AUGUSTA, GA.– March 22, 2022 – Today, PureCycle Technologies, Inc. (Nasdaq: PCT) will break ground on its second U.S. plastic waste purification facility...
Second Plastic Waste Purification Facility Brings Sustainability Mission to Southeast
AUGUSTA, GA.– March 22, 2022 – Today, PureCycle Technologies, Inc. (Nasdaq: PCT) will break ground on its second U.S. plastic waste purification facility in Augusta, Georgia, which will enable PureCycle to expand production of its ultra-pure recycled (UPR) resin. Initial construction activities will begin immediately following the groundbreaking ceremony.
This facility, located in Augusta Corporate Park, is designed to transform No. 5 plastic waste into a sustainable material that can be used to make products consumer use on a regular basis such as yogurt cups, cosmetics, plastic containers, and even car parts. PureCycle’s Augusta location can support up to 8 purification lines, which collectively are designed to produce approximately 1 billion pounds of like-new recycled plastic annually.
“PureCycle has learned what we already know here in Augusta; that we are a robust community perfectly positioned for access to major sea- and airports with a skilled workforce that rivals any major city,” said Mayor Hardie Davis Jr., City of Augusta. “We welcome PureCycle to the Garden City and look forward to not only adding jobs and growing our economy but advancing the overall mission to tackle plastic waste. By eliminating our culture of single-use plastic we can keep waste out of our oceans, waterways, and buried in landfills, and protect and preserve our communities for our children and future generations.” “This is an exciting time for PureCycle as we expand our operations into the Southeast and bring our versatile, recycled plastic to the region,” said Mike Otworth, chief executive officer, PureCycle. “Our second facility, when completed, will transform No. 5 plastic waste – one of the most commonly used and least recycled plastics in the world – into an ultra-pure material that can be used to make consumer products, ultimately helping reduce our reliance on single-use plastics that contaminate our oceans and waterways.”“We are thrilled that PureCycle has chosen Augusta as the future home of their second facility,” said Steven Kendrick, chair, Augusta Economic Development Authority (AEDA) Board of Directors. “With this new facility breaking ground today, here at the Augusta Economic Development Authority we continue to execute on our mission to propel forward projects which will grow our economy and connect highly skilled, well-paying jobs to our residents.”The groundbreaking and start of construction in Augusta come on the heels of the recent announcement of PureCycle’s $250 million private equity capital raise, which will help support the build out of the Augusta facility. The recycled resin produced at the Augusta facility will be used by PureCycle’s customers as a more environmentally sustainable resin for producing products. PureCycle expects the first two Augusta purification lines to be completed in the fourth quarter of 2023, with a capacity to produce 260 million pounds of like-new recycling resin annually.
About PureCycle Technologies
PureCycle Technologies LLC, a subsidiary of PureCycle Technologies, Inc., holds a global license to commercialize the only patented solvent-based purification recycling technology, developed by The Procter & Gamble Company, for restoring waste polypropylene (PP) into ultra-pure resin. The proprietary process removes color, odor and other contaminants from recycled feedstock resulting in ultra-pure polypropylene suitable for any PP market. To learn more, visit purecycle.com.
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