Welcome to our dedicated page for PureCycle Technologies news (Ticker: PCT), a resource for investors and traders seeking the latest updates and insights on PureCycle Technologies stock.
PureCycle Technologies, Inc. (NASDAQ: PCT) is a pioneering U.S.-based company dedicated to revolutionizing the plastic recycling industry. Utilizing a proprietary solvent-based purification process, licensed exclusively from The Procter & Gamble Company (P&G), PureCycle restores waste polypropylene (PP) into a virgin-like resin. This unique method removes color, odor, and other contaminants, resulting in an ultra-pure recycled plastic that can be reused multiple times. With its technology, PureCycle addresses the global challenge of plastic waste by offering a sustainable solution without compromising on quality.
The company has made significant strides recently. Its flagship purification facility in Ironton, Ohio, is operational and demonstrating marked improvements in reliability and product quality. Despite challenges such as power outages, the facility has managed to ramp up production, achieving feed rates of up to 6,000 pounds per hour. The Ironton Facility has produced approximately 265,000 pounds of pellets since operations resumed.
In addition to its ground-breaking purification process, PureCycle has expanded its market reach. The company's resin has been used in the manufacture of polypropylene cups by Churchill Container, showcasing the potential for recycled content in various applications. Furthermore, PureCycle's recent receipt of a Letter of No Objection (LNO) from the FDA confirms that its PureFive™ Ultra-Pure Recycled resin is suitable for use in food-contact applications, widening its market potential.
PureCycle is also focusing on expanding its operational footprint. The company is in the process of constructing its first U.S. multi-line facility in Augusta, Georgia, and planning commercial-scale plants in Antwerp, Belgium, and Ulsan, South Korea. These expansions aim to meet the growing demand for sustainable plastic solutions globally.
Financially, PureCycle has reported a net loss for the first quarter of 2024, primarily due to significant investments in its facilities and operations. However, the company has secured funding through the sale of revenue bonds and other financial arrangements, which are expected to bolster its capital structure and operational flexibility.
PureCycle’s innovative approach and strategic expansions position it as a leader in the sustainable recycling industry, aiming to transform the way the world handles plastic waste.
PureCycle Technologies (Nasdaq: PCT) is collaborating with iSustain Recycling to implement its PureZero™ program at the Plastics Recycling Conference in Washington, D.C., from March 7-9, 2022. This initiative aims to achieve a PureZero waste footprint during the event, which attracts over 2,000 attendees.
The program focuses on recycling No. 5 plastics, transforming them into reusable materials. A QR code on polypropylene cups will guide attendees to learn more about the partnership, promoting sustainability in waste management.
PureCycle Technologies (Nasdaq: PCT) has rescheduled its fourth quarter 2021 corporate update conference call to March 9, 2022, at 11:00 a.m. ET. Attendees can access the call via toll-free and international numbers provided in the announcement. The call will discuss recent corporate developments, including fourth quarter activity and future strategic plans. A replay will be available after 2 p.m. ET on the same day, continuing through March 16, 2022.
PureCycle Technologies, Inc. (Nasdaq: PCT) has announced a conference call scheduled for March 3, 2022, at 11:00 a.m. ET to discuss recent corporate developments and fourth-quarter activity. A detailed press release will precede the call, covering strategic future plans. Investors can join the call via toll-free or international dial-in numbers. The call will also feature a live Q&A session and will be available for replay after 2 p.m. ET on the same day through March 10, 2022.
PureCycle Technologies (Nasdaq: PCT) has collaborated with EXPLR Media to feature its innovative plastic recycling process in an episode of the series "Everyday Science Stuff," set to premiere on January 26, 2022. The episode aims to educate young audiences about recycling technology and its environmental benefits, highlighting PureCycle's proprietary method that transforms polypropylene waste into ultra-pure resin. The event at the Orlando Science Center will include a screening for students and media interviews.
SK geo centric and PureCycle Technologies (PCT) have signed a non-binding head of agreement to establish Asia's first recycled polypropylene plant in Ulsan, South Korea. The facility will boast an annual capacity of 60,000 tons and aims for completion by late 2024. This venture follows a memorandum of understanding initiated in August 2021. The partnership will leverage PureCycle's patented technology to convert contaminated PP waste into ultra-pure recycled plastic, addressing global plastic waste issues.
PureCycle Technologies (NASDAQ: PCT) announced its Q3 2021 financial results and corporate updates. The Ironton, Ohio plant is on track to be operational in Q4 2022, producing 107 million pounds of Ultra-Pure Recycled resin annually. The company identified a 1.6 billion-pound feedstock supply and completed the submission of its FDA Letter of No Objection. Total liquidity stands at $494.1 million. Investments increased project costs by $30-40 million due to processing improvements, but demand for its Feedstock+ pricing model remains strong.
PureCycle Technologies (Nasdaq: PCT) has entered into a strategic partnership with the Cleveland Browns, becoming their official plastic recycling partner. This collaboration aims to enhance plastic waste management at the stadium and promote sustainability during games. The partnership will launch on America Recycles Day (Nov. 15) with a volunteering event at Chambers Elementary School. PureCycle's innovative PureZero waste program will facilitate the recycling of polypropylene waste from games into ultra-pure recycled plastic, benefiting both the Browns and the surrounding community.
PureCycle Technologies (Nasdaq: PCT) appoints Lawrence "Larry" Somma as Chief Financial Officer, beginning November 15, 2021. Somma, with nearly 30 years in corporate finance, previously worked at LyondellBasell, overseeing $6 billion in debt issuances. He succeeds Michael Dee, who raised $750 million for PureCycle’s expansion. CEO Mike Otworth anticipates Somma will enhance the company's financial strategy as it transitions toward revenue generation and scales operations in Ironton, Ohio, and Augusta, Georgia.
PureCycle Technologies (NASDAQ: PCT) announced a corporate update conference call on November 11, 2021, at 11:00 a.m. ET to discuss recent developments and third-quarter activities. A press release will precede the call, detailing the company's strategic plans. Participants are encouraged to join 5-10 minutes early. For replay, call (855) 859-2056 until November 18, 2021. PureCycle holds a global license for patented recycling technology that purifies waste polypropylene into ultra-pure resin.
PureCycle Technologies, Inc. (NASDAQ: PCT) announced that Michael Dee, CFO, will present at a climate tech webinar titled "Looking Towards Glasgow" on October 27, 2021, from 9:30 a.m. to 11:30 a.m. Eastern Time. The event is sponsored by Roth Capital and the Permanent Missions of Costa Rica and the Maldives to the UN, focusing on climate change management. Dee's presentation will detail PureCycle's innovative method for recycling polypropylene into ultra-pure resin, setting the stage for its role in sustainability.
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