■ Venture Support Program to build a domestic circular economy systems… Introduced the achievements of three 3rd Cohort companies and awarded best companies.
■ Promoted ‘Project LOOP’ to improve the culture of waste plastic collection and recycling for plastic circular economy systems since 2020…Discovered and supported 11 companies for three years.
■ CTO Hwang Min Jae said, “We will contribute to expanding the ecosystem of vital circulation of resources through various social ventures we have discovered and promote various cooperative activities.”
■ “Green Industry Development Panel Discussion” with various interested parties to discuss how to develop startups and investment trends in the environment sector…The coming competition will consider expanding support for ‘Project LOOP’ by including the green industry, e.g., carbon reduction technology.

LOTTE Chemical hosted a ceremony to share the achievements of 'Project LOOP Social 3rd Cohort,' a venture support program aimed at improving awareness of resource circulation and establishing a domestic circular economy system. The event took place on the afternoon of the 3rd at LOTTE World Tower in Seoul, featuring Hwang Min Jae, Chief Technology Officer (CTO) of LOTTE Chemical, Im Hyeon Jeong, President of Korea Environmental Industry & Technology Institute, and participating companies from the 3rd cohort including Studio Lab, Chansol Social Cooperative, and TSP Biochem.

Since 2020, LOTTE Chemical has been driving 'Project LOOP' aimed at improving the culture of plastic waste collection and recycling to establish a plastic circular economy system. Over the past three years, approximately 11 companies have been discovered. These companies have received support including funding, as well as assistance in expanding the market for recycled products utilizing waste plastics. LOTTE Chemical has also contributed to the spread of resource circulation by establishing regional clusters in Incheon, Busan, and Ulsan, and engaging in various collaborative projects with group affiliates.

Among the companies participating in the 3rd cohort, Studio Lab has advanced its technology behind the AI-based waste clothing classification solutions that measures the types, materials, and accessories of clothing in real-time for classification, enabling swift processing of discarded garments for collection and sorting.

Also, Chansol Social Cooperative has completed sustainable educational kits by replacing wood with recycled plastic materials to innovatively transform the assembly kits for individuals with developmental disabilities. Meanwhile, TSP Biochem has successfully integrated recycled materials into their original bio-sheets, which can replace Styrofoam in box packaging, to maintain product performance while reducing environmental impact.

Among them, Studio Lab was selected as the best company after evaluation on sustainability, contribution to resource circulation, and scalability. They received the Minister of Environment Award and a prize of 20 million KRW.

Hwang Min Jae, Chief Technology Officer at LOTTE Chemical, described, “Project LOOP Social is a program that identifies and nurtures partners who propose innovative solutions in the resource circulation field, creating social value through coexistence and circulation. "Through various social ventures we have identified, we aim to expand the ecosystem of resource circulation and engage in diverse collaborative activities."

Furthermore, LOTTE Chemical participated in the Green Industry Development Panel Discussion, along with Korea Environmental Industry & Technology Institute, Impact Square, and LOTTE Ventures, to discuss the direction for fostering green industry startups, the support needed from companies and institutions, and investment trends in the environmental sector. They discussed expanding the scope of 'Project LOOP' in future competitions beyond just plastic waste resource circulation to include green industry sectors such as carbon reduction technologies.

'Project LOOP' is a domestic campaign aimed at establishing a vital plastic circulation process, supporting social ventures related to plastic waste collection and promoting upcycled products. It has been recognized for its efforts in interconnecting plastic recycling processes and interested parties and provide necessary resources such as systems and education to systematically build a sustainable plastic circulation loop.