Loop Industries, Inc. has appointed Spencer Hart as its new Chief Financial Officer, effective January 15 2026. Hart, who joined the board in February 2025, brings more than three decades of experience in investment banking and capital markets, most recently as a senior executive at Guggenheim Securities.
The transition follows the removal of former CFO Fady Mansour in March 2025 and the interim stewardship of Nicolas Lafond. Hart’s appointment signals the company’s intent to consolidate financial leadership after a period of significant capital‑raising activity and to strengthen discipline as it scales its India joint‑venture and modular‑construction strategy.
Loop secured approximately €20 million in cash through a combination of a €10 million convertible preferred security and a €10 million technology‑license sale to Reed Societe Generale Group, a majority‑owned subsidiary of Société Générale. The deal also included a 10 % equity stake in the company, though the exact terms of the equity component were not disclosed. A $15 million at‑the‑market (ATM) program was announced, but specific details of the program’s structure and tranche sizing remain unconfirmed.
The new CFO will oversee the financial strategy that underpins Loop’s expansion into India, where the company has secured a 93‑acre site in Gujarat for its Infinite Loop manufacturing facility. The firm has also secured offtake agreements with major brands such as Nike for its Twist™ circular polyester resin, and it continues to deploy its “design‑one, build‑many” modular construction model across Asia and Europe.
Loop’s financial profile remains challenging, with negative equity and ongoing losses that underscore the need for disciplined capital management. The appointment of an experienced finance executive is intended to navigate these pressures while pursuing growth opportunities and maintaining liquidity for future capital‑intensive projects.
CEO Daniel Solomita praised Hart’s track record, stating that “his deep expertise in capital markets will be critical as we accelerate commercialization and secure the funding required for our global expansion.” Hart echoed this sentiment, saying he is eager to “deepen his commitment to Loop and help secure the capital necessary for the next phase of our growth.”
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