Montreal — A Canadian billionaire is taking a stake in Loop Industries Inc., providing money to help the company build its first PET recycling facility that will rely on depolymerization.
John Risley, through his Northern Private Capital investment company, initially will spend $35 million to acquire stock in Loop and has an option to buy another $45 million in stock within three years.
The infusion of cash will go toward the construction of Loop's first commercial recycling facility, a project that's part of the Montreal company's joint venture with Indorama Ventures Public Co. Ltd.
Loop's process creates both dimethyl terephthalate and monoethylene glycol without heat or pressure in a process the company calls revolutionary. Those monomers are then purified and repolymerized into PET.
Risley made his fortune with Clearwater Fine Foods Inc., a seafood company.