emphasis on product recycling, and it also emphasizes the company’s willingness to tackle the challenges posed by plastic waste, and gives a great boost to making a global circular economy for plastic.
Loop has ensured that they have enough supply for themselves and their clients, by acquiring feedstock from a wide variety of robust and diverse sources of supply such as waste management companies and PET producers.
The patented Loop technology enables plastic packaging of any transparency, condition, color, to be completely recycled without compromising on FDA standards. This will run counter to conventional plastic handling and disposal which costs manufacturers around the world anywhere between $80 and 100 Billion, which is expected to be saved after the PepsiCo deal. The deal with PepsiCo will also comprise comprehensive plans for communication and marketing to raise awareness on the importance of sustainability, recycling, and a circular economy for a better environmental future.