LOTTE Chemical launches 5th Project LOOP Social to scale circular-economy startups
- Agreement ceremony held on the 29th at LOTTE World Tower in Jamsil, Seoul.
- Since 2020 LOTTE Chemical has supported 16 social ventures via Project LOOP Social, beginning with an eight-venture pilot.
- Fifth cohort selects five startups: Placycle (PC chemical recycling), FRAG (recycled-material merchandise and NFC platform), LOWLIT COLLECTIVE (rotational molding from waste plastic), EOMTEC (composite railway sleepers using industrial by-products), and Revation (end-to-end eco product development).
- Selected companies will receive funding for business implementation, expert mentoring, acceleration programs, online training and assistance in developing sales channels.
Program launch and intent
LOTTE Chemical held an agreement ceremony for the fifth Project LOOP Social program at its headquarters in LOTTE World Tower, Jamsil, Seoul, on the 29th. Project LOOP Social is part of the company’s Project LOOP initiative to establish a circular economy for plastics and to expand a circular resource ecosystem.
Cohort and company focus
The fifth cohort comprises five social ventures selected for their ability to transform recycled materials beyond raw-material production into commercially viable products and services: Placycle, FRAG, LOWLIT COLLECTIVE, EOMTEC and Revation.
Support offered
The program provides funding for business implementation, expert mentoring, acceleration programs, online training and help developing sales channels to connect recycled-material outputs with the market.
Broader Project LOOP work
LOTTE Chemical continues to advance Project LOOP through complementary initiatives: Project LOOP Cluster (sourcing recyclable materials with local governments and facilities), Project LOOP LOTTE (promoting recycled-material use across LOTTE Group) and Project LOOP Alliance (cross-industry collaboration to broaden the recycling ecosystem).
Source: LOTTE Chemical