Next step in bringing polypropylene recycling
plant to Japan
ORLANDO,
Fla., March 17, 2023 /PRNewswire/
-- PureCycle Technologies (NASDAQ: PCT) and Mitsui & Co.
Ltd. (Mitsui) announced a signed heads of agreement (HOA) to
develop and operate a polypropylene (PP) recycling plant in
Japan. Mitsui is a global trading
and investment company with a diversified business portfolio based
in Tokyo. In September of 2021,
the two sides announced a signed memorandum of understanding.
The two sides are targeting completion of a plant in 2026. The
first plant is designed to transform PP waste into an ultra-pure
recycled (UPR) resin and expected to have an annual capacity of
59,000 metric tons (130 million pounds).
PureCycle CEO Dustin Olson said,
"We need strong global partners like Mitsui to solve the global
plastic waste crisis. This HOA is a major step forward in the
process of bringing a true circular solution to Japan for polypropylene plastic waste. The
final options for site locations are located between major
population and industrial centers, so we can optimize supply chain
activities for both feed and product. We believe this site
will become a strategic sustainable supply location for critical
Japanese industries like automotive, electronics, and consumer
product companies."
PureCycle uses a patented technology that can remove virtually
all contaminants, colors and odors from polypropylene plastic waste
(designated as No.5 plastic) and transform it into an ultra-pure
plastic resin that can be used multiple times.
Chief Operating Officer of the Performance Materials Business
Unit at Mitsui Hiroshi Kakiuchi commented, "Mitsui has identified
'sustainability management and the evolution of ESG' as key areas
of its Corporate Strategy. Through this new joint project with
PureCycle, Mitsui aims to contribute to the overall reduction of
plastic waste and the establishment of a circular economy in
Japan. By securing plastic waste
as the raw material, manufacturing recycled polypropylene resin,
and expanding the applications of the material for consumer goods,
food containers and automobile interiors, Mitsui aims to make a
significant contribution to the creation of the more sustainable
society."
This is the latest example of PureCycle's global-growth
strategy. Earlier this year, the company announced the site of its
first polypropylene recycling facility in Europe at the Port of Antwerp-Bruges' Next Gen
District in Belgium. PureCycle's
first PP recycling plant in Asia
is planned to open in 2025 in South
Korea.
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
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 Mitsui
Mitsui & Co. Ldt. (8031: JP) is a global trading and
investment company with a diversified business portfolio that spans
approximately 64 countries in Asia, Europe,
North, Central & South
America, The Middle East,
Africa and Oceania.
Mitsui has over 5,500 employees and deploys talent around the
globe to identify, develop, and grow businesses in collaboration
with a global network of trusted partners. Mitsui has built a
strong and diverse core business portfolio covering the Mineral and
Metal Resources, Energy, Machinery and Infrastructure, and
Chemicals industries.
Leveraging its strengths, Mitsui has further diversified beyond
its core profit pillars to create multifaceted value in new areas,
including innovative Energy Solutions, Healthcare & Nutrition
and through a strategic focus on high-growth Asian markets. This
strategy aims to derive growth opportunities by harnessing some of
the world's main mega-trends: sustainability, health &
wellness, digitalization and the growing power of the consumer.
Mitsui has a long heritage in Asia, where it has established a diverse and
strategic portfolio of businesses and partners that gives it a
strong differentiating edge, provides exceptional access for all
global partners to the world's fastest growing region and
strengthens its international portfolio.
For more information on Mitsui & Co's businesses visit,
mitsui.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 PureCycle. 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 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 of PureCycle'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 PureCycle and the
following:
- PureCycle's ability to meet, and to continue to meet,
applicable regulatory requirements for the use of PureCycle's UPR
resin in food grade applications (both in the United States and abroad);
- PureCycle's ability to comply on an ongoing basis with the
numerous regulatory requirements applicable to the UPR resin and
PureCycle's facilities (both in the
United States and abroad);
- expectations and changes regarding PureCycle'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 PureCycle's ability to
invest in growth initiatives;
- PureCycle'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;
- PureCycle's ability to complete the necessary funding with
respect to, and complete the construction of its first U.S. cluster
facility located in Augusta,
Georgia (the "Augusta Facility"), in a timely and
cost-effective manner;
- PureCycle's ability to sort and process polypropylene plastic
waste at its plastic waste prep ("Feed PreP") facilities;
- PureCycle's ability to maintain exclusivity under the Procter
& Gamble Company license;
- the implementation, market acceptance and success of
PureCycle's business model and growth strategy;
- the success or profitability of PureCycle's offtake
arrangements;
- the ability to source feedstock with a high polypropylene
content;
- PureCycle's future capital requirements and sources and uses of
cash;
- PureCycle's ability to obtain funding for its operations and
future growth;
- developments and projections relating to PureCycle's
competitors and industry;
- the outcome of any legal or regulatory proceedings to which
PureCycle is, or may become a party, including the securities class
action case;
- geopolitical risk and changes in applicable laws or
regulations;
- the possibility that PureCycle may be adversely affected by
other economic, business, and/or competitive factors;
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SOURCE PureCycle Technologies