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PureCycle Technologies provides Q3 update
The Fly

PureCycle Technologies provides Q3 update

PureCycle Technologies announced a corporate update and financial results for the Q3. Highlights include: flagship purification facility in Ironton, Ohio, targeting mechanical completion and pellet production in the Q1 of 2023; closed on offtake agreements representing 106.0 million pounds of ultra-pure recycled resin bringing total signed offtake agreements to 111% of nameplate capacity for Augusta lines 1 and 2; finalized its Joint Venture Agreement with SK geo centric to develop a purification facility in Ulsan, South Korea; and financing to fund Augusta’s first two purification lines and three East Coast preprocessing facilities targeted for completion by year-end with PureCycle evaluating scenarios with the objective of maintaining optionality in its capital structure as it moves to operational revenue in 2023. As of September 30 PureCycle had total liquidity of $416.1M including $215.0M of cash, cash equivalents and debt securities available for sale and $201.1M in restricted cash.

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