Business
PureCycle Technologies Provides Third Quarter 2021 Update
- Plant 1, the first manufacturing plant in Ironton, Ohio, remains on schedule for expected completion in the fourth quarter of 2022 - Plant 2, first cluster
About this update from Purecycle Technologies, Inc.
[{"type":"text","content":"- Plant 1, the first manufacturing plant in Ironton, Ohio, remains on schedule for expected completion in the fourth quarter of 2022\n - Plant 2, first cluster facility in Augusta, Georgia, on track for site work expected to begin in the first quarter of 2022\n - Identified 1.6-billion-pound feedstock supply pipeline; Signed 6 new LOIs representing 168 million pounds of feedstock\n - Submitted FDA Letter of No Objection on September 10, 2021\n - Total liquidity of $494.1 million, including $221.1 million of unrestricted cash and investments and $273.0 million of restricted cash, at quarter-end September 30, 2021\n\n\nORLANDO, Fla., Nov. 10, 2021 /PRNewswire/ -- PureCycle Technologies, Inc. (\"PureCycle\" or \"the Company\") (NASDAQ: PCT), a company seeking to revolutionize polypropylene recycling, today announced a corporate update and financial results for the third quarter ending September 30, 2021.\nManagement Commentary\n\"Since our second quarter update, we have continued to execute and advance our strategic plan, highlighted by Plant 1 in Ironton, Ohio, which is progressing on schedule to be operational in the fourth quarter of 2022. In addition, our first cluster facility in Augusta, Georgia remains on track with site work expected to begin in the first quarter of 2022,\" said Mike Otworth, PureCycle's Chairman and Chief Executive Officer. \n\"We successfully expanded our feedstock supply network during the quarter signing multiple LOIs for feedstock, as well as identifying a 1.6-billion-pound feedstock supply pipeline. On the commercial front, we continue to see demand and the market continues to accept our Feedstock+ pricing model. Additionally, we completed the submission of the FDA Letter of No Objection in September and the first ever PureCycled plastic product was brought to market. PureCycle remains on schedule to achieve our strategic milestones and we look forward to updating you on our progress next quarter.\"What we are creating at PureCycle is more than a plastic that can be infinitely sustainable, we are giving brands an opportunity to be deliberate and genuine when it comes to creating sustainable products that put our environment at the forefront. The work we have done over the last quarter not only positions us well to achieve our strategic goals, but also helps bring this tremendous opportunity to the com...