PureCycle Technologies, Inc. (Nasdaq: PCT), opened its doors to stakeholders and also announced a multi-year digital technologies and service agreement with Emerson Process Management LLLP (Emerson) during the company's Investor Day Expo at its Ironton, Ohio recycling facility last week. PureCycle currently plans to build 50 additional 'born-digital' recycling facilities over the next 15 years, where it will produce virgin-like recycled polypropylene (rPP) from waste polypropylene (PP). Investors and strategic partners, including BMW i Ventures and Milliken & Company, received a tour of the facility, and saw PureCycle's efforts to scale production of rPP to an expanding list of market verticals.
"I'm happy that I took the opportunity to travel to Ohio to be a part of PureCycle Investor Day 2021," said Marcus Behrendt, CEO and partner, BMW i Ventures, Inc. "As an investor, it was very promising to see how sophisticated and mature the technology of PureCycle already is. The quality of product produced by the Feedstock Evaluation Unit was very impressive."
Investor Day Expo featured tours of PureCycle's Feedstock Evaluation Unit (FEU), as well as presentations from management related to the purification process, technology and feedstock strategy. Investors and strategic partners also met PureCycle's operational leadership team, including Dustin Olson, chief manufacturing officer and Tamsin Ettefagh, chief sustainability officer.
PureCycle uses proprietary technology licensed from The Procter & Gamble Company to recycle waste PP into ultra-pure rPP for myriad applications. The company chose Emerson's Plantweb™ digital ecosystem for its breadth of digital solutions, including intelligent sensors and control valves, advanced operations software and systems, cloud data management and analytics.
"We're more confident than ever in the scalability of our technology to meet demand for our virgin-like resin," said PureCycle CEO Mike Otworth. "Our recycling facilities will be born digital, and with Emerson's help, each PureCycle facility is expected to start up with the most advanced digital automation technologies available, allowing us to achieve faster project completion, and to have fully integrated systems and world-class operating performance."
This press release contains forward-looking statements, including statements about the financial condition 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 such statement. 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 "Risk Factors," those discussed and identified in public filings made with the Securities and Exchange Commission (the "SEC") by PCT and the following: PCT's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT's UPRP in food grade applications (both in the United States and abroad); PCT's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPRP and PCT's facilities (both in the United States and abroad); expectations and changes regarding PCT's strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and PCT's ability to invest in growth initiatives; PCT's ability to scale and build Plant 1 in a timely and cost-effective manner; PCT's ability to maintain exclusivity under the P&G license (as described below); the implementation, market acceptance and success of PCT's business model and growth strategy; the success or profitability of PCT's offtake arrangements; the ability to source feedstock with a high polypropylene content; PCT's future capital requirements and sources and uses of cash; PCT's ability to obtain funding for its operations and future growth; developments and projections relating to PCT's competitors and industry; the outcome of any legal proceedings to which PCT is, or may become a party, including recently filed securities class action cases; geopolitical risk and changes in applicable laws or regulations; the possibility that PCT may be adversely affected by other economic, business, and/or competitive factors; operational risk; and risk that the COVID-19 pandemic, and local, state, and federal responses to addressing the pandemic may have an adverse effect PCT's business operations, as well as PCT's financial condition and results of operations.
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.
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, for restoring waste polypropylene (PP) into virgin-like resin. The proprietary process removes color, odor and other contaminants from recycled feedstock resulting in virgin-like polypropylene suitable for any PP market. To learn more, visit purecycletech.com.
Laura Mansfield, APR
Investor Relations Contacts:
Cody Slach, Georg Venturatos
Gateway Investor Relations