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PureCycle Technologies Raises $250 Million

Bond will be used to complete company’s first commercial plant in Ironton, OH, which is expected to produce more than 100 million pounds of ultra-pure recycled polypropylene annually.

PureCycle Technologies LLC announced it has completed the bond financing required to build its first plant in Ironton, OH. This will enable PureCycle, a portfolio company of Innventure, to accelerate its long-term growth strategy as well as expansion in the United States to meet demonstrated and heightened demand for a sustainable solution to recycled polypropylene (PP) around the world, said the company.

“The need of a solution for PP waste has been and continues to be a driving force for PureCycle,” said Mike Otworth, CEO of the Orlando, FL–based company. “It is even more relevant during our current health crisis that a global solution be the focus to close the loop on making polypropylene a recyclable, valued material instead of letting it wash up on our shores.”

Last year PureCycle announced that Phase I of the Feedstock Evaluation Unit project had succeeded in transforming discarded carpet into clear, odorless, ultra-pure recycled polypropylene (UPRP) at scale.

Upon completion, PureCycle’s first plant is expected to produce more than 105 million pounds of UPRP per year, which will be used in consumer goods packaging, home furnishings, and other applications that currently have limited options for recycled PP. PureCycle also intends to submit for a letter of non-object from FDA for use of UPRP in food-grade applications.

Earlier this year, Total signed an agreement with PureCycle to develop a strategic partnership in plastics recycling. As a partner, Total agreed to purchase part of the output of PureCycle’s facility in the United States and assess interest in developing a new plant together in Europe.

PureCycle Technologies offers the only recycled polypropylene with properties comparable to virgin polymer, according to the company. Its proprietary process removes color, odor, and other contaminants from recycled feedstock resulting in virgin-like polypropylene suitable for any PP market. PureCycle licenses this technology from Procter & Gamble.

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