Purecycle Technologies Inc Stock Price, News & Analysis

PureCycle Technologies (Nasdaq: PCT) announced that its CFO, Larry Somma, will present at the Jefferies Industrials Conference in New York City on August 10, 2022, from 9:30-9:55 am Eastern Time. This in-person event will also include one-on-one meetings throughout the conference. PureCycle is focused on revolutionizing plastic recycling, utilizing patented technology to transform polypropylene plastic waste into a renewable resource.

PureCycle Technologies will host a conference call on August 12, 2022, at 11:00 a.m. ET, to update on corporate developments and second-quarter activities. A press release detailing these developments will be issued prior to the call. Participants must register in advance for the conference call. The call will include a live Q&A session and will be available for replay later on the company's website. PureCycle is noted for its patented technology that transforms polypropylene plastic waste into a renewable resource.

PureCycle Technologies (NASDAQ: PCT) announced key leadership changes effective August 5, 2022. Dustin Olson, the current COO and Chief Manufacturing Officer, will become the second CEO of the company, succeeding Mike Otworth, who will resign to return to Innventure. Olson has extensive experience in plastics and petrochemicals, previously working with LyondellBasell. Dan Coombs, a board member, will transition to Executive Chairman. These changes aim to drive PureCycle's growth as a global leader in recycling technology, addressing the plastic waste crisis with innovative solutions.

PureCycle Technologies (PCT) has partnered with the Jacksonville Jaguars to implement the innovative PureZero™ waste program at TIAA Bank Field, aiming to recycle over 500,000 pieces of plastic waste. As Florida's first professional sports team to adopt this program, the Jaguars will utilize PureCycle's advanced purification technology to process No. 5 plastic, commonly used in stadiums. This venture intends to create a circular recycling system, significantly reducing plastic waste during numerous games and events throughout the season.

On June 15, 2022, PureCycle Technologies (Nasdaq: PCT) celebrated its second annual Pure Planet Day, engaging volunteers in Florida and Ohio to support environmental initiatives. In Orlando, volunteers built a greenhouse for Millennia Gardens Elementary, while in Ironton, they cleaned up litter in collaboration with local waste management. The company aims to transform polypropylene plastic waste into ultra-pure recycled resin, promoting sustainable practices. PureCycle continues to partner with local schools to foster eco-friendly programs and enhance community well-being.

PureCycle Technologies, Inc. (NASDAQ: PCT) has appointed Daniel M. Coombs to its Board of Directors. Coombs, with over 40 years of experience in petrochemicals and refining from LyondellBasell, qualifies as an independent director under NASDAQ standards. Chairman and CEO Mike Otworth stated that Coombs' expertise will assist in the completion of their first commercial facility in Ironton, Ohio by year-end. Coombs expressed enthusiasm for contributing to the company during this transformative period in the recycled plastics industry.

PureCycle Technologies (Nasdaq: PCT) has released its inaugural ESG Report featuring preliminary Life Cycle Assessment (LCA) data. The report highlights that PureCycle's purification process for recycling polypropylene produces 35% lower carbon emissions and uses 79% less energy compared to new plastic production. The company has significantly expanded its workforce and employed advanced automation technologies to enhance operational efficiency. CEO Mike Otworth emphasizes a commitment to sustainability and transparency in reporting environmental impacts.

PureCycle Technologies (NASDAQ: PCT) reported operational advancements in Q1 2022. The flagship Ironton facility is set for mechanical completion in early Q4 2022, with initial pellet production anticipated by year-end. The Augusta facility is under construction, targeting a 260 million pound capacity to commence operations in Q4 2023. A significant portion of the purification lines is already allocated through multi-year contracts. The company achieved a liquidity of $609.9 million, and anticipates budget overages of $55-$65 million due to inflationary pressures.