Ironton, Ohio
Recycling Facility Will Now Begin Steps Toward Pellet
Production
IRONTON,
Ohio, April 25, 2023 /PRNewswire/ -- PureCycle
Technologies, Inc. (Nasdaq: PCT), today, announced it has reached
mechanical completion of its first polypropylene ("PP")
purification plant in Ironton, OH
(the "Ironton Facility"), and submitted documentation to Leidos
Engineering, LLC ("Leidos"), the site's independent construction
monitor, for formal certification of completion.
PureCycle prepared the final closure documentation consistent
with the requirements set forth by Leidos and believes the
information to be complete and sufficient. The Leidos certification
is required to achieve key milestones in connection with
PureCycle's Ironton financings.
Contemporaneous with, and independent of, the Leidos certification
process, the Ironton Facility will now begin operational
pre-startup, safety review processes, and the march toward initial
pellet production, which is currently anticipated to commence in
the second quarter of 2023.
The Ironton Facility, once fully operational, is expected to
produce 107 million pounds of Ultra-Pure Recycled (UPR) resin
annually, making high-quality recycled PP plastic more accessible
at scale. PureCycle uses an innovative technology to remove nearly
all contaminants, colors, and odors from polypropylene plastic
waste.
"2023 will continue to be an exciting year for PureCycle as we
kick off operations at our flagship facility in Ironton. Now that construction is complete, we
can begin our ramp-up plan and start producing UPR pellets," said
Dustin Olson, PureCycle's CEO. "This
is a transformative moment for PureCycle, for all of those that
have supported us and invested in our Company, and for our goal of
creating an 'infinitely sustainable planet.' We can't wait to bring
our sustainable, high-quality, no-compromise UPR resin to our
customers and start to create a truly circular economy for
plastics."
PureCycle licenses the patented process for making high-quality
recycled resin from The Procter & Gamble Company, whose
scientists developed this technology.
Victor Aguilar, Chief Research,
Development and Innovation Officer at The Procter & Gamble
Company added, "We are very proud to see this technology
commercialized. This is an important step toward making recycled
materials more readily integrated into products and packaging and
consistent with P&G's interest in enabling more sustainable
solutions for our industry. Thank you, PureCycle, for driving
greater scale from our invention, and many thanks to our joint team
of scientists who dedicated their time and expertise to bring this
important project to fruition."
In addition to the sustainability benefits, PureCycle's first
purification plant will provide the Ironton community with an influx of new
jobs.
Bill Dingus, Executive Director
at the Lawrence County Economic Development Corporation added, "We
are so excited to bring this cutting-edge company and technology to
Southern Ohio. PureCycle is a
welcome member to our community, and we are thrilled to watch their
company change the world. This facility will bring approximately
80-100 high-wage jobs to our region and put Ironton, Ohio at the center of the global
recycling transformation."
PureCycle Contact
Christian Bruey
cbruey@purecycle.com
+1 (352) 745-6120
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
transform 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, 2022 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 obtain funding for its operations and
future growth and to continue as a going concern;
- 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 (including in the United States, Europe and other future international
locations);
- PureCycle's ability to comply on an ongoing basis with the
numerous regulatory requirements applicable to the UPR resin and
PureCycle's facilities (including in the
United States, Europe and
other future international locations);
- 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 complete and commission 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, (i) its first U.S.
multi-line facility, located in Augusta,
Georgia (the "Augusta Facility"); (ii) its first
commercial-scale European plant located in Antwerp, Belgium and (iii) its first
commercial-scale Asian plant located in Ulsan, South Korea, 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 at a reasonable cost;
- PureCycle's future capital requirements and sources and uses of
cash;
- 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, including
rising interest rates, availability of capital, economic cycles,
and other macro-economic impacts;
- 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 PureCycle'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 the company,
including physical and transition risks, higher regulatory and
compliance costs, reputational risks, and availability of capital
on attractive terms; and
- Operational risk.
Should one or more of these risks or uncertainties materialize
or should any of the assumptions made by the management of
PureCycle prove incorrect, actual results may vary in material
respects from those projected in these forward-looking
statements.
All subsequent written and oral forward-looking statements or
other matters attributable to PureCycle 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. Except to the extent required by applicable law or
regulation, PureCycle undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect the occurrence of
unanticipated events.
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SOURCE PureCycle Technologies