Loop Industries announced a strategic financing and technology licensing transaction with Reed Societe Generale Group, a European investment firm. This agreement involves an investment of €10 million from Reed Societe Generale Group into Loop via a convertible preferred security, with a conversion price set at $4.75 per share.
Concurrently, Loop completed its inaugural sale of an Infinite Loop™ technology license for a European manufacturing facility. This license generated an upfront payment of €10 million for the company, contributing to total cash proceeds of $20.8 million (€20 million) from these transactions.
This dual transaction marks a significant step in Loop's asset-light licensing model for higher-cost markets like Europe. It provides crucial funding and validates the commercial viability of Loop's proprietary depolymerization technology through a direct licensing agreement.
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