Loop Industries (LOOP) said Thursday that its manufacturing facility in India will begin operations by the end of 2027, with plans in place for a second facility at the site with a capacity of 100,000 tonnes.

Loop executives said that the 93-acre site in Gujarat state, which it recently agreed to acquire for $10.5 million, is sufficient for two facilities, according to a transcript of the company's earnings call.

Loop shares were 16% lower in recent trading.

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