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, a world
leading manufacturer of plastics and rubber processing machines,
today, delivered the final piece of major equipment needed for
PureCycle's Ironton, Ohio
purification plant, overcoming delays caused by supply-chain
challenges. The delivery of the final extruder comes sooner than
anticipated and will enable PureCycle to stay on track to finish
construction and begin pellet production by Q1 of 2023.
"We are incredibly excited to bring our flagship purification
facility online early next year and this delivery from KraussMaffei
will help us do just that," said PureCycle CEO, Dustin Olson. "This extruder represents the
final major piece of equipment required for startup of our facility
and a critical component needed to reach mechanical completion of
the Ironton Project. KraussMaffei has done a very good job of
thinking outside the box to eliminate obstacles and months of
potential shipping delays. The current supply chain environment has
been extremely difficult, but through creativity, strong
collaboration, and a 'can do' attitude, our teams have achieved a
major milestone. We look forward to many more successful projects
together."
Once fully operational, PureCycle's first commercial
purification plant will have an annual capacity of 107 million
pounds of Ultra-Pure Recycled (UPR) resin.
KraussMaffei President, North
America, Nolan Strall,
added, "We're proud to be partnering with PureCycle on this project
and are thrilled to provide the critical equipment needed to
complete construction of their Ironton facility. The plastics industry has
needed technology like PureCycle's for a long time to advance
circularity and we look forward to working with them as they bring
their new UPR resin to the market."
KraussMaffei is one of the world's leading manufacturers of
machines and systems for producing and processing plastics and
rubber, including all technologies in injection molding, extrusion,
and reaction process machinery. The KraussMaffei's KME 250 extruder
is one the last pieces of equipment needed to finish the buildout
of the Ironton plant.
PureCycle Contact
Nina Tognazzini
ntognazizni@kivvit.com
949.933.7553
About PureCycle Technologies
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
transforms polypropylene plastic waste (designated as No. 5
plastic) into a continuously renewable resource. The unique
purification process removes color, odor, and other impurities from
No. 5 plastic waste resulting in an ultra-pure recycled (UPR)
plastic that can be recycled and reused multiple times, changing
our relationship with plastic. www.purecycle.com
Forward-Looking Statements
This press release contains
forward-looking statements, including statements about the
financial condition, results of operations, earnings outlook and
prospects of PureCycle. In addition, any statements that refer to
projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions, are
forward-looking statements.
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.
The forward-looking statements are based on the current
expectations of the management of PureCycle and are inherently
subject to uncertainties and changes in circumstances and their
potential effects and speak only as of the date of this press
release. There can be no assurance that future developments will be
those that have been anticipated. These forward-looking statements
involve a number of risks, uncertainties or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not
limited to, those factors described in the section of PureCycle'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 PureCycle and the
following:
- PureCycle's ability to meet, and to continue to meet,
applicable regulatory requirements for the use of PureCycle's UPR
resin in food grade applications (both in the United States and abroad);
- PureCycle's ability to comply on an ongoing basis with the
numerous regulatory requirements applicable to the UPR resin and
PureCycle's facilities (both in the
United States and abroad);
- expectations and changes regarding PureCycle'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 PureCycle's ability to
invest in growth initiatives;
- PureCycle's ability to scale and build its first
commercial-scale recycling facility in Lawrence County, Ohio (the "Ironton Facility")
in a timely and cost-effective manner;
- PureCycle's ability to complete the necessary funding with
respect to, and complete the construction of its first U.S. cluster
facility located in Augusta,
Georgia (the "Augusta Facility"), in a timely and
cost-effective manner;
- PureCycle's ability to sort and process polypropylene plastic
waste at its plastic waste prep ("Feed PreP") facilities;
- PureCycle's ability to maintain exclusivity under the Procter
& Gamble Company license;
- the implementation, market acceptance and success of
PureCycle's business model and growth strategy;
- the success or profitability of PureCycle's offtake
arrangements;
- the ability to source feedstock with a high polypropylene
content;
- PureCycle's future capital requirements and sources and uses of
cash;
- PureCycle's ability to obtain funding for its operations and
future growth;
- developments and projections relating to PureCycle's
competitors and industry;
- the outcome of any legal or regulatory proceedings to which
PureCycle is, or may become a party, including the securities class
action case;
- geopolitical risk and changes in applicable laws or
regulations;
- the possibility that PureCycle may be adversely affected by
other economic, business, and/or competitive factors;
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SOURCE PureCycle Technologies