The company’s first commercial plant will be able to manufacture over 105 million pounds of ultra-pure recycled polypropylene per year
PureCycle Technologies, a portfolio company of Innventure, has completed a $250m bond raising for the construction of its plastic recycling facility at Ironton in Ohio, US.
Once operational, its first commercial plant in Ironton is expected to manufacture more than 105 million pounds of ultra-pure recycled polypropylene (UPRP) per annum.
The UPRP can be used in consumer goods packaging, home furnishings, and other applications that presently have limited options for recycled PP usage.
PureCycle is also planning to submit an application to secure a letter of non-object from the US Food and Drug Administration (FDA) for its UPRP so that it can be used in food-grade applications.
PureCycle aims to meet the growing demand for a sustainable solution to recycled PP plastics
In 2019, the company broke ground on the feedstock evaluation unit under phase I of the project. This unit will convert discarded carpet into clear and odourless UPRP.
With the completion of the financing for the first plant, the company is in a position to speed up its plant builds and capacity as part of its long-term growth strategy.
It will also help the company to meet the increasing demand for a sustainable solution to recycled polypropylene (PP) plastics across the world.
PureCycle CEO Mike Otworth 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.”
In May this year, France-based energy producer Total signed an agreement with PureCycle Technologies for plastic recycling to reduce impact on the environment.
PureCycle, which offers recycled polypropylene, utilises an advanced process to eliminate colour, odour and other contaminants from recycled feedstock and produce in virgin-like polypropylene that can be used in any market.