PureCycle's Purification Plant Reaches Mechanical Completion

IRONTON, Ohio-- PureCycle Technologies, Inc. (Nasdaq: PCT), today, announced it has reached mechanical completion of its first polypropylene ("PP") purification plant in Ironton, OH (the "Ironton Facility"), and submitted documentation to Leidos Engineering, LLC ("Leidos"), the site's independent construction monitor, for formal certification of completion.

PureCycle prepared the final closure documentation consistent with the requirements set forth by Leidos and believes the information to be complete and sufficient. The Leidos certification is required to achieve key milestones in connection with PureCycle's Ironton financings. Contemporaneous with, and independent of, the Leidos certification process, the Ironton Facility will now begin operational pre-startup, safety review processes, and the march toward initial pellet production, which is currently anticipated to commence in the second quarter of 2023. 

The Ironton Facility, once fully operational, is expected to produce 107 million pounds of Ultra-Pure Recycled (UPR) resin annually, making high-quality recycled PP plastic more accessible at scale. PureCycle uses an innovative technology to remove nearly all contaminants, colors, and odors from polypropylene plastic waste.

"2023 will continue to be an exciting year for PureCycle as we kick off operations at our flagship facility in Ironton. Now that construction is complete, we can begin our ramp-up plan and start producing UPR pellets," said Dustin Olson, PureCycle's CEO. "This is a transformative moment for PureCycle, for all of those that have supported us and invested in our Company, and for our goal of creating an 'infinitely sustainable planet.' We can't wait to bring our sustainable, high-quality, no-compromise UPR resin to our customers and start to create a truly circular economy for plastics."  

PureCycle licenses the patented process for making high-quality recycled resin from The Procter & Gamble Company, whose scientists developed this technology.

Victor Aguilar, Chief Research, Development and Innovation Officer at The Procter & Gamble Company added, "We are very proud to see this technology commercialized. This is an important step toward making recycled materials more readily integrated into products and packaging and consistent with P&G's interest in enabling more sustainable solutions for our industry. Thank you, PureCycle, for driving greater scale from our invention, and many thanks to our joint team of scientists who dedicated their time and expertise to bring this important project to fruition."

In addition to the sustainability benefits, PureCycle's first purification plant will provide the Ironton community with an influx of new jobs.

Bill Dingus, Executive Director at the Lawrence County Economic Development Corporation added, "We are so excited to bring this cutting-edge company and technology to Southern Ohio. PureCycle is a welcome member to our community, and we are thrilled to watch their company change the world. This facility will bring approximately 80-100 high-wage jobs to our region and put Ironton, Ohio at the center of the global recycling transformation."