John Risley's NPC to invest $35 mln in plastics tech company Loop
Northern Private Capital (NPC) has agreed to invest $35 million in Loop Industries Inc (Nasdaq: LOOP), a Terrebonne, Québec-based plastics technology company. The deal will give NPC, an investment arm of CFFI Ventures, the holding company of Canadian billionaire John Risley, a 10.5 percent stake. NPC also has the option to invest $45 million more within three years. Founded in 2014 by CEO Daniel Solomita, Loop has developed technology that depolymerizes no- and low-value waste polyethylene terephthalate plastic and polyester fibre. The company will use the funds raised for building its first manufacturing facility, research and development, and other priorities.
29 May 2019•6 mins read
