A Florida company is setting up shop in Lawrence County, Ohio, investing $360million in a plastics recycling facility. PureCycle continues to execute its East Coast Prep strategy to supply feedstock for its Augusta purification operations and has adjusted the start-up timelines at the three locations to be aligned with our revised purification facility timeline. We are excited about our recent progress and look forward to updating you as we continue to advance our objectives throughout the remainder of 2022 and beyond., Larry Somma, PureCycles Chief Financial Officer, added, Following our successful private placement equity raise in March, we remain intently focused on securing project debt financing for Augusta lines 1 and 2, along with three PreP facilities. About PureCycle TechnologiesPureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a global license for the only patented solvent-driven purification recycling technology, developed by The Procter & Gamble Company (P&G), that is designed to transform polypropylene plastic waste (designated as No. The conference call will have a live Q&A session and be available for replay hereand on the Company's website at www.purecycle.com. PureCycle Technologies partners with Milliken, Nestl to accelerate revolutionary plastics recycling. Suite 300, PureCycle Technologies, Inc. 5950 Hazeltine National Drive Suite 300 Orlando, FL 32822
PureCycles Ironton flagship purification facilitys original budget was $242.1 million, which was funded through bond financing. There can be no assurance that future developments will be those that have been anticipated. With the company's flagship recycling plant in Ironton, Ohio expected to start pellet production in Q1 of 2023; a second plant in Augusta, Georgia under initial construction; and its first PP recycling plant in Asia currently on track to open in 2025, PureCycle is expanding globally and actively scaling its production capabilities. PureCycle's Ironton, OH Facility is on Track to Start Producing Pellets Q1 2023 ORLANDO, Fla., Dec. 19, 2022 . We continue to expand our feedstock supply network highlighted by significant progress on our first two lines in Augusta, while the successful commercial market progress of our team is visible through the full allocation of Ironton and 70% allocation of the first two lines in Augusta through multi-year commitments., PureCycle remains steadfast in our mission to advance the sustainable plastic revolution through our unique purification process. On October 20, 2022, PureCycle and SK geo centric entered into a JVA that outlines the terms of its 50/50 partnership in developing and operating a polypropylene purification facility with an annual nameplate capacity of 130 million pounds in Ulsan, South Korea. The Ironton flagship purification facility has a capacity of 107 million pounds per year of Ultra-Pure Recycled (UPR) resin and will mark the Companys first step in tackling the ongoing plastic waste crisis around the globe. SEATTLE (Scrap Monster): PureCycle Technologies announced corporate update of operations and financial results for third quarter 2021. 5950 Hazeltine National Drive, Suite 300, Orlando Florida 32822 (Address of Principal Executive Offices) (Zip Code) 5 plastic waste resulting in an ultra-pure recycled (UPR) plastic that can be recycled and reused multiple times, changing our relationship with plastic. PureCycle is listed on the Nasdaq capital market under the ticker symbol PCT. 28, 2022 PureCycle Technologies, Inc. (Nasdaq: PCT) and the Jacksonville Jaguars are teaming up to help divert over half a million pieces of plastic waste at, ORLANDOJune 1, 2022 Today, PureCycle Technologies, Inc. (NASDAQ: PCT) announced the appointment of a new member to its Board of Directors, Daniel M. Coombs. The new plant is expected to have annual capacity of 59,000 metric tons (130 million pounds), with plentiful . Augusta's purification lines 1 and 2 are currently 111% contracted through multi-year offtake agreements and commitments, with notable volume during the third quarter derived from packaging converters and compounders. Larry Somma has nearly three decades of experience in the corporate finance sector at world-class publicly traded companies within the plastics, manufacturing, hospitality, and consumer goods industries. PureCycle Technologies Inc., Orlando, Florida, has announced a corporate update for several projects, including its plant in Ironton, Ohio, and facilities in Augusta, Georgia. It mostly goes unrecycled, often ending up in our oceans and environment - and you can help fix the cycle. Ohio, 45638. PureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a global license for the only patented solvent-driven purification recycling technology, developed by The Procter . Jul. 2023 PureCycle Technologies. PureCycles mission to transform the worlds polypropylene recycling industry builds upon Olsons solid leadership principles as he works to reimagine the day-to-day business environment. Apr. PureCycle Technologies Provides Third Quarter 2022 Update . PureCycle Technologies' shares are trading at $6.30 per piece at the time of this writing, giving it a market cap of $1.11 billion. ", Larry Somma, PureCycle's Chief Financial Officer, added, "We have experienced a more challenging financing market than originally anticipated when initiating our fund raising efforts in June. With the company's flagship recycling plant in Ironton, Ohio expected to start pellet production in Q1 of 2023; a second plant in Augusta, Georgia under initial construction; and its first PP recycling plant in Asia currently on track to open in 2025, PureCycle is expanding globally and actively . The forward-looking statements are based on the current expectations of the management of PCT and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of the Quarterly Report to be filed on Form 10-Q. PureCycle Technologies process offers the only recycled polypropylene with properties equal to virgin polymer. Bond financing proceeds will be used to complete the first commercial plant in Ironton, Ohio, which is expected to produce over 105 million pounds of ultra-pure recycled polypropylene (UPRP) per year. Fla., Nov. 9, 2022-PureCycle's flagship purification facility in Ironton, Ohio, ("Ironton") targeting mechanical completion and pellet . Construction of the plant is expected to begin upon completion of the permitting process, which is currently anticipated in 2024. Following on from the Greener Manufacturing Show, AZoCleantech speaks withChristophe Williams,CEO and co-founder of Naked Energy, about the company and its mission to change energy for goodby acceleratingthe transition to net zero carbon. www.portofantwerpbruges.com, PureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a global license for the only patented solvent-driven purification recycling technology, developed by The Procter & Gamble Company (P&G), that is designed to transform polypropylene plastic waste (designated as No. Since 2017, Mortenson has supported PureCycle as program manager for a new technology that is centered on scaling and . This project was the culmination of many facets of economic development . The Company has also begun an evaluation of alternative sites in Central Florida. 21, 2017The facility will utilize a technology that is capable of generating recycled PP with virgin-like properties. We enable the use of recycled content in your applications without trade-offs. The unique purification process removes color, odor, and other impurities from No. Larry has Bachelor of Science degree in mechanical engineering as well as a Master of Engineering degree in engineering management from Cornell University. PureCycle Technologies continues to expand its global reach. Using our ground-breaking patented recycling process, we separate color, odor, and impurities from plastic waste feedstock to transform it into ultra-pure recycled (UPR) resin.PureCycle converts polypropylene plastic waste (designated as No.5 plastic) into like-new plastic. Pure Cycle Environmental LLC. PureCycle is already in active negotiations with potential feedstock and offtake partners and expects to commence commercial operations at its new European facility when construction of the first processing line is completed. The group combines the expertise of Wasson Enterprise (WE), a family-based investment firm led . Who is PureCycle. is the first zero plastic waste program for sports and entertainment. Purecycle Technologies LLC. -Financing to fund Augusta's first two purification lines and three East Coast preprocessing ("PreP") facilities targeted for completion by year-end with PureCycle evaluating scenarios with the objective of maintaining optionality in its capital structure as it moves to operational revenue in 2023. He also directed and oversaw all transactional finance activities, enterprise risk management and data analytics and automation. Prior to LyondellBasell, Larry was with Hyatt Hotels Corporation where he held both the Senior Vice President, Real Estate and Capital Strategy and Senior Vice President and Treasurer positions during his tenure. (740) 532-9096. Our team at PureCycle looks forward to creating a more sustainable future together. PCT's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT's UPR resin in food grade applications (both in the United States and abroad); PCT's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR resin and PCT's facilities (both in the United States and abroad); expectations and changes regarding PCT's strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and PCT's ability to invest in growth initiatives; PCT's ability to scale and build the Ironton facility in a timely and cost-effective manner; PCT's ability to complete the necessary funding with respect to, and complete the construction of the Augusta facility, its first U.S. cluster facility located in Augusta, Georgia, in a timely and cost-effective manner; PCT's ability to sort and process polypropylene plastic waste at its plastic waste prep ("Feed PreP") facilities; PCT's ability to maintain exclusivity under the Procter & Gamble Company license; the implementation, market acceptance and success of PCT's business model and growth strategy; the success or profitability of PCT's offtake arrangements; the ability to source feedstock with a high polypropylene content; PCT's future capital requirements and sources and uses of cash; PCT's ability to obtain funding for its operations and future growth; developments and projections relating to PCT's competitors and industry; the outcome of any legal or regulatory proceedings to which PCT is, or may become a party, including the securities class action case; geopolitical risk and changes in applicable laws or regulations; the possibility that PCT may be adversely affected by other economic, business, and/or competitive factors; turnover or increases in employees and employee-related costs; changes in the prices and availability of labor (including labor shortages), transportation and materials, including significant inflation, supply chain conditions and its related impact on energy and raw materials, and PCT's ability to obtain them in a timely and cost-effective manner; any business disruptions due to political or economic instability, pandemics, armed hostilities (including the ongoing conflict between Russia and Ukraine); the potential impact of climate change on PCT, including physical and transition risks, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms; the risk that the COVID-19 pandemic, including any new and emerging variants and the efficacy and distribution of vaccines may have an adverse effect on PCT's business operations, as well as PCT's financial condition and results of operations. PureCycle has placed key long lead orders including vessels, precision machinery and instrumentation. Third Quarter 2022 Conference Call Details. An operator will register your name and organization. The company's flagship recycling plant in Ironton, OH is . His breadth of experience creates a unique cross-functional and cross-cultural perspective to draw alignment between diverse viewpoints. The PureCycle process helps create an opportunity to fully close the loop in the creation of recycled polypropylene ("PP") which, while being one of the highest volume, most versatile and robust plastics, has an extremely low reclamation rate across the globe. Prior to joining PureCycle, Olson spent more than 20 years developing a diverse career path across refining, olefins, specialty chemicals, and specialty polymers throughout the United States, The Netherlands, and China. Our game-changing process helps close the loop on plastic waste while making recycled plastics more accessible at scale. The Ironton purification facility will have an annual capacity of 107 million pounds per year of Ultra-Pure Recycled ("UPR") resin. All subsequent written and oral forward-looking statements or other matters attributable to PCT or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this press release. The Company is building its first commercial-scale plant in Ironton, Ohio, which is expected to have nameplate capacity of approximately 107 million pounds per year when fully operational. That facility, located in Ulsan, South Korea, is expected to be completed by the end of 2024 and is projected to produce 60,000 tons of "ultra-pure recycled plastic" annually. Polypropylene recycler PureCycle Technologies is in the process of building out its key locations and is not yet earning revenue. PureCycle Technologies, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 001-40234 86-2293091 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. PureCycle Contact Christian Bruey cbruey@purecycle.com +1 (352) 745-6120. PureCycle Technologies' process offers the only recycled polypropylene with properties equal to virgin polymer. PureCycle is expanding globally and actively scaling its production capabilities. Olson holds a Bachelor of Science in Chemical Engineering from the University of Missouri-Rolla, a Master of Chemical Engineering from the University of Houston, and a Master of Business Administration from Rice University. We expect our three PreP facilities (Central Florida, Denver, Pennsylvania, and Augusta, Georgia) to be fully operational in advance of the completion of Augusta purification lines 1 and 2. The company's flagship recycling plant in Ironton, OH, is expected to start pellet production in Q1 of 2023, and a second plant in Augusta, GA, is under construction. From October 2015 to February 2019, Mr. Kalter served as Executive Vice President, General Counsel and Corporate Secretary of Exide Technologies (Exide), a battery manufacturing and energy storage business, overseeing global legal from 2015 to February 2019. PureCycle had $255.7 million in debt and accrued interest, less $16.8 million of discount and issuance costs as of March 31, 2022. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. In September 2022, the Company received a notice from a single feedstock supplier and offtake customer of the Ironton Facility, seeking to terminate the feedstock and offtake agreements. (NASDAQ: PCT) and the Port of Antwerp-Bruges today announced that PureCycle intends to build its first polypropylene (PP) recycling facility in Europe in the port's fast-growing NextGen District located in Belgium. Earlier in his career, Olson held senior leadership roles in manufacturing, commercial, and business support functions in refining, commodity chemicals, and specialty polymer business units across the world. The Second-Life Battery Market: Newest Developments and Opportunities, Radiation Measurements on the North Slope of Alaska, Anthropogenic Emissions of Gases in Urban Areas, The Importance of Meteorological Parameters on Photovoltaic Output. is expected to be completed by the end of 2024 and is expected to produce 60,000 tonnes of "ultra-pure recycled plastic" per year. PureCycle's Ironton, OH Facility is on Track to Start Producing Pellets Q1 2023 ORLANDO, Fla. , Dec. 19, 2022 /PRNewswire/ -- PureCycle Technologies ' (NASDAQ: PCT) Munich-based partner KraussMaffei . 9 Best Places to Work by Plastics News, PureCycle Breaks Ground on New Recycling Facility in Augusta, Georgia, PureCycle Adds Top Industry Leaders to Board of Directors, Koch Modular Process Systems to Supply PureCycle Augusta Facility with Modular Recycling System. IRONTON PureCycle Technologies LLC, in collaboration with Jobs Ohio, Ohio Southeast Economic Development and Southern Ohio Port Authority, announced Monday plans to invest $363 million in the . 2 PureCycle Technologies jobs in Ironton, OH. www.purecycle.com. Currently, all our construction modules are set, and we anticipate reaching mechanical completion and pellet production in the first quarter of 2023. Our ultra-pure recycled plastic can be recycled and reused multiple times, changing our relationship with plastic. ET, Aptar and PureCycle Achieve Testing Milestone with Ultra-Pure Recycled Plastic, PureCycle Named No. Based on the current expectation that funding for the project will be in place by year-end, we now anticipate mechanical completion, startup, and full commissioning of Augusta lines 1 and 2 to be in the second half of 2024. PureCycle Technologies LLC has announced that it is investing $363 million to construct a factory in Ironton to recycle over 100 million pounds of polypropylene plastic annually . PureCycle Successfully Obtains Clear Ultra-Pure Recycled PP Resin from Discarded Carpet. Our objective remains raising the necessary capital to fund our growth and help bridge us to our goal of delivering Ironton operational revenue in 2023. Contact. The district is located at the Port of Antwerp-Bruges, Europe's second largest seaport. 5 plastic) into a continuously renewable resource. The stock price is 21.7% below the long-term trend of the 200 . We are excited to bring our Ultra-Pure Recycled . Suite 300, Feedstock discussions remain on track with 75% of lines 1 & 2 under letters of intent (LOIs).PureCycle added top industry leaders to its Board of Directors with the appointments of Steven Bouck and Allen Jacoby as independent directors, effective March 15, 2022. Orlando, FL 32822. These risks and uncertainties include, but are not limited to, those factors described in the section of PCT's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, entitled "Risk Factors," those discussed and identified in public filings made with the U.S. Securities and Exchange Commission (the "SEC") by PCT (including PCT's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022) and the following: Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of PCT prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. To learn more, visit purecycle.com. ORLANDO, Fla., Nov. 9, 2022 /PRNewswire/ -- PureCycle Technologies, Inc. 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