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LOTTE Chemical ‘Project LOOP', Actively Expanding Scope of Recycled Materials by Launching the First Social Venture
2021.12.20
LOTTE Chemical ‘Project LOOP’,
Actively Expanding Scope of Recycled Materials by Launching the First Social Venture
■ Identified the domestic resource circulation ecosystem and established environment through a pilot project over the past 2 years…
Launched products by collaborating with relevant companies including start-ups, thus making some headway such as improved awareness
■ Officially launching of the Project LOOP First Social Venture… Recruited participating companies through social venture discovery contests in the environment and resource circulation sectors
■ Expand the scope of recycled materials to include not only PET, but also PE, PP, ABS, etc., thus contributing to the creation of social and economic value...
■ Expand the scope of recycled materials to include not only PET, but also PE, PP, ABS, etc., thus contributing to the creation of social and economic value...
Efforts to build a culture of resource circulation by continuously recruiting social ventures
■ LOTTE Chemical CEO Kim Gyo-hyun, “We will strive to make Project LOOP fulfill its role as a ‘platform’ that creates and supports connecting loops”
■ LOTTE Chemical CEO Kim Gyo-hyun, “We will strive to make Project LOOP fulfill its role as a ‘platform’ that creates and supports connecting loops”
LOTTE Chemical announced that based on the two-year pilot project of ‘Project LOOP,’ recyclable materials will be expanded and activities to construct a resource circulating system will become full-fledged.
On the 20th at the Seoul Jamsil LOTTE World Tower, an MOU ceremony was held for the launching of the Project LOOP First Social Venture. This ceremony was attended by LOTTE Chemical CEO and Vice Chairman Kim Gyo-hyun, first MOU companies such as Kokkiri Gongjang and Plus Life, companies that participated in the pilot project such as Kumho Fiber Industries, and official partners such as Jipyong LLC and LOTTE Ventures, where they agreed to work together to play a leading role in improving awareness on resource circulation and to construct a domestic circulating economy system.
LOTTE Chemical pursued Project LOOP since January of 2020 to construct a plastic circulating economy system through improved waste plastic collection cultures and recycling, and began the pilot project through an eight-party MOU including LOTTE Chemical.
In result, Project LOOP launched eco-friendly bags, shoes, jackets, and laptop pouches made by collecting and recycling waste plastics, and this year, products were released together with LOTTE Holdings and LOTTE Museum as well. Through such activities, Project LOOP minimized environmental impact, while creating economic value through the mutual growth with participating companies.
The newly launched Project LOOP First Social Venture is highlighted by expanding the scope of recycled materials to all plastics including not only PET, but also PE, PP and ABS. For this, participating companies were recruited from October through social venture discovery contents in the environmental and resource circulation sectors, and after reviews, five places were selected. LOTTE Chemical plans to continuously attract social ventures to build a culture of resource circulation.
LOTTE Chemical plans to be in charge of the overall coordination of the project together with Impact Square to create social and economic values by engaging in activities to construct a resource circulation system together with the first Project LOOP participants. The Jipyong LLC ESG Center will provide legal and business advice as part of the ‘ESG More&Best Sharing Platform.’ LOTTE Ventures and LOTTE Chemical Innovation Center will review making additional investments through various funds.
The participating companies of the Project LOOP First Social Venture are as follows. ‘Kokkiri Gongjang’ collects and pulverizes plastic toys (ABS, PP) to produce regenerated materials such as engineering plastic; ‘Foresys’ produces regenerated plastic materials through the development of a waste fishing net (PE, PP) desalination and pre-treatment plant; and ‘Woorim ICT’ produced pulverizing AI collector and uses its proprietary technology to separate different types of matter and will be in charge of collecting waste plastics and transforming them into resources. ‘Plus Life’ that manufactures clothes using recycled materials and ‘Lowlit Collective’ that pulverizes small plastics under 15cm to manufacture chairs, furniture, etc. using 3D printers will be in charge of commercialization.
LOTTE Chemical CEO and Vice Chairman Kim Gyo-hyun stated, “The waste plastic issue is not something that one company can solve alone, and a strong loop that connects conglomerates, start-ups and even businesses, local governments and the civic society is necessary to address this issue.” He added, “LOTTE Chemical will strive so that Project LOOP can do its role as a ‘platform’ that creates and supports such connecting loop.”
Kokkiri Gongjang CEO Lee Chae-jin, who participated in the Project LOOP First Social Venture commented, “We needed facility investment and technological support to expand our eco-friendly business, and we are thankful to LOTTE Chemical for offering such a great opportunity.”
Meanwhile, Past pilot project participants such as LAR, Levelop and Project Beyond also attended to take a look back at the past activities, and to show their support for the newly beginning Project LOOP.
On the 20th at the Seoul Jamsil LOTTE World Tower, an MOU ceremony was held for the launching of the Project LOOP First Social Venture. This ceremony was attended by LOTTE Chemical CEO and Vice Chairman Kim Gyo-hyun, first MOU companies such as Kokkiri Gongjang and Plus Life, companies that participated in the pilot project such as Kumho Fiber Industries, and official partners such as Jipyong LLC and LOTTE Ventures, where they agreed to work together to play a leading role in improving awareness on resource circulation and to construct a domestic circulating economy system.
LOTTE Chemical pursued Project LOOP since January of 2020 to construct a plastic circulating economy system through improved waste plastic collection cultures and recycling, and began the pilot project through an eight-party MOU including LOTTE Chemical.
In result, Project LOOP launched eco-friendly bags, shoes, jackets, and laptop pouches made by collecting and recycling waste plastics, and this year, products were released together with LOTTE Holdings and LOTTE Museum as well. Through such activities, Project LOOP minimized environmental impact, while creating economic value through the mutual growth with participating companies.
The newly launched Project LOOP First Social Venture is highlighted by expanding the scope of recycled materials to all plastics including not only PET, but also PE, PP and ABS. For this, participating companies were recruited from October through social venture discovery contents in the environmental and resource circulation sectors, and after reviews, five places were selected. LOTTE Chemical plans to continuously attract social ventures to build a culture of resource circulation.
LOTTE Chemical plans to be in charge of the overall coordination of the project together with Impact Square to create social and economic values by engaging in activities to construct a resource circulation system together with the first Project LOOP participants. The Jipyong LLC ESG Center will provide legal and business advice as part of the ‘ESG More&Best Sharing Platform.’ LOTTE Ventures and LOTTE Chemical Innovation Center will review making additional investments through various funds.
The participating companies of the Project LOOP First Social Venture are as follows. ‘Kokkiri Gongjang’ collects and pulverizes plastic toys (ABS, PP) to produce regenerated materials such as engineering plastic; ‘Foresys’ produces regenerated plastic materials through the development of a waste fishing net (PE, PP) desalination and pre-treatment plant; and ‘Woorim ICT’ produced pulverizing AI collector and uses its proprietary technology to separate different types of matter and will be in charge of collecting waste plastics and transforming them into resources. ‘Plus Life’ that manufactures clothes using recycled materials and ‘Lowlit Collective’ that pulverizes small plastics under 15cm to manufacture chairs, furniture, etc. using 3D printers will be in charge of commercialization.
LOTTE Chemical CEO and Vice Chairman Kim Gyo-hyun stated, “The waste plastic issue is not something that one company can solve alone, and a strong loop that connects conglomerates, start-ups and even businesses, local governments and the civic society is necessary to address this issue.” He added, “LOTTE Chemical will strive so that Project LOOP can do its role as a ‘platform’ that creates and supports such connecting loop.”
Kokkiri Gongjang CEO Lee Chae-jin, who participated in the Project LOOP First Social Venture commented, “We needed facility investment and technological support to expand our eco-friendly business, and we are thankful to LOTTE Chemical for offering such a great opportunity.”
Meanwhile, Past pilot project participants such as LAR, Levelop and Project Beyond also attended to take a look back at the past activities, and to show their support for the newly beginning Project LOOP.
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