A startup named PureCycle Technologies has broken ground on a $120 million polypropylene (PP) recycling facility in Ironton, Ohio. PureCycle obtains license from Procter & Gamble to commercialize patent recycling technology. PureCycle Technologies partners with Milliken, Nestl to accelerate revolutionary plastics recycling. Ms. Ettefagh is the Chief Sustainability Officer at PureCycle Technologies. 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. 5 plastic waste resulting in an ultra-pure recycled (UPR) resin that can be recycled and reused multiple times, changing our relationship with plastic. PureCycle Technologies' shares are trading at $6.30 per piece at the time of this writing, giving it a market cap of $1.11 billion. The second phase, currently underway, involves scaling the evaluation process over 1000X to commercial scale. PureCycle converts polypropylene plastic waste (designated as No.5 plastic) into like-new plastic. Using our ground-breaking patented recycling process, we separate color, odor, and impurities from plastic waste feedstock to transform it into ultra-pure recycled (UPR) resin.PureCycle converts polypropylene plastic waste (designated as No.5 plastic) into like-new plastic. The LAS MkII Scintillometer by Kipp & Zonen can detect sensible heat fluxes over long distances, up to 4.5km. We are excited about our recent progress and look forward to updating you as we continue to advance our objectives throughout the remainder of 2022 and beyond., Larry Somma, PureCycles Chief Financial Officer, added, Following our successful private placement equity raise in March, we remain intently focused on securing project debt financing for Augusta lines 1 and 2, along with three PreP facilities. Claim this business. Prior to LyondellBasell, Larry was with Hyatt Hotels Corporation where he held both the Senior Vice President, Real Estate and Capital Strategy and Senior Vice President and Treasurer positions during his tenure. Our ultra-pure recycled plastic can be recycled and reused multiple times, changing our relationship with plastic. Olson joined PureCycle in 2021 as Chief Manufacturing Officer and was promoted to Chief Operating Officer in early 2022. We are working diligently to have financial flexibility and the needed commitments by year-end.". Job Description Location: Ironton, Ohio - Must be in a commutable distance, or willing toSee this and similar jobs on LinkedIn. This project was the culmination of many facets of economic development . There is a lot of cultural alignment between PureCycle and Mortenson that rolls into long-term relationships. More. PureCycle Technologies continues to expand its global reach. The advanced recycling company and the Port of Antwerp-Bruges today jointly announced . We use cookies to enhance your experience. Following on from the Greener Manufacturing Show, AZoCleantech speaks withChristophe Williams,CEO and co-founder of Naked Energy, about the company and its mission to change energy for goodby acceleratingthe transition to net zero carbon. To learn more, visit purecycletech.com. As a result of the financing not closing by June 30, 2022, on October 5, 2022, the Company and the AEDA executed an agreement that permits the AEDA to terminate the MOU should the Company fail to obtain financing by December 31, 2022. With the company's flagship recycling plant in Ironton, Ohio expected to start pellet production in Q1 of 2023; . www.purecycle.com, Investor Relations Contact:Charles Placecplace@purecycle.com689.233.3595, Media Contact:Adrianna Sekulaasekula@purecycle.com407.697.1201, View original content to download multimedia:https://www.prnewswire.com/news-releases/purecycle-technologies-provides-third-quarter-2022-update-301673692.html. 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. 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. 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. The Company is building its first commercial-scale plant in Ironton, Ohio, which is expected to have nameplate capacity of approximately 107 million pounds per year when fully operational. By continuing to browse this site you agree to our use of cookies. PureCycle's Ironton, OH Facility is on Track to Start Producing Pellets Q1 2023 ORLANDO, Fla., Dec. 19, 2022 . 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. 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. 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. 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. Ironton, Ohio at PureCycle Technologies . By combining alternative waste streams and utilizing the Companys Born Digital strategy, PureCycle aims to develop resins with targeted specifications, broadening the end case use for PureCycles UPR resin. Olson values collaboration and embraces diversity to create high-functioning teams and encourage better decision making. 2022 M. A. Mortenson Company. The port is a crucial link for the handling of containers, breakbulk and for the throughput of vehicles. 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. 2 PureCycle Technologies jobs in Ironton, OH. PureCycle's Ironton, OH Facility is on Track to Start Producing Pellets Q1 2023 ORLANDO, Fla. , Dec. 19, 2022 /PRNewswire/ -- PureCycle Technologies ' (NASDAQ: PCT) Munich-based partner KraussMaffei . ", 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. is the first zero plastic waste program for sports and entertainment. Management CommentaryDustin Olson, PureCycle's Chief Executive Officer, said, "The PureCycle team continued to make significant progress in executing the Company's strategic growth plans during the third quarter. Mr. Kalter previously served as Vice President, Deputy General Counsel and Corporate Secretary at Exide from 2009 to September 2015 and also as Exides Deputy General Counsel and Corporate Secretary from 2006 to 2008. Prior to LyondellBasell, Larry was with Hyatt Hotels Corporation where he held both the Senior Vice President, Real Estate and Capital Strategy and Senior Vice President and Treasurer positions during his tenure. 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 Constructionis underway for PureCycle's second purification facility, the first multi-line purification facility in Augusta, Georgia, with Phase 1 (260 million pounds capacity) on track for startup in fourth . PureCycle remains steadfast in its mission to advance the sustainable plastic revolution on a global basis through its unique purification process. United States. . 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. 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. PureCycles current feedstock supply pipeline comprises three diverse types of waste streams: post-consumer non-curbside, post-consumer curbside, and post-industrial. PCT's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT's UPR resin in food grade applications (both in the United States and abroad); PCT's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR resin and PCT's facilities (both in the United States and abroad); 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; PCT's ability to scale and build the Ironton facility in a timely and cost-effective manner; PCT's ability to complete the necessary funding with respect to, and complete the construction of the Augusta facility, its first U.S. cluster facility located in Augusta, Georgia, 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 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; PCT's future capital requirements and sources and uses of cash; PCT's ability to obtain funding for its operations and future growth; 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; 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); 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; the risk that the COVID-19 pandemic, including any new and emerging variants and the efficacy and distribution of vaccines may have an adverse effect on PCT's business operations, as well as PCT's financial condition and results of operations. 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. Posted 9:00:27 PM. (740) 532-9096. Before Hyatt, Larry worked for Lennar Corporation, Sara Lee Corporation, Fisher Scientific International and General Motors Corporation in different finance roles, including an expatriate assignment in London, England. The facility, which is being built as part of Procter & Gamble . This process fully closes the loop on the reuse of recycled . We're thrilled to be partnering with PureCycle on this strategic project to help bring that vision to life.". PureCycles Ironton flagship purification facilitys original budget was $242.1 million, which was funded through bond financing. ET to provide an update on recent corporate developments, including activity from the first quarter and updated future strategic plans. 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