Welcome to our dedicated page for Purecycle Technologies news (Ticker: PCT), a resource for investors and traders seeking the latest updates and insights on Purecycle Technologies stock.
PureCycle Technologies Inc. (PCT) delivers innovative plastic recycling solutions through its patented purification process, transforming polypropylene waste into high-performance sustainable materials. This news hub provides investors and industry stakeholders with essential updates on operational milestones, technological advancements, and market developments.
Access timely press releases covering earnings reports, strategic partnerships, and production capacity expansions. Our curated news collection enables informed decision-making by tracking PCT's progress in scaling its solvent-based recycling technology and expanding applications across packaging, automotive, and consumer goods sectors.
Discover updates on PureCycle's sustainability initiatives, regulatory compliance achievements, and quality certifications. Content is sourced directly from company filings and verified partners to ensure reliability. Bookmark this page for continuous access to PCT's evolving role in advancing circular economy solutions through industrial-scale plastic recycling innovation.
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.
PureCycle Technologies (Nasdaq: PCT) provided an update on its Ironton, Ohio purification facility, highlighting improved reliability and product quality following the resumption of operations on May 20, 2024.
The facility experienced a severe storm-induced power outage on May 22 but resumed operations on May 30, initially processing 2,500 pounds per hour and subsequently reaching 6,000 pounds per hour. Since then, the facility has produced approximately 265,000 pounds of pellets.
CEO Dustin Olson emphasized over 100 improvements made to the facility to enhance reliability and consistency. The company plans to increase feed rates and introduce higher co-product two concentrations to assess the upgrades' impact.
Additional updates will be provided before the end of the fiscal second quarter.
PureCycle Technologies, Inc. provided a corporate update for the first quarter ending March 31, 2024, highlighting the production activities in Ironton, resin provision to customers, and purification technology development. The Company reported a net loss of $85.6 million for Q1 2024 due to various factors. PureCycle announced the sale of $37.5 million of Series A Revenue Bonds to Pure Plastics , involving the exchange of Pure Plastics Term Loan for Series A, B, and C Revenue Bonds. The Company will hold a conference call on May 7, 2024, to discuss recent developments.
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