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PURECYCLE, MITSUI SIGN HEADS OF AGREEMENT
Next step in bringing polypropylene recycling plant to Japan ORLANDO, Fla., March 17, 2023 /PRNewswire/ -- PureCycle Technologies (NASDAQ: PCT) and Mitsui &
About this update from Purecycle Technologies, Inc.
[{"type":"text","content":"Next step in bringing polypropylene recycling plant to Japan\nORLANDO, Fla., March 17, 2023 /PRNewswire/ -- PureCycle Technologies (NASDAQ: PCT) and Mitsui & Co. Ltd. (Mitsui) announced a signed heads of agreement (HOA) to develop and operate a polypropylene (PP) recycling plant in Japan. Mitsui is a global trading and investment company with a diversified business portfolio based in Tokyo. In September of 2021, the two sides announced a signed memorandum of understanding.\n\n \n \n \n \n \n \n\n \nThe two sides are targeting completion of a plant in 2026. The first plant is designed to transform PP waste into an ultra-pure recycled (UPR) resin and expected to have an annual capacity of 59,000 metric tons (130 million pounds). \nPureCycle CEO Dustin Olson said, \"We need strong global partners like Mitsui to solve the global plastic waste crisis. This HOA is a major step forward in the process of bringing a true circular solution to Japan for polypropylene plastic waste. The final options for site locations are located between major population and industrial centers, so we can optimize supply chain activities for both feed and product. We believe this site will become a strategic sustainable supply location for critical Japanese industries like automotive, electronics, and consumer product companies.\"\nPureCycle uses a patented technology that can remove virtually all contaminants, colors and odors from polypropylene plastic waste (designated as No.5 plastic) and transform it into an ultra-pure plastic resin that can be used multiple times.\nChief Operating Officer of the Performance Materials Business Unit at Mitsui Hiroshi Kakiuchi commented, \"Mitsui has identified 'sustainability management and the evolution of ESG' as key areas of its Corporate Strategy. Through this new joint project with PureCycle, Mitsui aims to contribute to the overall reduction of plastic waste and the establishment of a circular economy in Japan. By securing plastic waste as the raw material, manufacturing recycled polypropylene resin, and expanding the applications of the material for consumer goods, food containers and automobile interiors, Mitsui aims to make a significant contribution to the creation of the more sustainable society.\"\nThis is the latest example of PureCycle's global-growth strategy. Earlier this year, the company announced the ...