• PureCycle Technologies, a producer of recycled polypropylene resin, has provided its corporate update for Q4 2022.  

• The company plans to complete its Plant 1 in Ironton by April, which is when it expects to generate revenue.

Key operational highlights

• Ironton facility nears completion and prepares for commercial production of UPR resin: The construction of PureCycle's purification facility in Ironton is nearly complete, while the remaining systems are expected to be mechanically complete in April. The company plans to start commercial production of Ultra-Pure Recycled (UPR) resin at the Ironton facility by April. 

• Makes progress at its multi-line purification facility in Augusta: The company moves forward on engineering and pre-construction activities at its planned multi-line purification facility in Augusta , Georgia. As of Q4 2022, the company has committed USD 185.7 million on long-lead equipment for this project.

• Partnerships and joint ventures continue : PureCycle plans to build its first European polypropylene recycling facility in Belgium with the Port of Antwerp-Bruges, which could expand to four purification lines with an annual capacity of 520 million lbs. The company also signed a Heads of Agreement with Mitsui and identified potential sites to develop a multi-line purification facility in Japan. In addition, PureCycle's joint venture with SK Geo Centric in South Korea is making progress on feedstock engineering, project budget, and financing strategy.

• Securing a line of credit with plans for additional capital raises: The company secured a USD 150 million revolving line of credit for general working capital purposes and is looking to raise additional capital to improve its financial position. Total liquidity stood at USD 326.1 million as of 4Q 2022. Total cash of USD 280.9 million was invested in the Ironton Facility through 2022, with an additional USD 39 million–45 million expected to be spent in Q1 2023. PureCycle plans to raise capital for Phase 1 of its Augusta project at an attractive cost of capital once the Ironton project is operational.