Business
PureCycle Provides June Production Update
IRONTON, OH / ACCESSWIRE / July 2, 2024 / PureCycle Technologies, Inc. (NASDAQ:PCT), today, provided an update on the Company's flagship purification facility
About this update from Purecycle Technologies, Inc.
[{"type":"text","content":"IRONTON, OH / ACCESSWIRE / July 2, 2024 / PureCycle Technologies, Inc. (NASDAQ:PCT), today, provided an update on the Company's flagship purification facility in Ironton, Ohio. Since resuming operations on May 30, the company has produced more than 1.1 million pounds of pellets. Approximately 800,000 pounds were produced by June 10 and the Company spent the rest of the month primarily focused on commissioning the co-product two (CP2) system.The Company resumed operations in late-May with a feedstock low in CP2. During this period, feed rates reached as high as 6,500 pounds per hour, while pellet production reached rates as high as 8,300 pounds per hour.As planned, the Company shifted to a feedstock higher in CP2 beginning in mid-June to commission upgrades made during the planned outage in April. To facilitate this process, feed and pelletization rates were reduced and additional time was taken for minor repairs and adjustments. The Company believes the core improvements made during the planned outage for CP2 removal will help the Ironton Facility reach higher levels of production capacity.PureCycle CEO Dustin Olson said, \"I'm encouraged by the improvements we have made at our Ironton Facility. The stronger performance in June, which was our highest production month to date, has allowed us to further optimize our processes and equipment. We believe the changes will help us reach desired utilization rates.\"Olson added, \"I'm also encouraged by our progress with the co-product 2 system. The changes we made during the outage have improved the removal process, and with a few minor upgrades, I believe we will reach higher targeted CP2 removal rates. We are also continuing our work to improve the product quality and consistency.\"The Company will provide further information on production and commercial progress during its Second Quarter 2024 Corporate Update in August.###PureCycle Contact Christian Bruey [email protected] +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 purificati...