Purecycle Technologies Inc Stock Price, News & Analysis

PureCycle Technologies (PCT) has secured a $33 million financing transaction with participation from Pleiad Investment Advisors , Sylebra Capital Management, and Samlyn Capital, . The transaction is expected to close on February 6, 2025.

The raised capital will support PureCycle's efforts to commercialize its patented dissolution recycling process. CEO Dustin Olson highlighted the company's progress with trials and ongoing pursuit of commercial success in fiber and other applications.

The investment was made through a private placement of common stock shares, which are not registered under the Securities Act of 1933. PureCycle has agreed to register the resale of these shares with the SEC.

PureCycle Technologies (NASDAQ:PCT) has announced the sale of nearly 500,000 pounds of resin to Drake Extrusion Inc., North America's leading manufacturer of colored filament yarn. The sale follows Drake's successful production of continuous fiber using PureCycle's PureFive™ resin, produced from 100% post-consumer recycled feedstock at the Ironton, Ohio facility.

Drake has successfully tested PureCycle's material under various conditions, producing multiple fiber types that exceeded expectations. The development is significant as approximately 20% of global virgin polypropylene supply is used for fiber and yarn, and until now, there hasn't been a reliable recycling alternative. The partnership aims to transform the industry by introducing recycled PP solutions for textiles, with applications ranging from outdoor upholstery to apparel.

PureCycle's R&D team continues testing various compounds to increase recycled content in fiber applications and is working on compounds for staple fibers targeting carpet and automotive industries.

PureCycle Technologies (PCT) reported significant progress in Q3 2024, achieving key production milestones at its Ironton Facility, including processing one million pounds of feedstock weekly, 200,000 pounds daily, and feed rates exceeding 10,000 pounds per hour. The company commissioned a new 325,000 square foot sorting facility in Denver, Pennsylvania, improving polypropylene concentration from 60-80% to 90-95%. PureCycle raised $108 million through bond sales and transactions with investors, ending Q3 with $93.7 million in cash. The company is advancing commercial trials with major manufacturers, including P&G, and expects meaningful sales growth in 2025.

PureCycle Technologies (Nasdaq:PCT) has announced its upcoming third quarter 2024 corporate update conference call, scheduled for Thursday, November 7, 2024, at 10:00 a.m. EST. The company will release a press release detailing corporate developments and Q3 activities prior to the call. The event will include a live Q&A session for analysts, and management will address investor questions submitted in advance to investorquestion@purecycle.com. A replay will be available after 3:00 p.m. Eastern Time until November 6, 2025.

PureCycle Technologies (Nasdaq: PCT) has achieved a significant milestone at its Ironton, Ohio facility, processing over one million pounds of feedstock in a consecutive seven-day period. This accomplishment marks the completion of all three near-term goals discussed during the company's second quarter investor update in early August.

CEO Dustin Olson expressed enthusiasm about the achievement, highlighting the team's hard work and the potential to build on these results. PureCycle plans to provide further updates during the next investor briefing, indicating ongoing progress and transparency in its operations.

PureCycle Technologies (Nasdaq: PCT) has announced a $90 million financing transaction with Sylebra Capital Management and Samlyn Capital, The deal includes a $50 million Series A Preferred Stock issuance, an 8.5 million common stock sale, and warrants for 5 million shares. Additionally, Sylebra Capital extended its $200 million line of credit to March 2026.

The company also reported significant progress at its Ironton Facility, achieving feed rates over 10,000 pounds per hour and processing more than 200,000 pounds of feedstock in a day. PureCycle aims to produce one million pounds in a week during Q3 and is transitioning to commercial operations with increased revenues expected in Q4.

PureCycle Technologies (NASDAQ:PCT) has released its Q2 2024 update, highlighting significant progress in production and reliability at its Ironton Facility. The company achieved its highest production month in June, with multiple days producing over 100,000 pounds of pellets. PureCycle is addressing limitations in the CP2 recovery and handling system to improve production rates. The company is also expanding its commercial offerings through compounding, introducing PureFive™ grades to meet specific customer needs.

PureCycle ended Q2 2024 with $10.9 million in unrestricted cash and has secured an additional $18 million through the sale of revenue bonds. The company is focusing on increasing throughput by sourcing low-CP2 feedstock and implementing flake-sorting technology, with a second, larger line expected to be operational by September's end.

PureCycle Technologies (NASDAQ:PCT) announced that it received an expanded Letter of No Objection (LNO) from the FDA for its PureFive™ Ultra-Pure Recycled resin, allowing its use in food-contact applications. This approval covers all food types under FDA's Conditions of Use A through H, equating PureFive™ resin with virgin polypropylene. The expansion permits PureCycle to use a broader range of feedstocks, including curbside materials sorted for food-grade applications. This development follows extensive testing and feedstock evaluation. CEO Dustin Olson highlighted the significance of this approval for broadening the company's impact and supporting global brand owners and processors in food packaging.

PureCycle Technologies (Nasdaq:PCT) will participate in Stifel's 2024 Cross Sector Insight Conference on June 5, 2024. The event will feature CEO Dustin Olson and CFO Jaime Vasquez at 10:20 a.m. EDT. PureCycle utilizes a patented solvent-driven purification recycling technology, developed by Procter & Gamble, to transform polypropylene plastic waste into ultra-pure recycled plastic. This technology aims to reduce plastic waste by making it a continuously renewable resource.