Loop Industries is a technology company that allows no and low-value plastics to be diverted, recovered and recycled endlessly into new, virgin-quality Loop PET plastic.
The multi-year supply agreement will allow PepsiCo to purchase production capacity from Loop’s joint venture facility in the United States.
The third largest food and beverage business in the world said that the partnership will help it meet its sustainability ambitions and consumer needs.
It also aligns with the company’s ‘Performance with Purpose’ vision.
“Loop’s technology enables PepsiCo to be a leading force in ensuring plastic packaging need never become waste,” said Dr Mehmood Khan, Vice Chairman and Chief Scientific Officer, PepsiCo.
“This partnership represents a step-change that will empower PepsiCo in our drive towards creating a circular economy for plastics.”
The innovation allows plastic bottles and packaging of any colour, transparency or condition into food-grade packaging that meets FDA requirements.
The deal will also include a marketing and communications strategy that will raise awareness of the importance of recycling, sustainability and the circular economy.
“We are very proud to supply PepsiCo with Loop™ branded PET plastic,” said Daniel Solomita, Founder and CEO of Loop Industries.
“Working with a global food and beverage giant like PepsiCo will further establish the value proposition of the Loop brand and mission – to accelerate the world’s shift toward sustainable plastic and away from the traditional, take, make and dispose economy.”