Mar. 29—A company with lofty aspirations for its facility in southeastern Ohio recently met a notable goal.
PureCycle Technologies, Inc. announced the completion of a SPAC merger with Roth CH Acquisition, making PureCycle an official NASDAQ listing. It began trading on the stock market under the ticker symbol “PCT” on March 18.
“I’m quite pleased with progress,” said PureCycle CEO and Chairman Mike Otworth, a southeastern Ohio native, in an interview with The Daily Independent late last week.
In a news release, Otworth said the following: “The consummation of this transaction represents yet another major milestone for PureCycle, demonstrating broad market validation of our value proposition. Most importantly, we now have the increased capital market access to support the accelerated scaling required to revolutionize the transformation of waste polypropylene into sustainable products.”
PureCycle, founded by the technology commercialization company Innventure, uses proprietary technology to recycle waste polypropylene into virgin-like recycled polypropylene (PP) for a plethora of applications. That technology is licensed from Procter & Gamble.
Otworth has squarely shifted his focus to the growth of the Haverhill site, which technically has an Ironton address. The first plant is projected to be in operation by the end of 2022.
Otworth said the demand for PureCycle and its purified PP is high, so expansion is imminent.
“One of the options is to build more capacity in Ironton, which is an option we’re seriously considering,” Otworth said. “We purchased some property from Lawrence County Economic Development for our existing facility. If we build more capacity, we will have to purchase more property.”
The PureCycle Feedstock Evaluation Unit in the Ironton area employs about 25. In the hopeful full-scale commercial plan, that number could rise to about 65 by the end of 2022, Otworth said. A second plant could eventually be in the works if PureCycle strikes a deal with the county to acquire more property.
“It’s going to come down to economics,” he said. “There are different locations in the U.S. aggressively pursuing us. But being from southern Ohio, I’m always excited about the opportunity to create economic good in the region.
“This region has taken some hits with AK and Bellefonte Hospital,” he continued. “All of us involved in the inception of PureCycle have ties to the area. It’s very satisfying to see positive things happening from an economic standpoint, so we’ll continue to try to look for ways to build and expand there.”
Otworth said PureCycle and Dr. Bill Dingus, Executive Director of Lawrence County Economic Development, have had a good working relationship. The two parties are in a negotiation phase at the moment. If a financial agreement is reached, Otworth feels like PureCycle’s plan can come to fruition.
“There are things about the location that are positive in terms of access to river, rail, highway,” he said. “We certainly want to try to take full advantage.”
PureCycle, which is headquartered in Orlando, Florida, has “an A-list team of people” both at the corporate level and at its Haverhill facility, Otworth said.
“I continually hear from stakeholders and strategic partners who visit (the FEU) who provide very good feedback on the team there,” he said.
Otworth said he has been involved in a number of start-ups, “and this is truly the best global unmet need and compelling technology intersection” he’s encountered.
“It’s a once-in-a-lifetime crossing of paths,” he said.
PureCycle’s first plant, which is under construction, will be capable of producing 107 million pounds of purified recycled plastics annually. With the potential expansion, Otworth projects that output capacity will be doubled.
(606) 326-2664 — email@example.com