PureCycle resin augments Formerra's sustainable
materials portfolio
ORLANDO,
Fla., March 16, 2023 /PRNewswire/ -- PureCycle
Technologies (NASDAQ: PCT) today announced a new partnership with
Formerra, a leading engineered materials distributor. Formerra will
serve as the primary authorized North American distributor of
PureCycle's ultra-pure recycled (UPR) polypropylene resin,
PureFive™.
PureCycle resin is made using a patented process designed to
transform polypropylene plastic waste (designated as No. 5
plastic) into a continuously renewable resource. PureCycle's unique
purification technology removes odor, color, and other impurities
from polypropylene waste. This results in ultra-pure recycled
plastic that can be recycled and reused, enabling a truly circular
economy.
PureCycle resin is a like-virgin material, easily colorable, and
is not only 100% recyclable, but also projected to use
approximately 79% less energy than virgin resin. It's also
projected to release 35% fewer carbon emissions than new
polypropylene manufacturing, further substantiating its
sustainability benefits.
PureCycle CEO Dustin Olson
commented, "This is another key step in executing our global growth
strategy. Formerra's commitment to innovative approaches to complex
end-market applications and strong dedication to sustainable
solution-building is a perfect fit for our company. Our first
purification line in Ironton, scheduled to be completed shortly,
and the subsequent two lines planned in Augusta, are designed to produce more than 300
million pounds of UPR resin. We will rely on Formerra as a trusted
distribution partner to help us reach new markets."
Cathy Dodd, Formerra CEO, added,
"Addressing the world's most pressing sustainability challenges is
a responsibility we all share. We are excited to bring PureCycle
resin to our expansive materials lineup, because this material
aligns with our strengths - ingenuity, technical expertise, and
sustainable growth. Our customers will now have a game-changing
solution to help them meet their environmental sustainability
goals. In addition, our experienced technical team will be able to
work with PureCycle to customize the material to meet specific
customer needs."
PureCycle's resin is expected to be available to Formerra
customers as early as Q4 of this year.
Media Contacts
Christian Bruey
PureCycle Technologies
cbruey@purecycle.com
+1 (352) 745-6120
Jackie Morris
Formerra
jackie.morris@formerra.com
+1 (630) 849-3620
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
transforms 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
About Formerra
Formerra is a preeminent distributor of engineered materials,
connecting the world's leading polymer producers with thousands of
OEMs and brand owners across healthcare, consumer, industrial, and
mobility markets. Powered by technical and commercial expertise, it
brings a distinctive combination of portfolio depth, supply chain
strength, industry knowledge, service, leading e-commerce
capabilities, and ingenuity. The experienced Formerra team helps
customers across multiple industries to design, select, process,
and develop products in new and better ways – driving improved
performance, productivity, reliability, and sustainability. To
learn more, visit www.formerra.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements about the financial condition, results of
operations, earnings outlook and prospects of PCT. 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 are typically identified by 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, 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 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. 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 of PCT's Annual Report on Form
10-K for the fiscal year ended December 31,
2022, entitled "Risk Factors," those discussed and
identified in public filings made with the U.S. Securities and
Exchange Commission (the "SEC") by PCT 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 (both in the United States, Europe and internationally);
- 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, Europe and
internationally);
- 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 its first commercial-scale
recycling facility in Lawrence County,
Ohio (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, its first U.S. multi-line
facility, located in Augusta,
Georgia (the "Augusta Facility"), 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 PureCycle'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 the company,
including physical and transition risks, higher regulatory and
compliance costs, reputational risks, and availability of capital
on attractive terms;
- operational risk; and
- the risk that the COVID-19 pandemic ("COVID-19"), 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.
Should one or more of these risks or uncertainties materialize
or should any of the assumptions made by the management of PCT
prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements.
All subsequent written and oral forward-looking statements or
other matters attributable to PCT or any person acting on their
behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to in this press release. Except
to the extent required by applicable law or regulation, PCT
undertakes no obligation to update these forward-looking statements
to reflect events or circumstances after the date of this press
release or to reflect the occurrence of unanticipated
events.
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SOURCE PureCycle Technologies