Lotte Chemical Launches 5th Cohort of 'Project LOOP Social'

Five social ventures selected to turn recycled materials into products
Funding, mentoring, and sales channel support
"Building circular economy business models"

Lotte Chemical is launching an initiative to nurture social ventures that turn recycled raw materials from waste plastic into finished products.

Attendees pose for a commemorative photo at the signing ceremony for the fifth cohort of Project Loop Social, held at Lotte World Tower in Jamsil, Seoul, on the 29th. Lotte Chemical

Lotte Chemical said on October 30 that it held a signing ceremony for the fifth cohort of Project LOOP Social, a support program for circular economy ventures, at its headquarters in Lotte World Tower in Jamsil, Seoul, on October 29. Attendees included Lee Youngjun, CEO of Lotte Chemical, and representatives of the five selected companies.

Project LOOP Social is part of Lotte Chemical's Project LOOP plastic circular economy campaign. It identifies and nurtures startups involved in plastic recycling. The initiative began as a pilot program with eight social ventures in 2020 and has supported 16 companies through its first four official cohorts.

The fifth cohort selected companies with technologies to turn recycled materials into products and services, going beyond simply producing recycled materials. The companies are Peullasikeul, which chemically recycles waste polycarbonate; Peuraegeu, which makes goods from recycled materials and operates an NFC smart-goods platform; Rouriteu Kol렉tibeu, which turns waste plastic into products using rotational molding; Ieomtek, which makes composite railway sleepers from industrial byproducts; and Ribeisyeon, an eco-friendly, one-stop development company that handles everything from materials planning to delivery. The selected companies will receive business funding, expert mentoring, an acceleration program, and support in developing sales channels.

Lee said, "The goal of the fifth cohort is to go beyond producing recycled materials and create practical circular economy business models through product development and market connections. We will do everything we can to help the selected companies achieve results."

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