LOTTE Chemical Project LOOP First Social Venture Expands Resource Circulation Activities

through Technologies and Products that Benefit the World

█ LOTTE Chemical strives to improve awareness on resource circulation and construct a domestic circulating economy system with social ventures

   through Project LOOP... Event held to share achievements thus far on Resource Circulation Day

█ First social venture companies (Low Litter Collective, Woorim ICT, Kokkiri Gongjang, Foresys, Plus Life) developed waste plastic sorting technologies,

    produced light heat sinks and clothing, collected waste fish nets for recycling, installed benches made with recycled plastic at Cheonggyecheon, etc...

    Plans to continue activities as members of Project LOOP

█ Vice-Chairman Kim Gyo-hyun, “Even more meaningful by being held on Resource Circulation Day”…“LOTTE Chemical will continuously expand Project Loop

    and through this, strive to advance entry into the ‘Age of Circulating Economy’ through the support and cooperation of more players”

Five companies of LOTTE Chemical Project Loop 1st social venture expanded activities to improve awareness on resource circulation and to construct a domestic circulating economy through technologies and products that are beneficial to the world for about a year.

On the 6th, which was Resource Circulation Day and the end of the Project LOOP 1st social venture, LOTTE Chemical held an event of sharing the achievements. This event was held at the Seoul Jamsil LOTTE World Tower and was attended by LOTTE Chemical CEO and Chair Kim Gyo-hyun, and representatives from the five cooperating companies such as Low Litter Collective, Woorim ICT, Kokkiri Gongjang, Foresys, and Plus Life.

LOTTE Chemical pursued Project LOOP since 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. Social venture support projects were held from October of last year in the environment and resource circulation sectors to recruit participating companies, from which five companies were selected after reviews. LOTTE Chemical and participating companies teamed up to conduct resource circulating system construction activities to strive to contribute to creating social and economic value, and shared their achievements here.

During the project period, Low Litter Collective plans to produce benches using recycled plastic with a 3D printer to install them along Cheonggyecheon. Kokkiri Gongjang collected and recycled waste toys to produce lighting heat sinks, and Woorim ICT is scheduled to complete development of sorting technologies of crushed ABS, PP and PE by November. Foresys is collecting waste fishing nets and waste PP ropes to turn into resources for commercial products, and Plus Life produced spring and summer clothes using waste plastic fabrics, and is now producing fabrics for the fall and winter.

Kokkiri Gongjang and Woorim ICT were recognized for their accomplishments and were selected as outstanding companies, thereby receiving 50 million KRW for project realization rewards, and Kokkiri Gongjang is scheduled to receive the Minister of Environment's award.

Vice-Chairman Kim Gyo-hyun stated, “This event is even more meaningful by being held on Resource Circulation Day”…“LOTTE Chemical will continuously expand Project Loop and through this, strive to advance entry into the ‘Age of Plastic Circulating Economy’ through the support and cooperation of more players” 

Meanwhile, LOTTE Chemical plans to recruit the second Project LOOP social venture in October.