Business
PureCycle Technologies Provides First Quarter 2023 Update
-PureCycle's flagship purification facility in Ironton, Ohio, ("Ironton") is mechanically complete, pre-startup process safety management ("PSM") processes
About this update from Purecycle Technologies, Inc.
[{"type":"text","content":"-PureCycle's flagship purification facility in Ironton, Ohio, (\"Ironton\") is mechanically complete, pre-startup process safety management (\"PSM\") processes required for solvent delivery is complete, all core operating systems have been commissioned and are ready for startup, and solvent is arriving on site.-Secured $62 million of debt financing and evaluating additional proposals to incrementally fund the Augusta project and to further strengthen the Company's balance sheet.-Submitted plan of finance to the Development Authority of Augusta, GA (\"AEDA\") for one purification line. We are working toward the goal of closing on the land rights (\"Augusta Bonds\") by June 30, 2023.ORLANDO, FL / ACCESSWIRE / May 9, 2023 / PureCycle Technologies, Inc. (\"PureCycle\" or \"the Company\") (NASDAQ:PCT), a U.S.-based company revolutionizing plastic recycling, today announced a corporate update and financial results for the first quarter ending March 31, 2023. Management CommentaryDustin Olson, PureCycle's Chief Executive Officer, said, \"Our flagship facility in Ironton is days away from beginning the start-up phase of commercial pellet production of ultra-pure recycled (\"UPR\") resin. As part of our mission to create an ‘infinitely sustainable planet,' we are focused on the health and safety of PureCycle team members and the communities in which we operate. With that in mind, we are excited to begin safely ramping up commercial operations and the production of UPR resin in our state-of-the-art purification facility in Ironton.\"Larry Somma, PureCycle's Chief Financial Officer, added, \"We continue to execute on our goal of maintaining financial flexibility and optionality prior to Ironton being operational by securing $62 million of additional debt financing since our last update, further strengthening our balance sheet. We submitted a plan of finance to the AEDA and are working toward closing the Augusta Bonds by the end of June. Our strategy remains to obtain long-term project financing once Ironton is operational. We believe that having capital that can \"bridge\" the Augusta project until Ironton is operational will allow the Company to access a longer-term, lower-cost source of funds.\"Ironton UpdateThe Company's flagship purification facility in Ironton is certified mechanically complete, has completed the pre-startup PSM certi...