PureCycle Provides Third Quarter 2024 Corporate Update
PureCycle Technologies (PCT) reported significant progress in Q3 2024, achieving key production milestones at its Ironton Facility, including processing one million pounds of feedstock weekly, 200,000 pounds daily, and feed rates exceeding 10,000 pounds per hour. The company commissioned a new 325,000 square foot sorting facility in Denver, Pennsylvania, improving polypropylene concentration from 60-80% to 90-95%. PureCycle raised $108 million through bond sales and transactions with investors, ending Q3 with $93.7 million in cash. The company is advancing commercial trials with major manufacturers, including P&G, and expects meaningful sales growth in 2025.
PureCycle Technologies (PCT) ha riportato progressi significativi nel terzo trimestre del 2024, raggiungendo importanti traguardi produttivi presso il suo stabilimento di Ironton, tra cui la lavorazione di un milione di libbre di materia prima a settimana, 200.000 libbre al giorno e tassi di alimentazione superiori a 10.000 libbre all'ora. L'azienda ha inaugurato un nuovo impianto di selezione di 325.000 piedi quadrati a Denver, Pennsylvania, migliorando la concentrazione di polipropilene dal 60-80% al 90-95%. PureCycle ha raccolto 108 milioni di dollari attraverso vendite di obbligazioni e transazioni con investitori, chiudendo il terzo trimestre con 93,7 milioni di dollari in cassa. L'azienda sta portando avanti prove commerciali con importanti produttori, tra cui P&G, e si aspetta una crescita significativa delle vendite nel 2025.
PureCycle Technologies (PCT) reportó un progreso significativo en el tercer trimestre de 2024, logrando hitos de producción clave en su instalación de Ironton, incluyendo el procesamiento de un millón de libras de materia prima semanalmente, 200,000 libras diarias y tasas de alimentación que superan las 10,000 libras por hora. La compañía comisionó una nueva instalación de clasificación de 325,000 pies cuadrados en Denver, Pennsylvania, mejorando la concentración de polipropileno del 60-80% al 90-95%. PureCycle recaudó $108 millones a través de ventas de bonos y transacciones con inversores, cerrando el tercer trimestre con $93.7 millones en efectivo. La empresa está avanzando en ensayos comerciales con importantes fabricantes, incluyendo P&G, y espera un crecimiento significativo en las ventas en 2025.
PureCycle Technologies (PCT)는 2024년 3분기에 중요한 생산 이정표를 달성하며 상당한 발전을 보고했습니다. 아이런턴 시설에서 매주 100만 파운드의 원료를 처리하고, 하루에 20만 파운드를 처리하며, 시간당 10,000파운드를 초과하는 공급 비율을 기록했습니다. 회사는 펜실베이니아 주 덴버에 32만5천 평방피트의 새로운 분류 시설을 개설하여 폴리프로필렌 농도를 60-80%에서 90-95%로 개선했습니다. PureCycle은 채권 판매 및 투자자와의 거래를 통해 1억 8백만 달러를 모집했으며, 3분기 종료 시 현금으로 9370만 달러를 보유하고 있었습니다. 이 회사는 P&G를 포함한 주요 제조업체와 상업적 시험을 진행 중이며, 2025년에는 의미 있는 매출 성장을 기대하고 있습니다.
PureCycle Technologies (PCT) a rapporté des progrès significatifs au troisième trimestre 2024, atteignant des jalons clés de production dans son installation d'Ironton, y compris le traitement d'un million de livres de matières premières par semaine, 200 000 livres par jour et des taux d'alimentation dépassant 10 000 livres par heure. L'entreprise a mis en service une nouvelle installation de tri de 325 000 pieds carrés à Denver, en Pennsylvanie, améliorant la concentration de polypropylène de 60-80 % à 90-95 %. PureCycle a levé 108 millions de dollars grâce à la vente d'obligations et des transactions avec des investisseurs, clôturant le troisième trimestre avec 93,7 millions de dollars en espèces. L'entreprise avance des essais commerciaux avec de grands fabricants, y compris P&G, et s'attend à une croissance significative des ventes en 2025.
PureCycle Technologies (PCT) berichtete über signifikante Fortschritte im dritten Quartal 2024 und erreichte wichtige Produktionsmeilensteine in seiner Ironton-Anlage. Dazu gehörte die Verarbeitung von einer Million Pfund Rohmaterial wöchentlich, 200.000 Pfund täglich und Fütterungsraten von über 10.000 Pfund pro Stunde. Das Unternehmen eröffnete eine neue 325.000 Quadratfuß große Sortieranlage in Denver, Pennsylvania, wodurch die Polypropylenkonzentration von 60-80% auf 90-95% verbessert wurde. PureCycle sammelte 108 Millionen Dollar durch den Verkauf von Anleihen und Transaktionen mit Investoren und schloss das dritte Quartal mit 93,7 Millionen Dollar Bargeld ab. Das Unternehmen geht kommerzielle Tests mit großen Herstellern, einschließlich P&G, voran und erwartet 2025 ein signifikantes Umsatzwachstum.
- Achieved significant production milestones at Ironton Facility
- Improved polypropylene concentration from 60-80% to 90-95%
- Raised $108 million through financing activities
- Strong cash position of $93.7 million at quarter-end
- Advanced commercial trials with major manufacturers
- Facility still operating below nameplate capacity
- Selling bonds at discount ($22.5M par value for $18M proceeds)
- Additional capital raising potentially diluting shareholders
Insights
PCT's Q3 update reveals significant operational progress at their Ironton facility, hitting key production milestones including 1 million pounds of feedstock processed weekly and 200,000 pounds daily. The company successfully raised
The improved CP2 removal system and new sorting facility in Pennsylvania, achieving
The technical improvements in PCT's operations are substantial. The new sorting facility's ability to increase polypropylene concentration from
The successful commissioning of the CP2 removal system addresses a critical production bottleneck. These operational milestones, combined with the expanded sorting capabilities, position PCT to meet higher quality standards demanded by premium customers like P&G and automotive manufacturers.
ORLANDO, FL / ACCESSWIRE / November 7, 2024 / PureCycle Technologies, Inc. (Nasdaq:PCT), a U.S.-based company revolutionizing plastic recycling, today, announced a corporate update for the third quarter ending September 30, 2024.
Management Commentary
PureCycle CEO Dustin Olson commented, "The third quarter represented meaningful progress for the Company on multiple fronts. The Company has significantly improved our rates, reliability, and product quality at Ironton. While there is still more work to be done, we are confident in continuing to move the Ironton Facility forward and pursuing nameplate capacity targets in the future. These achievements are allowing the Company to turn its focus toward the next phase of PureCycle's growth by ramping-up our commercialization efforts." Olson continued, "With positive customer feedback and initial success in commercial trials, Q3 was a pivotal time for the team. We are seeing strong interest in our product by leading companies from several market channels and plan to increase production to meet those needs. The Company believes this should lead to meaningful sales going into 2025."
Ironton Facility Update
As previously announced, the Ironton Facility hit three key production milestones before the end of the third quarter, including one million pounds of feedstock processed in a week; 200,000 pounds of feedstock processed in a day; and feed rates of more than 10,000 pounds per hour. Each of these targets was set with a focus on proving out specific elements of the plant. With the facility having shown greater reliability and uptime, the Company can focus on ramping toward nameplate capacity and improving product quality.
The equipment updates to the co-product 2 (CP2) removal system have been commissioned and are working as designed. In addition to the CP2 removal improvements, the Company advanced its sorting strategy in mid-October by commissioning a new 325,000 square foot facility located in Denver, Pennsylvania. The facility sorts mixed plastic bales using optical and robotic sorting technologies. With these technologies, the facility has been able to improve the polypropylene concentration of the mixed bales from ~60
Commercial Update
The market continues to lack high quality recycled material and PureCycle offers an answer for companies looking to achieve their sustainability goals. Initial feedback from customers in the qualification process has been very positive and the Company is working to convert these trials into orders in the near future. The Company has produced and built meaningful inventory to meet near term expected demand and give customers confidence Ironton will be able to ramp-up to meet their needs.
The increased production volume at the Ironton Facility and expanded efforts with compounding allowed the Company to introduce samples to new markets and further trials with potential customers. PureCycle recently provided The Procter & Gamble Company (P&G) with compounded material. This will allow P&G to begin the approval process for the recycled resin in various applications. PureCycle plans to provide material to P&G for production beginning in Q2 or Q3 of 2025.
The Company completed multiple trials with customers in the fiber market, which has been an underserved area when it comes to recycled polypropylene. These trials were conducted with some of the largest fiber manufacturers in the country and built upon earlier smaller-scale successful trials. PureCycle worked with the manufacturers to produce continuous filament and staple fibers with varying product properties that should allow for the introduction into applications such as carpet, clothing, upholstery, and automotive.
The Company also progressed the approval process with one of the largest global automotive manufacturers for both interior and exterior applications. The first application would include PureCycle resin from
PureCycle Financial Update
On August 7, 2024 the Company sold approximately
In September, PureCycle entered into a series of transactions with Sylebra Capital Management and Samlyn Capital, LLC and raised gross proceeds of
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PureCycle Contact
Christian Bruey
cbruey@purecycle.com
+1 (352) 745-6120
About PureCycle Technologies
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. 5 plastic) into a continuously renewable resource. The unique purification process removes color, odor, and other impurities from No. 5 plastic waste resulting in an ultra-pure recycled (UPR) plastic that can be recycled and reused multiple times, changing our relationship with plastic. www.purecycle.com
Forward-Looking Statements
This press release contains forward-looking statements, including statements about the continued execution of PureCycle's business plan, the expected timing of commercial sales, the commercialization of Ironton operations, the expected increase in production of the Ironton operations, the planned compounding operations, the sourcing of materials, and planned future updates. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements generally relate to future events or PureCycle's future financial or operating performance and may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of PureCycle's management 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. There can be no assurance that future developments will be those that have been anticipated. 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. These risks and uncertainties include, but are not limited to, those factors described in the section entitled "Risk Factors" in each of PureCycle's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and PureCycle's Quarterly Reports on Form 10-Q for various quarterly periods, those discussed and identified in other public filings made with the Securities and Exchange Commission by PureCycle and the following: PCT's ability to obtain funding for its operations and future growth and to continue as a going concern; PCT's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT's ultra-pure recycled ("UPR") resin in food grade applications (including in the United States, Europe, Asia and other future international locations); PCT's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR resin and PCT's facilities (including in the United States, Europe, Asia and other future international locations); expectations and changes regarding PCT'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 PCT's ability to invest in growth initiatives; the ability of PCT's first commercial-scale recycling facility in Lawrence County, Ohio (the "Ironton Facility") to be appropriately certified by Leidos, following certain performance and other tests, and commence full-scale commercial operations in a timely and cost-effective manner or at all; PCT's ability to meet, and to continue to meet, the requirements imposed upon it and its subsidiaries by the funding for its operations, including the funding for the Ironton Facility; PCT's ability to minimize or eliminate the many hazards and operational risks at its manufacturing facilities that can result in potential injury to individuals, disrupt its business (including interruptions or disruptions in operations at its facilities), and subject PCT to liability and increased costs; PCT's ability to complete the necessary funding with respect to, and complete the construction of, (i) its first U.S. multi-line facility, located in Augusta, Georgia, and (ii) its first commercial-scale European plant located in Antwerp, Belgium, in a timely and cost-effective manner; PCT's ability to procure, sort and process polypropylene plastic waste at its planned plastic waste prep facilities; PCT's ability to maintain exclusivity under the Procter & Gamble Company license; the implementation, market acceptance and success of PCT's business model and growth strategy; the success or profitability of PCT's offtake arrangements; the ability to source feedstock with a high polypropylene content at a reasonable cost; PCT's future capital requirements and sources and uses of cash; developments and projections relating to PCT's competitors and industry; the outcome of any legal or regulatory proceedings to which PCT is, or may become, a party including the securities class action and putative class action cases; geopolitical risk and changes in applicable laws or regulations; the possibility that PCT may be adversely affected by other economic, business, and/or competitive factors, including interest rates, availability of capital, economic cycles, and other macro-economic impacts; turnover in employees and increases in employee-related costs; changes in the prices and availability of labor (including labor shortages), transportation and materials, including inflation, supply chain conditions and its related impact on energy and raw materials, and PCT'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 and the conflict in the Middle East); the potential impact of climate change on PCT, including physical and transition risks, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms; and operational risk.
SOURCE: PureCycle Technologies
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FAQ
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