Lotte Chemical announced on the 16th of September that it held a signing ceremony for the 4th cohort of its venture company support program, ‘Project LOOP Social’, at Lotte World Tower in Jamsil on the 15th. This program is part of Lotte Chemical’s ‘Project LOOP’ campaign, focused on building a circular economy for plastics. It identifies and nurtures startups related to plastic recycling to expand the resource circulation process. Lotte Chemical initiated the pilot project in 2020 with eight social venture companies and has supported a total of 19 companies over the official 1st to 3rd cohorts.
In this 4th round, Lotte Chemical, in collaboration with Impact Square, which oversees the campaign, evaluated and selected six promising social venture companies focused on plastic resource collection, sorting, and materialization. These companies receive various support opportunities such as financial assistance, expert mentoring, acceleration programs, online classes, and distribution channel development.
The selected six companies are:
– ‘8te Tech’, a plastic recycling and sorting company based on AI robot solutions,
– ‘Found of J’, a specialized distribution platform for recycled plastics,
– ‘Repla’, a company with technology for microbial-based plastic decomposition,
– ‘Forecys’, a marine plastic recycling company,
– ‘Textyli’, a fiber recycling company using polymer target extraction methods,
– ‘Akron Eco’, a waste plastic resource recycling company utilizing continuous ultrasonic pyrolysis.
Young-Jun Lee, the general director of Lotte Chemical, stated, “Through this initiative, we aim to strengthen collaboration with social enterprises and expand the resource circulation ecosystem. We are committed to supporting the selected companies to achieve tangible results and fulfilling our social responsibilities.”
The signing ceremony featured Young-Jun Lee, the general director of Lotte Chemical (fourth from left), and the representatives of the newly selected six startups posing for a commemorative photo.