PureCycle Resumes Pellet Production at Ironton Purification Facility

Rhea-AI Summary

PureCycle Technologies, Inc. (Nasdaq:PCT) has resumed pellet production at its Ironton facility in Ohio after upgrades. The installation of an automatic screen changer aims to improve run times and enhance the production of PureCycle's PureFive™ Ultra-Pure Recycled resin. The restart process took longer than expected due to delayed electrical component deliveries. At full capacity, the facility is expected to produce 107 million pounds of PureFive™ UPR resin per year.

IRONTON, OH / ACCESSWIRE / December 5, 2023 / PureCycle Technologies, Inc. (Nasdaq:PCT) has resumed pellet production at its flagship purification facility in Ironton, Ohio, following a scheduled pause to upgrade the plant. One of the most important improvements was the installation of an automatic screen changer on the final product extruder. The screen changer will help improve run times and enhance the production of PureCycle's PureFive™ Ultra-Pure Recycled ("UPR") resin.

Over the Thanksgiving holiday, the Ironton maintenance outage was completed and the restart process was initiated. The restart process included time to unwind the maintenance activities, recharge the solvent and restart the plant. Feedstock was delivered on Sunday and pellet production resumed on Monday. The restart took a few days longer than expected, due predominantly to delayed electrical component deliveries.

PureCycle CEO Dustin Olson said, "First off, I want to thank our incredible, hard-working team in Ironton. Many of them worked through the Thanksgiving holiday to install new equipment that will improve the overall operational efficiency of the plant." Olson added, "We've made many upgrades to the facility that are expected to help us run continuously and meet upcoming milestones. I look forward to sharing our progress in the coming days as we ramp up production in Ironton and bring this first-of-its-kind technology to market."

At full capacity, PureCycle's Ironton facility is expected to produce 107 million pounds of PureFive™ UPR resin per year.

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.

Visit www.purecycle.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements about the outcome of any legal proceedings to which PureCycle is, or may become a party, and the financial condition, results of operations, earnings outlook and prospects of PureCycle. 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 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. 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, 2022 and PureCycle's Quarterly Reports on Form 10-Q, 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 UPR resin (as defined below) 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 (as defined below), following certain performance and other tests, and commence full-scale commercial operations in a timely and cost-effective manner;
• 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 complete the necessary funding with respect to, and complete the construction of, (i) its first U.S. multi-line facility, located in Augusta, Georgia (the "Augusta Facility"); (ii) its first commercial-scale European plant located in Antwerp, Belgium and (iii) its first commercial-scale Asian plant located in Ulsan, South Korea, in a timely and cost-effective manner;
• PCT's ability to sort and process polypropylene plastic waste at its plastic waste prep ("Feed PreP") facilities;
• PCT's ability to maintain exclusivity under the Procter & Gamble Company ("P&G") license (as described below);
• 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 case;
• 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 rising interest rates, availability of capital, economic cycles, and other macro-economic impacts;
• 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 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 current situation in Israel);
• 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: Pure Cycle Technologies

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FAQ

What is the company name and ticker symbol of the business mentioned in the press release?

The company mentioned in the press release is PureCycle Technologies, Inc. and its ticker symbol is Nasdaq:PCT.

Where is the flagship purification facility located?

The flagship purification facility is located in Ironton, Ohio.

What was the purpose of the upgrades at the facility?

The upgrades aimed to improve operational efficiency and enhance the production of PureCycle's PureFive™ Ultra-Pure Recycled resin.

What caused the delay in the restart process?

The restart process took longer than expected due to delayed electrical component deliveries.

What is the expected annual production capacity of PureCycle's Ironton facility?

At full capacity, the facility is expected to produce 107 million pounds of PureFive™ UPR resin per year.