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PURECYCLE, PORT OF ANTWERP-BRUGES ANNOUNCE NEXTGEN DISTRICT AS LOCATION FOR PURECYCLE'S FIRST PLASTIC RECYCLING PLANT IN EUROPE
PureCycle Selected as NextGen District Concessionaire in Competitive Bid Process ORLANDO, Fla., Jan. 17, 2023 /PRNewswire/ -- PureCycle Technologies, Inc.
About this update from Purecycle Technologies, Inc.
[{"type":"text","content":"PureCycle Selected as NextGen District Concessionaire in Competitive Bid Process\nORLANDO, Fla., Jan. 17, 2023 /PRNewswire/ -- PureCycle Technologies, Inc. (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. The new plant is expected to have an annual capacity of 59,000 metric tons (130 million pounds), with opportunities to expand operations in the future since the 14-hectare plot can support up to four processing lines with an anticipated total capacity of approximately 240,000 metric tons (500 million pounds) per year (in total for all four processing lines). PureCycle is currently engaged in feedstock sourcing and financial planning with the intent to secure a final project timeline by mid-2023. Construction of the plant is expected to begin upon completion of the permitting process, which is currently anticipated in 2024. \n\n \n \n \n \n \n \n\n \nNextGen District is a global hub for businesses seeking to advance the circular economy. The district is located at the Port of Antwerp-Bruges, Europe's second largest seaport. PureCycle was recently awarded a concessionaire contract during NextGen's competitive bid selection process.\nPureCycle Vice President of European Operations, Wiebe Schipper, commented, \"The announcement of our first location in Europe marks the next phase in executing PureCycle's global growth strategy. We are excited to bring our Ultra-Pure Recycled (UPR) resin to customers in Europe, where companies and policies are at the forefront of the circular economy. Being in the NextGen District will enable us to capitalize on existing efficiencies, collaborate with other innovators in the space and forge new partnerships.\" He added, \"We want to thank the Port of Antwerp-Bruges for believing in our mission and for providing the support necessary to get this project off the ground. Our team at PureCycle looks forward to creating a more sustainable future together.\"\nPort of Antwerp-Bruges CEO, Jacques Vandermeiren, said, \"The Port of Antwerp-Bruges' NextGen District is committed to creating an innovation hotspot where companies dedicated to building a circular economy and developing sustainable solutions to some of the world's toughest climate and ...