■ LOTTE Chemical Project Loop began support activities for constructing a resource loop system from ‘20... Assistance in the form of business cooperation opportunities, expert mentoring, business realization funds, etc. for a total of 11 social ventures
■ Selected 3rd Project LOOP Social and held agreement ceremony with 3 companies at the Jamsil LOTTE World Tower in the morning of the 13th... ‘Studio Lab’ that categorizes waste clothing by material and type based on AI, ‘TSP BioChem’ that develops eco-friendly bio sheets and thermal insulation packages, and ‘Chansol Social Cooperative’ that develops packages and teaching materials by applying plastic recycled materials
■ LOTTE Chemical, “Project LOOP Social is a project that supports resource circulation startups and it will create business synergy between LOTTE Chemical and selected companies to grow and develop into a platform that can further contribute to the construction of a resource circulation system”

LOTTE Chemical announced that it held an agreement ceremony with the third ‘Project LOOP Social’ for solving social issues and creating common values.

‘Project LOOP’ began relevant activities with 8 social ventures in March of 2020 to build up a resource circulation system and has continuously engaged in manufacturing recycled products, constructing local clusters, etc.

In addition, efforts are also being made in spreading the resource circulation culture through various collaboration projects with group affiliates such as producing eco-friendly uniforms for the pro baseball team, LOTTE Giants.

The three companies selected this time are ‘Studio Lab’ that categorizes waste clothing by materials and types based on AI, ‘TSP BioCam’ that uses plastic recycled materials to develop thermal insulation packages, and ‘Chansol Social Cooperative’ that produces teaching materials for people with developmental disabilities using ABS and PET recycled materials.

LOTTE Chemical selected three companies by recruiting and reviewing companies that it would support from October last year together with the Impact Square, the host company of ‘Project Loop’ and plans to provide business cooperation opportunities such as expert mentoring, supporting business realization support funds, constructing sales channels, etc. from December of this year.

A spokesperson of LOTTE Chemical stated, “Project LOOP Social is a project that supports resource circulation social ventures and it will create business synergy between LOTTE Chemical and selected companies to grow and develop into a platform that can further contribute to the construction of a resource circulation system.”

‘Studio Lab’ CEO Kang Sung Hoon commented, “In addition to costs, a great degree of social interest is needed to achieve ESG goals, and I was very excited to learn that a conglomerate was providing support for startups possessing technologies and ideas. We will use this opportunity to become a business that further develops technologies to contribute to the circulating economy.”

Through ‘Project LOOP’ over the past three years, LOTTE Chemical released eco-friendly bags, shoes, jackets, and laptop computer pouches by collecting and recycling waste PET bottles, and produced eco-friendly uniforms and windbreakers for pro baseball players of LOTTE Giants, uniforms for LOTTEria, Krispy Kreme, and Angelinus employees, and other such resource circulation activities that could be realized in our everyday lives.

Meanwhile, Project LOOP 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.