PureCycles ground-breaking, patented recycling process, developed and licensed by Procter & Gamble (P&G) and commercialized by PureCycle, separates color, odor and other contaminants from plastic waste feedstock to transform it into Ultra-Pure Recycled (UPR) resin with virgin-like properties. It hopes to ingest enough polypropylene so that it can output 107 million pounds of what's called "Ultra-Pure Recycled" resin. Forward-Looking StatementsThis press release contains forward-looking statements, including statements about the financial condition, results of operations, earnings outlook and prospects of PCT. First Quarter 2022 Conference Call Details Date: Thursday, May 12, 2022Time: 11:00 a.m. ETToll-free dial-in number: (855) 940-5314International dial-in number: (929) 517-0418Conference ID: 1494706Please call the conference telephone number 5-10 minutes prior to the start time. Suite 300, The company's flagship recycling plant in Ironton, OH is . Mortenson spent time learning what our needs were so that we could drive results. PureCycle has placed key long lead orders including vessels, precision machinery and instrumentation. 21, 2017: The facility will utilize a technology that is capable of generating recycled PP with virgin-like properties. Ironton, OH 45638 (740) 532-9096 Get Directions Similar Businesses . Except to the extent required by applicable law or regulation, PCT 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. Operational UpdatePureCycle's flagship purification facility in Ironton, Ohio is in the final phases of construction with all 26 modules delivered and lifted into place. Olson joined PureCycle in 2021 as Chief Manufacturing Officer and was promoted to Chief Operating Officer in early 2022. These risks and uncertainties include, but are not limited to, those factors described in the section of PureCycle's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 entitled "Risk Factors," those discussed and identified in public filings made with the U.S. Securities and Exchange Commission (the "SEC") by PureCycle and the. He also directed and oversaw all transactional finance activities, enterprise risk management and data analytics and automation. 5 plastic) into a continuously renewable resource. Earlier in his career, Olson held senior leadership roles in manufacturing, commercial, and business support functions in refining, commodity chemicals, and specialty polymer business units across the world. PureCycle Technologies Inc., Orlando, Florida, has announced a corporate update for several projects, including its plant in Ironton, Ohio, and facilities in Augusta, Georgia. 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. 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. To support advancement of the commercial project, the Mortenson team instituted proven processes to streamline communication amongst the team and established project management controls. We are working diligently to have financial flexibility and the needed commitments by year-end.". Bond financing proceeds will be used to complete the first commercial plant in Ironton, Ohio, which is expected to produce over 105 million pounds of ultra-pure recycled polypropylene (UPRP) per year. PureCycle Technologies' process offers the only recycled polypropylene with properties equal to virgin polymer. A startup named PureCycle Technologies has broken ground on a $120 million polypropylene (PP) recycling facility in Ironton, Ohio. A ground-breaking process that recycles waste plastic into a sustainable ultra-pure resin. We believe the market's continuing interest in PureCycle's UPR resin is demonstrated through the acceptance of the Feedstock + pricing mechanism and the compilation of offtake agreements accumulated for both Ironton and Augusta operations. Achieve a ~90% yield on feedstock that is at least 93.3% pure. PureCycle's 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 PureCycle's second. Dec. 21IRONTON PureCycle: Ohio LLC received the Ohio Southeast Economic Development (OhioSE) Best Project of 2020 Award during their Annual Meeting held virtually in May of this year. 2023 PureCycle Technologies. The advanced recycling company and the Port of Antwerp-Bruges jointly announced today plans to build PureCycle's first polypropylene (PP) recycling facility in Europe at the port's fast-growing NextGen District in Belgium. The company reported significant progress in its strategic plan. We use cookies to enhance your experience. Plastic supports our everyday life in countless ways and we often underestimate the important role it, 5950 Hazeltine National Drive Continue Reading. This project was the culmination of many facets of economic development . PureCycle Technologies, Inc. (Orlando, Fla.) 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. Independent Construction Monitoring Reports, https://www.prnewswire.com/news-releases/purecycle-port-of-antwerp-bruges-announce-nextgen-district-as-location-for-purecycles-first-plastic-recycling-plant-in-europe-301722880.html, PureCycle Named No. PureCycle holds the possibility to solve for the ongoing problem of recycling the approximately 170 billion pounds of PP produced every year, which has averaged a 5% rate of growth over the last five years. Ticker NASDAQ: . Without expressing any opinion on the validity of the feedstock and offtake party's claims, the Bondholder Trustee notified the Company that it was exercising its authority under the Bond Indenture to investigate the allegations, during which time the Company's request for payment of $12.4 million of the remaining $13.2 of funds remaining available for construction expense reimbursements remain pending. PureCycle continues to progress negotiations on the remaining 30% of available volume. 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 . PureCycle is currently engaged in feedstock sourcing and financial planning with the intent to secure a final project timeline by mid-2023. Sector:Environmental and Facilities Services, NAICS:Custom Compounding of Purchased Resins (325991), SIC:Refuse Systems (4953); Scrap and Waste Materials (5093), Investor Relations Charles W. Place T: 407-212-0139 cplace@purecycle.com, Company Contact PureCycle is preparing to enter into a feedstock agreement, as well as an offtake agreement that includes the Feedstock + pricing model, with other parties, subject to review by the Trustee. Continue Reading. yaseen jalal age; gas grills on clearance at lowe's. misfits podcast age rating; danse arabe tchaikovsky; 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. Using our ground-breaking patented recycling process, developed by Procter and Gamble, we separate color, odor, and contaminants from plastic waste feedstock to transform it into ultra-pure recycled resin. Ironton, Ohio at PureCycle Technologies . A second plant in Augusta, Georgia is under initial construction, and its first PP recycling plant in Asia is on track to open in 2025. IRONTON PureCycle . All subsequent written and oral forward-looking statements or other matters attributable to PureCycle or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this press release. Mortenson also completed alternative site reviews and guided PureCycle through developing a strategic approach to maximize both state and local incentives to overcome challenges with available utilities, in turn making the preselected site feasible. The Company had total liquidity of $609.9 million including $418.0 million of cash, cash equivalents and debt securities available for sale and $191.9 million in restricted cash. Waste360 - Waste360 Staff - Jul. The PureCycle process helps create an opportunity to fully close the loop in the creation of recycled polypropylene ("PP") which, while being one of the highest volume, most versatile and robust plastics, has an extremely low reclamation rate across the globe. 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. Using our ground-breaking patented recycling process, developed by Procter and Gamble, we separate color, odor, and contaminants from plastic waste feedstock to transform it into ultra-pure recycled resin., PureCycle Technologies breaks ground on polypropylene recycling facility in Ohio, PureCycle, Port of Antwerp-Bruges Announce NextGen District as Location For PureCycles First Plastic Recycling Plant in Europe, KraussMaffei Delivers Final Extruder for PureCycle's Flagship Purification Plant Ahead of Schedule, Viscosity Modification of PureFive HPP15S Using Millikens DeltaFlow, Orlando Magic Advance Sustainability Efforts with PureCycle's PureZero Program. There can be no assurance that future developments will be those that have been anticipated. PureCycle's Ironton flagship purification facility's original . Website: www.purecycle.com Owned and operated by AZoNetwork, 2000-2023, Testing the Potential of Space-Based Solar Power, Transforming Stranded Mines into Batteries, Quantifying Exxons Decades-old Climate Science Knowledge, Climate Change Could Spell Disaster for Worlds Oceans, Safe, Fast-Charging Battery Overcomes Previous Limitations, Monitoring Natural Gas Quality with the Sensi+, ABB Measurement & Analytics - Analytical Measurement Products, The Environmental Benefits of Solid-State Batteries, How Raw Material Cost Increases are Challenging Electric Vehicle Production, The Biggest Clean Technology Developments in 2022. 122 were here. The district is located at the Port of Antwerp-Bruges, Europe's second largest seaport. United States. PureCycle Technologies (NASDAQ: PCT) . PureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a global license for the only patented solvent-driven purification recycling technology, developed by The Procter & Gamble Company (P&G), that is designed to transform polypropylene plastic waste (designated as No. 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. Skip to Content. is the first zero plastic waste program for sports and entertainment. Brad Kalter has served as General Counsel and Corporate Secretary since January 2021. PureCycles Ironton flagship purification facilitys original budget was $242.1 million, which was funded through bond financing. Larry Somma has nearly three decades of experience in the corporate finance sector at world-class publicly traded companies within the plastics, manufacturing, hospitality, and consumer goods industries. 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