PureCycle Technologies Announces Milestone Acquisition Agreement

SEATTLE (Scrap Monster): PureCycle Technologies- a leading innovator in polypropylene recycling announced that it will be purchased by investment firms Roth Capital Partners and Craig-Hallum Capital Group. Upon closing of the transaction, the newly formed holding company will be listed on the Nasdaq Capital Market. The transaction is expected to complete in the first quarter of 2021.

The investment firms plan to undertake major expansion, including opening a second U.S. location with annual processing capability in excess of 800 million pounds. In addition, they intend to build global facilities, so as to have at least 30 commercial lines in operation by 2030. It must be noted that PureCycle is currently building its first plant in Ironton, Ohio, the financing of which have been completed recently.

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Mike Otworth, CEO of PureCycle noted that the transaction represents a key milestone in the company’s mission to transform polypropylene into a recyclable and sustainable product. The recycling process produces virgin-like resin suitable for high-value, food-grade consumer products. The proceeds of the transaction will further strengthen its balance sheet, in order to accelerate the global rollout of its innovative recycling technology for polypropylene waste, he added.