Company Releases Inaugural ESG Report with Preliminary LCA Data
Today, PureCycle Technologies, Inc. (Nasdaq: PCT) released its inaugural Environment, Social, and Governance (ESG) Report including third party preliminary Life Cycle Assessment (LCA) data that shows the company's purification process for recycling polypropylene (designated as No. 5 plastic) waste uses less energy and has lower carbon emissions than new plastic production.
PureCycle's 2021 ESG Report details the company's commitment to its community, stakeholders, and tackling the global plastic pollution crisis. The report also spotlights PureCycle's effort to scale and optimize its unique No. 5 plastic recycling, harness the latest manufacturing technology systems, and leverage top tier talent to fulfill the company's mission of transforming plastic waste into a continuously renewable resource.
Key Report Highlights
Mike Otworth, Chairman and Chief Executive Officer of PureCycle, commented, "While PureCycle's ESG program is still in its infancy, do know that we are committed to demonstrating authenticity and credibility through transparent ESG reporting. As a plastic recycling technology company aiming to reduce plastic waste, partnering with leading brands to help them create sustainable consumer products, and transforming the industry, it's essential we also do our part to minimize our environmental impact and conserve resources. As we continue to refine our approach, we will look for impactful, innovative ways to reduce carbon emissions and utilize less energy. This is just the beginning."
This preliminary third-party LCA supports PureCycle's position that its purification technology can create a high-quality recycled material that can rival new plastic in quality and production process. With the carbon footprint analysis for its future purification process estimated to be below new plastic production, PureCycle's product is designed to provide an alternative to high-cost carbon credit purchasing programs while helping brands achieve their highest sustainability goals.
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About PureCycle Technologies
PureCycle Technologies LLC, a subsidiary of PureCycle Technologies, Inc., holds a global license to commercialize the only patented, solvent-based purification recycling technology, developed by The Procter & Gamble Company (P&G), for restoring waste polypropylene (PP) into ultra-pure resin. The proprietary process removes color, odor and other contaminants from recycled feedstock resulting in an ultra-pure polypropylene suitable for any PP market. To learn more, visit purecycle.com
Forward-Looking Statements
This press release contains forward-looking statements, including statements about the financial condition, results of operations, earnings outlook and prospects of PCT. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of the management of PCT and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of the Quarterly Report to be filed on Form 10-Q. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section of PCT's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 entitled "Risk Factors," those discussed and identified in public filings made with the U.S. Securities and Exchange Commission (the "SEC") by PCT and the following:
Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of PCT prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
All subsequent written and oral forward-looking statements or other matters attributable to PCT or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this press release. Except to the extent required by applicable law or regulation, PCT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
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August 08, 2024 |
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