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ORLANDO, FL / ACCESS Newswire / January 21, 2025 / PureCycle Technologies, Inc. (NASDAQ:), today, announced the archetypal merchantability of astir 500,000 pounds of resin to Drake Extrusion Inc. (Drake) for the accumulation of continuous filament yarns, which could beryllium utilized to marque items specified arsenic rugs, upholstery, and apparel. Drake is North America's starring shaper of colored filament yarn, and staple fiber.
The statement comes aft Drake's palmy accumulation of continuous fibre utilizing a compound that includes PureCycle's PureFive™ resin. The resin was produced astatine Ironton, Ohio from 100% post-consumer recycled (PCR) feedstock and past developed into a compound by PureCycle's Research & Development squad successful Durham, North Carolina.
Drake CEO John Parkinson said, "We've been looking for a spouse who tin repeatedly present a post-consumer recycled polypropylene that tin beryllium turned into a sustainable fibre for our customers. We've tested PureCycle's worldly nether assorted operating conditions and produced aggregate types of fibre - their merchandise importantly surpassed our expectations. These fibre packages are present with galore of our customers to gauge their interest, but we spot this arsenic a beardown maturation accidental for our company."
Approximately 20% of the planetary virgin polypropylene (PP) proviso is utilized for fibre and yarn. Until now, determination has not been a reliable recycling alternate to regenerate virgin PP owed to the complexity of the fibre manufacturing process. Polypropylene fibre is preferred for its airy weight, durability, moisture and chemic resistance.
PureCycle CEO Dustin Olson said, "This accomplishment is simply a testament to our technology, the prime of our product, and the endowment of our team. We've worked diligently to make a compound that runs similar the virgin worldly Drake uses for assorted applications. This is simply a transformative infinitesimal for the industry, and has the quality to alteration the mode fibre producers deliberation astir recycled PP."
Olson added, "We needed a spouse similar Drake to recognize this breakthrough. Their manufacture cognition and manufacturing capableness is expected to assistance bring PureCycle's recycled PP solution to a overmuch larger customer-base and amended the circularity of textiles."
Drake and PureCycle worked done aggregate trials to nutrient continuous filaments of varying thicknesses successful bid to grow the end-use applications. The thicker fibre is perfect for outdoor upholstery, portion the thinner worldly is intended for the apparel market. The fibre was besides successfully textured, which softens the worldly to the touch.
PureCycle's R&D squad plans to proceed investigating assorted compounds astatine the Company's laboratory to summation the magnitude of recycled contented that tin beryllium successfully introduced for fibre applications. Work is besides being done to make a compound for staple fibers which could unfastened the doorway to opportunities wrong the carpet, automotive and different industries.
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PureCycle Contact
Christian Bruey
cbruey@purecycle.com
+1 (352) 745-6120
Investor Relations Contact
Eric DeNatale
edenatale@purecycle.com
+1 (617) 817-1524
About PureCycle Technologies
PureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a planetary licence for the lone patented solvent-driven purification recycling technology, developed by The Procter & Gamble Company (NYSE:) (P&G), that is designed to alteration polypropylene integrative discarded (designated arsenic No. 5 plastic) into a continuously renewable resource. The unsocial purification process removes color, odor, and different impurities from No. 5 integrative discarded resulting successful an ultra-pure recycled (UPR) integrative that tin beryllium recycled and reused aggregate times, changing our narration with plastic.www.purecycle.com
Forward-Looking Statements
This property merchandise contains forward-looking statements, including statements astir the continued execution of PureCycle's concern plan, the expected timing of commercialized sales, the commercialization of Ironton operations, the expected summation successful accumulation of the Ironton operations, the planned compounding operations, the sourcing of materials, and planned aboriginal updates. In addition, immoderate statements that notation to projections, forecasts oregon different characterizations of aboriginal events oregon circumstances, including immoderate underlying assumptions, are forward-looking statements. Forward-looking statements mostly subordinate to aboriginal events oregon PureCycle's aboriginal fiscal oregon operating show and whitethorn notation to projections and forecasts. Forward-looking statements are often identified by aboriginal oregon conditional words specified arsenic "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and different akin words and expressions (or the antagonistic versions of specified words oregon expressions), but the lack of these words does not mean that a connection is not forward-looking.
The forward-looking statements are based connected the existent expectations of PureCycle's absorption and are inherently taxable to uncertainties and changes successful circumstances and their imaginable effects and talk lone arsenic of the day of this property release. There tin beryllium nary assurance that aboriginal developments volition beryllium those that person been anticipated. These forward-looking statements impact a fig of risks, uncertainties oregon different assumptions that whitethorn origin existent results oregon show to beryllium materially antithetic from those expressed oregon implied by these forward-looking statements. These risks and uncertainties include, but are not constricted to, those factors described successful the conception entitled "Risk Factors" successful each of PureCycle's Annual Report connected Form 10-K for the fiscal twelvemonth ended December 31, 2023 and PureCycle's Quarterly Reports connected Form 10-Q for assorted quarterly periods, those discussed and identified successful different nationalist filings made with the Securities and Exchange Commission by PureCycle and the following: PCT's quality to get backing for its operations and aboriginal maturation and to proceed arsenic a going concern; PCT's quality to meet, and to proceed to meet, applicable regulatory requirements for the usage of PCT's ultra-pure recycled ("UPR") resin successful nutrient people applications (including successful the United States, Europe, Asia and different aboriginal planetary locations); PCT's quality to comply connected an ongoing ground with the galore regulatory requirements applicable to the UPR resin and PCT's facilities (including successful the United States, Europe, Asia and different aboriginal planetary locations); expectations and changes regarding PCT's strategies and aboriginal fiscal performance, including its aboriginal concern plans, enlargement plans oregon objectives, prospective show and opportunities and competitors, revenues, products and services, pricing, operating expenses, marketplace trends, liquidity, currency flows and uses of cash, superior expenditures, and PCT's quality to put successful maturation initiatives; the quality of PCT's archetypal commercial-scale recycling installation successful Lawrence County, Ohio (the "Ironton Facility") to beryllium appropriately certified by Leidos, pursuing definite show and different tests, and commence full-scale commercialized operations successful a timely and cost-effective mode oregon astatine all; PCT's quality to meet, and to proceed to meet, the requirements imposed upon it and its subsidiaries by the backing for its operations, including the backing for the Ironton Facility; PCT's quality to minimize oregon destruct the galore hazards and operational risks astatine its manufacturing facilities that tin effect successful imaginable wounded to individuals, disrupt its concern (including interruptions oregon disruptions successful operations astatine its facilities), and taxable PCT to liability and accrued costs; PCT's quality to implicit the indispensable backing with respect to, and implicit the operation of, (i) its archetypal U.S. multi-line facility, located successful Augusta, Georgia, and (ii) its archetypal commercial-scale European works located successful Antwerp, Belgium, successful a timely and cost-effective manner; PCT's quality to procure, benignant and process polypropylene integrative discarded astatine its planned integrative discarded prep facilities; PCT's quality to support exclusivity nether the Procter & Gamble Company license; the implementation, marketplace acceptance and occurrence of PCT's concern exemplary and maturation strategy; the occurrence oregon profitability of PCT's offtake arrangements; the quality to root feedstock with a precocious polypropylene contented astatine a tenable cost; PCT's aboriginal superior requirements and sources and uses of cash; developments and projections relating to PCT's competitors and industry; the result of immoderate ineligible oregon regulatory proceedings to which PCT is, oregon whitethorn become, a enactment including the securities people enactment and putative people enactment cases; geopolitical hazard and changes successful applicable laws oregon regulations; the anticipation that PCT whitethorn beryllium adversely affected by different economic, business, and/or competitory factors, including involvement rates, availability of capital, economical cycles, and different macro-economic impacts; turnover successful employees and increases successful employee-related costs; changes successful the prices and availability of labour (including labour shortages), proscription and materials, including inflation, proviso concatenation conditions and its related interaction connected vigor and earthy materials, and PCT's quality to get them successful a timely and cost-effective manner; immoderate concern disruptions owed to governmental oregon economical instability, pandemics, equipped hostilities (including the ongoing struggle betwixt Russia and Ukraine and the struggle successful the Middle East); the imaginable interaction of clime alteration connected PCT, including carnal and modulation risks, higher regulatory and compliance costs, reputational risks, and availability of superior connected charismatic terms; and operational risk.
SOURCE: PureCycle Technologies
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