• PureCycle Technologies, a producer of recycled polypropylene resin, has provided its corporate update for Q1 2022.  

<ul><li> As reported in Q4 , the company’s capacity at its Plant 1 and 70% of two of five lines in its Plant 2 are already sold out. The company plans to complete its Plant 1 by the end of 2022, which is when it expects to generate revenue.</ul>

Other key operational milestones for 1Q 2022:

• On track to reach a total installed annual capacity of one billion pounds by 2025: Plant 1 in Ironton Ohio (capacity of 107 million pounds) is expected to produce pellets in Q4 2022; Phase I of Plant 2 in Augusta, Georgia (capacity of 650 million pounds) to produce 260 million pounds by Q4 2023. Updates on Plants 3 and 4 were not provided. 

<ul><li>The three new feedstock pre-processing (PreP) facilities are on track: California (10-25 million pounds /year, Q2 2022), Central Florida (75-150 million pounds/year, Q3 2022), and Northeast (75-150 million pounds/year, 2023). Plans to rollout project details by Q3 2022.</ul>

• Securing necessary feedstock for production: Secured new letters of intent to receive 215 million pounds of feedstock. The company has secured feedstock for 75% of lines 1 and 2 in its Augusta facility.

<ul><li>During 1Q, Purecycle also secured the deal to raise USD 250 million in private equity capital from existing investors Sylebra Capital and Samlyn Capital as well as new investor SK Geo Centric (previously SK Global Chemical). The funds were to support the company in the construction of its Plant 2. Cash and investments as of Q1, stand at USD 610 million in total.</ul>