Lotte Chemical expands support for plastic recycling startups

Lotte Chemical has selected five social ventures for the fifth phase of its Project LOOP Social program, an initiative designed to foster a circular economy for plastics. Unlike previous phases that focused primarily on the collection and conversion of waste plastics into raw materials, this fifth cohort expands its scope to include the commercialization of products and services derived from recycled materials.

The selected companies include Placicle, which specializes in chemical recycling of waste polycarbonate; Frag, an operator of recycled material goods and NFC platforms; Lowlit Collective, which uses rotational molding for plastic design; Eomtech, which produces composite railway sleepers from industrial byproducts; and Revation, an integrated eco-friendly development firm.

Lotte Chemical will provide these startups with commercialization funds, expert mentoring, accelerating programs, and online training. The company also intends to facilitate market entry by providing opportunities to connect with buyers and experts, with potential direct purchasing considerations for high-performing companies.