Business
PureCycle Technologies Provides Second Quarter 2023 Update
- Achieved first two bondholder milestones - mechanical completion and PIR pellet production-Successfully tested and validated core technologies of the
About this update from Purecycle Technologies, Inc.
[{"type":"text","content":"- Achieved first two bondholder milestones - mechanical completion and PIR pellet production-Successfully tested and validated core technologies of the PureCycle purification process at scale-Closed on the land rights with the Development Authority of Augusta, GA for up to eight purification lines. We expect to begin site construction activities on the first line in the fourth quarter of 2023.-Extended $150 million revolving line of credit through March 31, 2025ORLANDO, FL / ACCESSWIRE / August 8, 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 second quarter ending June 30, 2023.Management CommentaryDustin Olson, PureCycle's Chief Executive Officer, said, \"After successfully producing polypropylene resin pellets from post-industrial feedstock at our flagship purification facility in Ironton, Ohio (\"Ironton\"), we initiated a series of activities to evaluate, adjust, and in some cases, replace or repair certain equipment in the purification process subsystems. We recently initiated a re-start of Ironton, and the facility is operational. After achieving the first two bondholder milestones in the second quarter, we expect to achieve our next milestone of operating at 50% capacity for a month by the end of September.The commissioning of Ironton is progressing well due to the dedication, focus, and grit of the local team. We have the experience and technical expertise to identify and resolve challenges during startup. We remain dedicated to completing the next steps in the commissioning process in a methodical, purposeful, and focused manner.\"Larry Somma, PureCycle's Chief Financial Officer, added, \"As we prepare for our first shipment to customers, PureCycle will begin the transition from a pre-revenue company to a revenue-generating company. We anticipate operating margins to be in line with 2023 budgeted expectations. Equally important, now that Ironton is operational, we can restart the process of raising long-term project financing for construction of our next purification facility in Augusta, Georgia. We are actively evaluating equipment financing term sheets of our PreP equipment until we are able to close on the longer term project financing transaction. We are als...