Loop gets private equity backing

Polymer recycling specialist Loop Industries has received a $35 million investment from Toronto-based private equity firm Northern Private Capital. As a result, it will own a 10.5% stake in Loop. The firm can also invest another $45 million in Loop over the next three years. Loop will use the funds to finance a joint venture with polyester maker Indorama that would break polyethylene terephthalate into its raw materials, dimethyl terephthalate and ethylene glycol. The two hope to start up a plant in 2020.