• PureCycle Technologies, a producer of recycled polypropylene resin, has provided its corporate update for Q2 2022.  

<ul><li> As reported in Q1 , 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 Q1 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 (90% competed, 10 million–25 million pounds/year), Central Florida (75 million–150 million pounds/year, Q3 2022), and Northeast (75 million–150 million pounds/year, 2023).</ul>

• Securing necessary feedstock for production : Secured new letters of intent to receive an additional 111 million pounds of feedstock for the Augusta purification facility. Also received a prenotification letter from the FDA gaining approval for two different feedstock streams (food-grade post-industrial and food-grade post consumer stadium wastes).

<ul><li> Partnerships and offtake agreements continue: Partnered with Jacksonville Jaguars to divert over 500,000 pieces of plastic waste at the entertainment destination TIAA Bank Field; has secured  205 million pounds of multi-year offtake agreements for its Augusta Lines 1 and 2 and is actively working with several brands for consumer product applications.</ul>

• Raises finance: Secured a senior debt project financing for its Augusta Lines 1 and 2 and the three PreP facilities to complete them by Q4 2022. Of the funds, USD 173 million was allocated for the Augusta project. Cash and investments, as of Q2, stand at USD 516 million.