HANGING ROCK - Employing proprietary recycling technology developed and invented by Procter & Gamble, PureCycle Technologies says it has completed the bond financing required to build its first plant in Ironton, Ohio. The plant is expected to produce more than 100 million pounds of ultra-pure recycled polypropylene per year.
The US$250 million tranche of funding will enable PureCycle 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, the company said.
“The need of a solution for PP waste has been and continues to be a driving force for PureCycle. 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,” said Mike Otworth, PureCycle CEO.
Last year, PureCycle confirmed that Phase I of the project, the Feedstock Evaluation Unit, had purified waste carpet – transforming discarded carpet into clear, odorless, ultra-pure recycled polypropylene (UPRP).
Upon completion, PureCycle’s first plant is expected to produce over 105 million pounds of UPRP per year, which will be used in consumer goods packaging, home furnishings, and other applications that currently have very limited options for recycled PP today.
PureCycle is also working toward submitting for a letter of non-object from the Food and Drug Administration for its UPRP to be used in food grade applications.