PureCycle Technologies Inc. has seen production jump significantly this year at the company's polypropylene recycling facility in Ohio, but the company's CEO said there is much more work to be done.
PureCycle has produced more than 1 million pounds of recycled PP in 2024 through the company's purification process that uses solvent to essentially clean used resin to virgin-like quality. That compares to about 200,000 pounds of output the company achieved during the fourth quarter of 2023, CEO Dustin Olson said on a conference call March. 6.
"The metrics are improving every day," he said. "We aren't satisfied with where we are, but our team will not slow down. Our team is excited about the future. Not just because of the tangible progress, but also because of the learned enhancements that we are applying to our base design."
PureCycle's facility, which uses technology invented by consumer products maker Procter & Gamble Co., still has operational issues to overcome and production techniques to refine, the CEO told stock analysts. But operational reliability is improving as the facility has been able to run "end-to-end" more often than in the past.
"We're now entering a new phase for PureCycle. We've commissioned the plant, identified areas where we have opportunities, and are now transitioning into traditional manufacturing processes, improving reliability, optimizing the process and driving day-to-day improvements," Olson said.
"On the commercial front, we're also starting to see momentum. We achieved our first revenue through sales in Q4 and began sampling our product to customers for final applicational approval. Initial results are positive, and we expect this progress to continue," he said.
PureCycle also indicated there will be a planned facility shutdown ranging from two to four weeks early in the second quarter to make additional improvements that Olson said should have "significant positive impact to our operational performance."
"Our metrics are not where we want them to be today, but they are getting better. We've seen quarter-over-quarter progress on many of our key metrics," Olson said.
Orlando, Fla.-based PureCycle, meanwhile, also indicated the company has purchased $246.7 million of $249.5 million in Southern Ohio Port Authority revenue bonds that were used to help fund the facility. Purchase of these previously issued bonds by the company eliminates "substantially all restrictive covenants and events of default" that the company has been operating under, PureCycle said.