Loop Industries has rescaled its planned first commercial Infinite Loop facility in India to 45 kilotonnes a year after an engineering review, to lower capital requirements and speed construction, which it targets for completion by the end of 2028. A board special committee formed in September 2026 is still seeking financing for Loop's share of the India joint venture equity, and the company reported total available liquidity of USD 1.9m at 31 August 2026.
Why this mattersA smaller first phase and thin liquidity signal that Loop's push to commercialise PET depolymerisation technology depends on financing yet to be secured.
- India facility capacity rescaled to 45 kilotonnes a year after an engineering review.
- Construction targeted for completion by end of 2028, with startup and commissioning in 2029.
- Total available liquidity was USD 1.9m at 31 August 2026.
- A board special committee formed in September 2026 is evaluating equity, debt and non-dilutive financing for the India joint venture.
- Cash operating expenses for the quarter were USD 1.6m, down USD 0.8m year on year.
- A second, larger facility is planned at the India site after start-up of the first.
Loop Industries' board has formed a Strategic Alternatives Committee to evaluate options including a sale, merger, going-private transaction or licensing deals. The move follows the separation of the Chairman and CEO roles, with the committee's first task to help secure funding for Loop's planned India recycled-PET joint venture. No timetable has been set.
Why this mattersA formal sale-or-merger review at a listed recycled-PET technology developer signals funding pressure on next-generation chemical recycling capacity ahead of stricter recycled-content rules.
- Loop Industries' board formed a Strategic Alternatives Committee on 17 September 2026
- The committee follows Jeff Geygan's appointment as Chairman, separating the Chairman and CEO roles previously held together
- Options under review include a sale, merger, going-private transaction, licensing deals, regional joint ventures and corporate restructuring
- The committee's immediate priority is securing Loop's required capital contribution and project-level financing for its planned India joint venture
- Founder and CEO Daniel Solomita remains in charge of operations, including the India joint venture and commercialisation
- No timetable has been set and the company has not decided on any specific alternative
- Lenders have proposed a 70/30 debt-to-equity split for the Infinite Loop India project financing, now in technical due diligence, with Loop and Ester Industries each covering 15% of the equity at about SOFR plus 3%
- Loop applied for a USD 28m clean-technology subsidy from the Indian state of Gujarat, payable over eight years if approved
- Monthly cash overhead was cut to USD 500,000, against total liquidity of USD 3.6m as of 31 May 2026
- Loop signed a letter of intent for 15,000 tonnes of recycled PET with a separate textile apparel brand, which has indicated total annual demand appetite of up to 90,000 tonnes
- Daniel Solomita stepped down as board chairman one week before the 17 September 2026 announcement, remaining a board member
- Jeff Geygan, the new chairman, previously chaired Climb Global Solutions and Rocky Mountain Chocolate Factory
- The ELITe joint venture plant in Gujarat, India is valued at USD 170m with 70,000 metric tons/year capacity
ELITe, a 50:50 joint venture of India's Ester Industries and Canada's Loop Industries, has secured an order to supply up to 15,000 tonnes of recycled PET resin to an undisclosed global sports and athletic brand. The material will come from a new chemical recycling plant under construction in the PCPIR Dahej region of Gujarat, being built at a cost of Rs 1,600 crore with 70,000 tonnes of annual capacity.
Why this mattersThe deal signals brand-owner demand for chemically recycled PET and gives Loop's depolymerisation technology its first major India-based commercial reference.
- ELITe is a 50:50 joint venture between Ester Industries and Loop Industries.
- The order covers up to 15,000 tonnes of recycled PET resin for a global sports and athletic brand not publicly named.
- The greenfield plant is being built in the PCPIR Dahej region of Gujarat, India.
- Investment in the chemical recycling plant is Rs 1,600 crore.
- The facility will have annual production capacity of 70,000 metric tonnes.
- The plant will use Loop Industries' depolymerization technology to convert polyester waste into DMT and MEG monomers.
