Loop Industries Announces Significant Progress in Reed Management Financing Package

Montreal, QC—July 31, 2024—Loop Industries, Inc. (NASDAQ:LOOP) has announced an important milestone in collaboration with Societe Generale and Reed Management SAS. Societe Generale has agreed to acquire 75% of Reed and provide initial funding amounting to €250 million, potentially rising to €350 million. This will support Reed's planned investments, including a €35 million financing package through a joint venture with Loop.

The transaction is subject to regulatory approval and is expected to secure Reed's funding for the deployment of Loop's technology in Europe. Loop will receive a €10 million investment in a Convertible Preferred Security and a €25 million loan in two tranches to support global deployment opportunities.

Loop aims to meet all the closing conditions within the expected timeframe and is in active discussions for additional government and other financing. Julien Touati, CEO of Reed, expressed pride in this development, while Loop's CEO, Daniel Solomita, emphasized the enhanced positioning this partnership brings for Loop's global technology deployment.