04:40 AM EDT, 05/31/2024 (MT Newswires) -- Loop Industries ( LOOP ) said late Thursday it has signed agreement with Reed, a European investment firm, for a 35 million euros ($37.9 million) investment to commercialize the company's Infinite Loop technology.

The companies will also form a 50/50 joint venture to deploy the technology in Europe, pending certain closing conditions, Loop said.

Loop is also negotiating financing with a governmental agency to secure funds for its planned monomer facility in India.