Invitation of 2nd Social Venture to Join LOTTE CHEMICAL ‘Project LOOP’ in Resource Circulation Activities

█ LOTTE CHEMICAL Project LOOP invites 2nd social ventures to join efforts to improve awareness on resource circulation

    and to build a domestic circulating economic system via website until the 30th

█ Selected businesses to be provided various support such as business realization funds, commercialization expert mentoring,

    business cooperation, link to sales channels, etc. 

LOTTE CHEMICAL Project LOOP will invite the 2nd social ventures that will participate in activities for improving the waste plastic collection culture and building a plastic circulating economy system through recycling. Invitations are open to the two sectors of collection/sorting and resourcing, and businesses can apply via the Project LOOP website (www.projectloopsocial.com) until the 30th of this month. 

Selected businesses will not only receive up to 50 million KRW as business realization funds, but there will also be various support programs such as mentoring with resource circulation experts, connecting with businesses of Lotte Group affiliates and external institutes.

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. 

It is currently expanding and developing the project with LOOP Social for discovering social ventures in the resource circulation sector, LOOP Cluster that pursues recycled resource sourcing with local governments and public/private facilities, LOOP LOTTE that aims at spreading the recycling culture and expanding use of recycled materials within the Lotte Group, and LOOP Alliance for expanding a recycling ecosystem among various industries.

It has already invited and selected five social ventures (Lowlit Collective, Woorim ICT, Kokkiri Gongjang, Foresys, Plus Life) for the first time in October of last year through LOOP Social. LOTTE CHEMICAL and participating companies teamed up this year to engage in activities to construct a resource circulating system and worked hard to contribute to the creation of social and economic values. The outcomes of such efforts were shared in September at Lotte World Tower.

Through the activities of the first group, Lowlit Collective is scheduled to produce benches made by recycling waste plastics using a 3D printer and placing them at Cheonggyecheon River. Woorim ICT is developing sorting technologies by material such as pulverized ABS, PP, and PE, and Kokkiri Gongjang collected and recycled discarded toys and is using it to manufacture lighting heat sinks. 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 winter.

Kokkiri Gongjang and Woorim ICT were recognized for their accomplishments and were selected as outstanding companies, thereby receiving an additional 50 million KRW for business realization funds, and Kokkiri Gongjang received the Minister of Environment's award.