Business
PureCycle Technologies Provides Third Quarter 2022 Update
-PureCycle's flagship purification facility in Ironton, Ohio, ("Ironton") targeting mechanical completion and pellet production in the first quarter of 2023.
About this update from Purecycle Technologies, Inc.
[{"type":"text","content":"-PureCycle's flagship purification facility in Ironton, Ohio, (\"Ironton\") targeting mechanical completion and pellet production in the first quarter of 2023. \n-Closed on offtake agreements representing 106.0 million pounds of ultra-pure recycled (\"UPR\") resin bringing total signed offtake agreements to 111% of nameplate capacity for Augusta lines 1 and 2. \n-Finalized its Joint Venture Agreement with SK geo centric to develop a purification facility in Ulsan, South Korea. \n-Financing to fund Augusta's first two purification lines and three East Coast preprocessing (\"PreP\") facilities targeted for completion by year-end with PureCycle evaluating scenarios with the objective of maintaining optionality in its capital structure as it moves to operational revenue in 2023. \nORLANDO, Fla., Nov. 9, 2022 /PRNewswire/ -- 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 third quarter ending September 30, 2022.\n\n \n \n \n \n \n \n\n \nManagement CommentaryDustin Olson, PureCycle's Chief Executive Officer, said, \"The PureCycle team continued to make significant progress in executing the Company's strategic growth plans during the third quarter. Timing of mechanical completion and pellet production at our flagship Ironton facility has been pushed back a few weeks due to unexpected delays in the delivery of key processing equipment. Currently, all our construction modules are set, and we anticipate reaching mechanical completion and pellet production in the first quarter of 2023.\nSince our last corporate update we executed a joint venture agreement (\"JVA\") with SK geo centric for the development of a polypropylene purification facility in Ulsan, South Korea. Our commercial team continued to sign offtake agreements for Augusta lines 1 and 2 with Ironton fully committed and the first two lines in Augusta overcommitted at 111% through multi-year agreements. Lastly, in partnership with Milliken & Co, we announced the first fully sustainable, odorless concentrate for the recycled PP resin marketplace. PureCycle remains steadfast in its mission to advance the sustainable plastic revolution on a global basis through its unique purification process.\"\nLarry Somma, PureCycle's Chief Finan...