Loop, SK nix PET recycling plant

Loop Industries and SK Geo Centric have dropped their plans to build a polyethylene terephthalate (PET) recycling facility in Ulsan, South Korea. Loop has been developing a technology that breaks down PET into dimethyl terephthalate and ethylene glycol, but it has struggled to scale up the process. SK invested $56.5 million in the firm in 2021. Late last year, SK and PureCycle Technologies abandoned plans to build a polypropylene recycling plant that would have used PureCycle’s solvent-based recovery process. It was to be part of the same integrated recycling site in Ulsan as the canceled Loop facility.