
Jong Kiam Soon | Dreamstime.com
PureCycle Technologies Inc. says binding agreements that will provide it with access to $300 million will help it install 500,000 tons of polypropylene (PP) recycling capacity globally by 2030.
The Orlando, Florida-based company, which uses a chemical recycling process at a plant in Ironton, Ohio, says the funding has been procured from several equity firms, including Duquesne Family Office LLC, Wasserstein Debt Opportunities, Samlyn Capital, Pleiad Investment Advisors and Sylebra Capital Management.
The funds will help PureCycle construct chemical recycling facilities in Augusta, Georgia; Antwerp, Belgium; and (via a partnership) in Rayong, Thailand.
PureCycle’s first quarter financial results portray a company not yet achieving an operating profit. In the first three months of 2025, the company reported about $1.58 million in revenue and $39.3 million worth of operating costs and expenses, leading to an operating loss of more than $37 million.
A presentation prepared by the firm and posted to its website this week focuses on the funds that have been raised and global expansion plans.
“Ironton’s reliability has shown meaningful progress over the last nine months," PureCycle says.
An investor presentation posted this May says reliability is improving and the severity of issues has markedly reduced in Ironton.
The newly raised capital coincides with the start of a new partnership with Thailand-based IRPC Public Co. Ltd. (IRPC) through which the companies intend to build a new PP recycling facility in in Rayong that is expected to have 65,000 tons of annual capacity.
Construction of that facility will begin in the second half of this year and is expected to be operational in mid-2027.
In Europe, a plant with the same capacity is being planned with economic development officials in Belgium. In the U.S., the planned facility in Georgia is expected to have annual capacity of 150,000 tons, and it will be outfitted after integrating the learnings from Ironton into the base design package, according to PureCycle.
Not mentioned in the most recent news release from PureCycle are earlier announced partnerships with Mitsui & Co. Ltd. of Japan or with South Korea-based SK Geo Centric. The latter partnership reportedly ended in 2024.
“Following significant production progress at the Ironton facility, momentum in our commercialization efforts and confidence in financing efforts, the time for growth is now,” PureCycle CEO Dustin Olson says.
“Over the last several years, we have continued to invest time and resources in progressing our global growth plans and this capital will allow us to execute on those plans. We're excited to share these attractive investment projects with investors. This is an impressive group of investment organizations and we are thankful for their continued support."
Regarding those investments, PureCycle anticipates the transactions will fund and close June 20.
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