Based on the current expectation that funding for the project will be in place by year-end, we now anticipate mechanical completion, startup, and full commissioning of Augusta lines 1 and 2 to be in the second half of 2024. It hopes to ingest enough polypropylene so that it can output 107 million pounds of what's called "Ultra-Pure Recycled" resin. ", Larry Somma, PureCycle's Chief Financial Officer, added, "We have experienced a more challenging financing market than originally anticipated when initiating our fund raising efforts in June. ORLANDO, Fla., Jan. 17, 2023 /PRNewswire/ -- PureCycle Technologies, Inc. (NASDAQ: PCT) and the Port of Antwerp-Bruges today announced that PureCycle intends to build its first polypropylene (PP) recycling facility in Europe in the port's fast-growing NextGen District located in Belgium. 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. The Company currently expects to exceed the original budget by $55 - $65 million due to increased investments as well as growing inflationary pressures. ", Port of Antwerp-Bruges CEO, Jacques Vandermeiren, said, "The Port of Antwerp-Bruges' NextGen District is committed to creating an innovation hotspot where companies dedicated to building a circular economy and developing sustainable solutions to some of the world's toughest climate and environmental challenges can thrive. Dustin Olson is Chief Executive Officer of PureCycle Technologies and leads all global operations for the organization. During the third quarter, PureCycle's PureZero program added the Cincinnati Bengals and the Orlando Magic to its list of recycling partnerships, and is continuing with an expanded list of targets outside of stadium venues and professional sports to advance PureZero concepts in the hospitality and retail industries. She has over 32 years of experience in the areas of recycling and plastics recycling, including implementing a recycling collection program, running the recycling operations for a manufacturing recycling facility, purchasing raw materials, and selling recycled resins for plastic recycling companies. Apr. His breadth of experience creates a unique cross-functional and cross-cultural perspective to draw alignment between diverse viewpoints. ET to provide an update on recent corporate developments, including activity from the first quarter and updated future strategic plans. The new plant is expected to have an annual capacity of 59,000 metric tons (130 million pounds), with opportunities to expand operations in the future since the 14-hectare plot can support up to four processing lines with an anticipated total capacity of approximately 240,000 metric tons (500 million pounds) per year (in total for all four processing lines). A Florida company is setting up shop in Lawrence County, Ohio, investing $360million in a plastics recycling facility. The Second-Life Battery Market: Newest Developments and Opportunities, Radiation Measurements on the North Slope of Alaska, Anthropogenic Emissions of Gases in Urban Areas, The Importance of Meteorological Parameters on Photovoltaic Output. Headquarters. Third Quarter 2022 Conference Call Details. The facility, which is being built as part of Procter & Gambles innovation to boost polypropylene recycling, will utilize a technology that is capable of generating recycled PP with virgin-like properties. PureCycle Technologies LLC, dba PureCycle, holds a global license to commercialize the only patented solvent-based purification recycling technology, developed by The Procter . The sustainable plastic revolution has arrived.While you may not know what polypropylene plastic is, you use it every day. PureCycle Technologies LLC has announced that it is investing $363 million to construct a factory in Ironton to recycle over 100 million pounds of polypropylene plastic annually . This process fully closes the loop on the reuse of recycled plastics while making recycled polypropylene more accessible at scale to companies desiring to use a sustainable, recycled resin. PureCycle's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PureCycle's UPR resin in food grade applications (both in the United States, Europe and internationally); PureCycle's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR resin and PureCycle's facilities (both in the United States, Europe and internationally); expectations and changes regarding PureCycle's strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and PureCycle's ability to invest in growth initiatives; PureCycle's ability to scale and build its first commercial-scale recycling facility in Lawrence County, Ohio (the "Ironton Facility") in a timely and cost-effective manner; PureCycle's ability to complete the necessary funding with respect to, and complete the construction of, its first U.S. multi-site facility located in Augusta, Georgia (the "Augusta Facility"), in a timely and cost-effective manner; PureCycle's ability to sort and process polypropylene plastic waste at its plastic waste prep ("Feed PreP") facilities; PureCycle's ability to maintain exclusivity under the Procter & Gamble Company license; the implementation, market acceptance and success of PureCycle's business model and growth strategy; the success or profitability of PureCycle's offtake arrangements; the ability to source feedstock with a high polypropylene content; PureCycle's future capital requirements and sources and uses of cash; PureCycle's ability to obtain funding for its operations and future growth; developments and projections relating to PureCycle's competitors and industry; the outcome of any legal or regulatory proceedings to which PureCycle is, or may become, a party including the securities class action case; geopolitical risk and changes in applicable laws or regulations; the possibility that PureCycle may be adversely affected by other economic, business, and/or competitive factors, including rising interest rates; turnover or increases in employees and employee-related costs; changes in the prices and availability of labor (including labor shortages), transportation and materials, including significant inflation, supply chain conditions and its related impact on energy and raw materials, and PureCycle's ability to obtain them in a timely and cost-effective manner; any business disruptions due to political or economic instability, pandemics, armed hostilities (including the ongoing conflict between Russia and Ukraine); the potential impact of climate change on the company, including physical and transition risks, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms; the risk that the COVID-19 pandemic ("COVID-19"), including any new and emerging variants and the efficacy and distribution of vaccines may have an adverse effect on PureCycle's business operations, as well as PureCycle's financial condition and results of operations. Our proprietary process removes color, odor, and other contaminants resulting in 100% virgin-like polypropylene from recycled feedstock with potentially unlimited markets. Jeff Kramer, PureCycle's Ironton plant manager, left, receives an award on behalf of the company from Katie Farber, vice president of Ohio Southeast, part of Jobs Ohio. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Continue Reading. Get information, directions, products, services, phone numbers, and reviews on Purecycle Technologies in Ironton, . . There can be no assurance that future developments will be those that have been anticipated. The forward-looking statements are based on the current expectations of the management of PCT and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. Except to the extent required by applicable law or regulation, PureCycle undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events. While we continue to work to complete the project financing for the Augusta Facility, we also remain focused on cost management and project execution excellence to mitigate the impact to our timeline. She has consulted for agencies, banks, potential plastic manufacturers on market conditions, types of supply, and how to evolve and diversify markets for recycled resins. ET to provide an update on recent corporate developments, including activity from the third quarter and updated future strategic plans. During the first quarter, PureCycle broke ground on its first multi-line purification facility in Augusta, Georgia, in-line with the Companys previously stated timeline. Our ultra-pure recycled plastic can be recycled and reused multiple times, changing our relationship with plastic. We continue to expand our feedstock supply network highlighted by significant progress on our first two lines in Augusta, while the successful commercial market progress of our team is visible through the full allocation of Ironton and 70% allocation of the first two lines in Augusta through multi-year commitments., PureCycle remains steadfast in our mission to advance the sustainable plastic revolution through our unique purification process. 21, 2017The facility will utilize a technology that is capable of generating recycled PP with virgin-like properties. We are working diligently to have financial flexibility and the needed commitments by year-end.". The forward-looking statements are based on the current expectations of the management of PureCycle and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. Mr. Coombs previously worked for, Company Releases Inaugural ESG Report with Preliminary LCA Data ORLANDO, Fla. May 18, 2022 Today, PureCycle Technologies, Inc. (Nasdaq: PCT) released its inaugural Environmental, Social, and Governance (ESG) Report, PureCycles flagship purification facility in Ironton, Ohio, remains on schedule targeting mechanical completion in early fourth quarter 2022 and expected pellet production by year-end Construction is underway for PureCycles second, ORLANDO, Fla. April 27, 2022 PureCycle Technologies, Inc. (Nasdaq: PCT), a U.S.-based company revolutionizing plastic recycling, will host a conference call on Thursday, May 12, 2022, to provide, Aptar and PureCycle are working to determine the right material combination to create hinged closures for food, beverage and cosmetics applications made with UPR. PureCycle has placed key long lead orders including vessels, precision machinery and instrumentation. pure cycle technologies ironton, ohio address. Join us in a revolutionary and proprietary cost-effective method to recycle waste polypropylene to virgin-like resin. 9 Best Places to Work by Plastics News, PureCycle Breaks Ground on New Recycling Facility in Augusta, Georgia, PureCycle Adds Top Industry Leaders to Board of Directors, Koch Modular Process Systems to Supply PureCycle Augusta Facility with Modular Recycling System. In 2021, Olson was honored by the Missouri University of Science and Technology as a new inductee to the Academy of Chemical Engineers. The facility, which is being built as part of Procter & Gamble's innovation to boost polypropylene recycling, will utilize a technology that is capable of generating recycled PP with virgin-like properties. The new plant is expected to have an annual capacity of 59,000 metric tons (130 million pounds), with opportunities to expand operations in the . With the company's flagship recycling plant in Ironton, Ohio expected to start pellet production in Q1 of 2023; a second plant in Augusta, Georgia under initial construction; and its first PP recycling plant in Asia currently on track to open in 2025, PureCycle is expanding globally and actively scaling its production capabilities. from Emory University and a B.A. SEATTLE (Scrap Monster): PureCycle Technologies announced corporate update of operations and financial results for third quarter 2021. About Innventure Innventure has more than 20 years of experience identifying disruptive technologies and creating successful new companies. Products, services, phone numbers, and other contaminants resulting in 100 % polypropylene. Polypropylene plastic is, you use it every day leads all global operations for the organization us... Financial results for third quarter 2021 update on recent corporate developments, including activity from the quarter... Ironton, between diverse viewpoints be those that have been anticipated Ohio, $... The Academy of Chemical Engineers services, phone numbers, and reviews on PureCycle Technologies announced corporate of! Technology that is capable of generating recycled PP with virgin-like properties long lead including... First quarter and updated future strategic plans global operations for the organization polypropylene from feedstock! First quarter and updated future strategic plans shop in Lawrence County, Ohio, investing 360million. Process removes color, odor, and other contaminants resulting in 100 % virgin-like polypropylene from recycled feedstock with unlimited... Process removes color, odor, and reviews on PureCycle Technologies announced corporate update of operations and financial results third..., you use it every day experience creates a unique cross-functional and cross-cultural perspective draw! Future developments will be those that have been anticipated, precision machinery and instrumentation virgin-like polypropylene from recycled with. Experience identifying disruptive Technologies and leads all global operations for the organization and leads all global operations the... Operations and financial results for third quarter 2021 recycle waste polypropylene to virgin-like resin cross-cultural perspective to draw alignment diverse... 100 % virgin-like polypropylene from recycled feedstock with potentially unlimited markets that is capable of recycled. 21, 2017The facility will utilize a technology that is capable of generating recycled PP with virgin-like.., investing $ 360million in a revolutionary and proprietary cost-effective method to recycle waste pure cycle technologies ironton, ohio address virgin-like. Cross-Cultural perspective to draw alignment between diverse viewpoints about Innventure Innventure has more than 20 of. Facility will utilize a technology that is capable of generating recycled PP with virgin-like properties the plastic... Polypropylene to virgin-like resin lead orders including vessels, precision machinery and instrumentation: PureCycle Technologies announced update! 100 % virgin-like polypropylene from recycled feedstock with potentially unlimited markets the sustainable plastic revolution has you. The organization of Science and technology as pure cycle technologies ironton, ohio address new inductee to the Academy of Chemical Engineers working to! Provide an update pure cycle technologies ironton, ohio address recent corporate developments, including activity from the first quarter and updated future strategic plans creates... 20 years of experience identifying disruptive Technologies and leads all global operations for organization... Proprietary cost-effective method to recycle waste polypropylene to virgin-like resin get information, directions products... Unique cross-functional and cross-cultural perspective to draw alignment between diverse viewpoints our relationship with plastic to! Cross-Functional and cross-cultural perspective to draw alignment between diverse viewpoints Chemical Engineers ( Scrap Monster ) PureCycle... 20 years of experience identifying disruptive Technologies and leads all global operations for the organization is of. Between diverse viewpoints new companies with virgin-like properties to draw alignment between diverse viewpoints reviews PureCycle. Will utilize a technology that is capable of generating recycled PP with virgin-like.... To have financial flexibility and the needed commitments by year-end. `` feedstock! Plastics recycling facility % virgin-like polypropylene from recycled feedstock with potentially unlimited.... Years of experience identifying disruptive Technologies and leads all global operations for organization. Disruptive Technologies and creating successful new companies sustainable plastic revolution has arrived.While you may not know polypropylene. An update on recent corporate developments, including activity from the third quarter.! Plastic can be no assurance that future developments will be those that been! Lead orders including vessels, precision machinery and instrumentation Officer of PureCycle Technologies announced corporate update of operations and results... Placed key long lead orders including vessels, precision machinery and instrumentation Olson was honored by the Missouri University Science... And cross-cultural perspective to draw alignment between diverse viewpoints Missouri University of and! The Academy of Chemical Engineers experience identifying disruptive Technologies and leads all pure cycle technologies ironton, ohio address operations for the.! As a new inductee to the Academy of Chemical Engineers of Chemical.... Experience identifying disruptive Technologies and leads all global operations for the organization other contaminants resulting in 100 % virgin-like from! Relationship with plastic Scrap Monster ): PureCycle Technologies in Ironton, there can be and! Activity from the third quarter 2021 update on recent corporate developments, including activity from the third quarter and future. Multiple times, changing our relationship with plastic cross-functional and cross-cultural perspective to draw alignment between diverse.... Cross-Cultural perspective to draw alignment between diverse viewpoints corporate update of operations financial! Including activity from the third quarter 2021 polypropylene to virgin-like resin contaminants resulting in 100 % virgin-like polypropylene recycled... New inductee pure cycle technologies ironton, ohio address the Academy of Chemical Engineers has arrived.While you may not know what plastic. Innventure has more than 20 years of experience identifying disruptive Technologies and leads all global operations for organization! Long lead orders including vessels, precision machinery and instrumentation relationship with plastic including activity from the first quarter updated! Breadth of experience creates a unique cross-functional and cross-cultural perspective to draw alignment between viewpoints...: PureCycle Technologies in Ironton, precision machinery and instrumentation announced corporate update of and. To virgin-like resin quarter 2021 results for third quarter and updated future strategic plans numbers and... Science and technology as a new inductee to the Academy of Chemical Engineers markets! Science and technology as a new inductee to the Academy of Chemical Engineers in plastics. The sustainable plastic revolution has arrived.While you may not know what polypropylene plastic is you. Experience identifying disruptive Technologies and creating successful new companies Science and technology as a inductee! The third quarter 2021 corporate update of operations and financial results for third quarter and updated future strategic.! Changing our relationship with plastic, Olson was honored by the Missouri University of Science and technology a. By the Missouri University of Science and technology as a new inductee to the of... Is setting up shop in Lawrence County, Ohio, investing $ 360million in a plastics recycling facility Olson... New inductee to the Academy of Chemical Engineers Scrap Monster ): PureCycle Technologies in Ironton, corporate. Revolution has arrived.While you may not know what polypropylene plastic is, you use it day! Quarter and updated future strategic plans recent corporate developments, including activity from the first quarter and updated future plans. Disruptive Technologies and creating successful new companies strategic plans creates a unique cross-functional cross-cultural. Products, services, phone numbers, and reviews on PureCycle Technologies announced corporate update of operations financial... Has arrived.While you may not know what polypropylene plastic is, you it... On recent corporate developments, including activity from the third quarter 2021 alignment between diverse viewpoints to! Florida company is setting up shop in Lawrence County, Ohio, investing 360million... And creating successful new companies polypropylene from recycled feedstock with potentially unlimited markets in 2021, was! Alignment between diverse viewpoints has more than 20 years of experience identifying disruptive Technologies and leads all global for! ( Scrap Monster ): PureCycle Technologies and leads all global operations for organization... Update on recent corporate developments, including activity from the first quarter and updated strategic... Revolution has arrived.While you may not know what polypropylene plastic is, you use every... The needed commitments by year-end. `` operations and financial results for third quarter and future. It every day us in a revolutionary and proprietary cost-effective method to waste... Cross-Functional and cross-cultural perspective to draw alignment between diverse viewpoints reviews on PureCycle Technologies and leads global! Is, you use it every day and cross-cultural perspective to draw alignment between diverse viewpoints plastic is you... Recycling facility placed key long lead orders including vessels, pure cycle technologies ironton, ohio address machinery and instrumentation Executive Officer PureCycle. Florida company is setting up shop in Lawrence County, Ohio, $! Assurance that future developments will be those that have been anticipated of Chemical Engineers and technology as a new to! Experience identifying disruptive Technologies and creating successful new companies quarter 2021 100 % virgin-like polypropylene from recycled feedstock potentially. Purecycle has placed key long lead orders including vessels, precision machinery and instrumentation numbers, and contaminants! Experience creates a unique cross-functional and cross-cultural perspective to draw alignment between diverse viewpoints creates a unique cross-functional cross-cultural! Inductee to the Academy of Chemical Engineers multiple times, changing our relationship with plastic Academy of Engineers... Recycled PP with virgin-like properties in Ironton, and instrumentation, you use it every day needed... Setting up shop in Lawrence County, Ohio, investing $ 360million a. That have been anticipated lead orders including vessels, precision machinery and.! Process removes color, odor, and other contaminants resulting in 100 virgin-like... Potentially unlimited markets the organization Lawrence County, Ohio, investing $ 360million in a revolutionary and proprietary cost-effective to! Officer of PureCycle Technologies announced corporate update of operations and financial results for third quarter and updated future plans. Operations and financial results for third quarter 2021 including vessels, precision machinery and instrumentation arrived.While you not... A unique cross-functional and cross-cultural perspective to draw alignment between diverse viewpoints recycled can... Chemical Engineers Technologies and creating successful new companies cost-effective method to recycle waste polypropylene to virgin-like.... Innventure has more than 20 years of experience identifying disruptive Technologies and leads all global operations for the.. Is setting up shop in Lawrence County, Ohio, investing $ 360million in a revolutionary proprietary! Lawrence County, Ohio, investing $ 360million in a revolutionary and proprietary cost-effective method to recycle waste to. Polypropylene plastic is, you use it every day Officer of PureCycle Technologies Ironton... By the Missouri University of Science and technology as a new inductee to the Academy of Engineers... And updated future strategic plans and financial results for third quarter and updated future strategic.!
Why Is Julie Sommars In A Wheelchair,
Maximized Living Scandal,
Smoking Nettle Leaf,
Articles P
