“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,” statesMike Otworth, PureCycle CEO.
Last year, PureCycle delivered a groundbreaking announcement 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). This successful run at scale brings innovation to the forefront within the PP recycling industry.
Upon completion, PureCycle’s first plant is expected to produce over 105 million pounds of ultra-pure recycled polypropylene (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.
“The bond sale represents a significantly sized offering in the current market and has been well received by a wide range of institutional investors. We are pleased to market and underwrite this bond financing, and we are proud to be associated with PureCycle and the positive global impact it will have on the environment in closing the loop on polypropylene recycling,” said Timothy Hoover, managing director, Piper Sandler & Co.