Lotte Chemical announced on the 16th that it had selected six startups to take the lead in recycling waste plastics at the agreement ceremony for the fourth phase of the circular economy venture support program 'Project LOOP Social', which was held on the 15th at Lotte World Tower in Jamsil, Seoul.

Project LOOP Social is part of the plastic circular economy campaign 'Project LOOP', aiming to build an ecosystem that covers the entire cycle from collecting and sorting waste plastics to recycling them. Starting with a pilot project in 2020, a total of 19 startups have been identified and supported to date. In this fourth phase, six companies were finally selected: △ AI-based waste plastic sorting robot solution 'Aetech' △ Recycling plastic distribution platform 'Found Object' △ Microbial-based decomposition technology 'Repla' △ Marine plastic recycling company 'Foresys' △ Textile recycling startup 'TextileRe' △ Pyrolysis technology company 'AkronEco'.

Lotte Chemical plans to provide these companies with △ business realization funds △ expert mentoring △ online lectures △ opportunities for market expansion, thereby supporting a practical growth foundation.

Lee Young-jun, CEO of Lotte Chemical, stated, "Through this activity, we will strengthen cooperation with social ventures and expand the resource circulation ecosystem," and added, "We will support the selected companies to create tangible results and fulfill our social responsibilities."

Go to the original article