Business
PureCycle Technologies Provides Second Quarter 2021 Update
- Announced location of Plant 2, the first cluster facility, in Augusta, GA - Plant 1, the first manufacturing plant in Ironton, OH, remains on cost and
About this update from Purecycle Technologies, Inc.
[{"type":"text","content":"- Announced location of Plant 2, the first cluster facility, in Augusta, GA\n - Plant 1, the first manufacturing plant in Ironton, OH, remains on cost and schedule; Expect modular construction to begin in the third quarter of 2021\n - Engaged in active negotiations for over 300 million pounds of feedstock\n - Total liquidity of $539.0 million, including $238.1 million of unrestricted cash and investments and $300.9 million of restricted cash, at quarter-end June 30, 2021\n\n\nORLANDO, Fla., Aug. 12, 2021 /PRNewswire/ -- PureCycle Technologies, Inc. (\"PureCycle\" or \"the Company\") (NASDAQ: PCT), a company focused on polypropylene recycling, today announced a corporate update and financial results for the second quarter ending June 30, 2021.\n\n \n \n \n \n \n \n\n \nManagement Commentary\n\"We continue to execute against our strategic objectives since our first quarter update call. PureCycle has announced the site location for Plant 2, our first cluster facility, in Augusta, Georgia, a selection based on the culmination of a comprehensive process. We are also executing on our plan for Plant 1 in Ironton, Ohio as cost and schedules remain on track,\" said Mike Otworth, PureCycle's Chairman and Chief Executive Officer. \"We also made considerable advancements in our feedstock procurement strategy. Commercially, we are seeing a robust pipeline of demand with additional offtake agreements expected to close during the third quarter and are progressing strategic partnerships in response to Asia's strong demand for PureCycle's purification technology. PureCycle has secured the capacity required to scale, is actively negotiating 300 million pounds of feedstock, and has validated our Feedstock+ pricing model for our next plant in Augusta. The bottom line is, PureCycle is on track and well positioned for success. We look forward to providing updates on our progress in the second half of 2021.\"\nOperational Update\nThe Company's Plant 1 in Ironton, Ohio remains on cost and schedule, while equipment is currently arriving on site. Module construction is expected to begin in the third quarter of 2021. PureCycle continues to expect commissioning of Plant 1 in the fourth quarter of 2022 with total installed capacity of 107 million pounds. \nPureCycle announced the Company secured the site location for Plant 2 in Augusta, Georgia on July 29, ...