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-Plant 1 is the first manufacturing plant in Ironton, Ohio, and is expected to be completed in the fourth quarter of 2022

-The second plant in Augusta, Georgia, the first cluster facility, is expected to begin on-site work in the first quarter of 2022

-Determined 1.6 billion pounds of raw material supply pipeline; signed 6 new letters of intent representing 168 million pounds of raw materials

-Submit FDA no objection letter on September 10, 2021

-Total liquidity at the end of the quarter ended September 30, 2021 was US$494.1 million, including US$221.1 million in unrestricted cash and investments and US$273.0 million in restricted cash

Orlando, Florida, November 10, 2021/PRNewswire/ - PureCycle Technologies, Inc. ("PureCycle" or "Company") (NASDAQ: PCT) is a company seeking to revolutionize the recycling of polypropylene The company today announced a company update and financial results for the third quarter ending September 30, 2021.

"Since the second quarter update, we have been implementing and advancing our strategic plan, focusing on the first plant in Ironton, Ohio, which is scheduled to start operations in the fourth quarter of 2022. In addition, we are on the board of PureCycle Mike Otworth, Chief Executive Officer, stated that the site work in Augusta, Georgia is expected to begin in the first quarter of 2022. 

“We have successfully expanded our raw material supply network this quarter, signed multiple raw material intents, and identified a 1.6 billion pounds of raw material supply pipeline. On the commercial side, we continue to see demand and the market continues to accept our raw material pricing. In addition, we The submission of the FDA no objection letter was completed in September, and the first PureCycled plastic product was introduced to the market. PureCycle is still achieving our strategic milestones as planned, and we look forward to keeping you informed of our progress in the next quarter. "We are in PureCycle Not only creating a plastic that can be infinitely sustainable, we also provide an opportunity for brands to be thoughtful and sincere when creating sustainable products that put our environment first. The work we did in the last quarter not only enabled us to achieve our strategic goals well, but also helped bring this huge opportunity to the commercial market. "

Our flagship plant in Ironton, Ohio is progressing well and is expected to be operational in the fourth quarter of 2022. Our first plant is expected to produce 107 million pounds of ultra-pure recycled (UPR) resin per year. In the second quarter of next year, we expect to deliver our modular equipment and our Ironton raw material pretreatment facility (PreP). In the Ironton Leidos report of September 2021, the timetable delays mentioned are non-critical path activities, including railway lines and final building renovations. We anticipate that these activities should not affect the completion of the final project.

In the third quarter, PureCycle approved an additional investment in Ironton, with a focus on risk reduction and processing expansion, resulting in an increase in the total project cost by US$30-40 million relative to the initial budget. Approximately two-thirds of the additional cost represents investment to deal with a higher proportion of feedstock contaminants and safety design improvements, while approximately one-third represents an increase in the price of basic materials.    

The Augusta cluster facility aims to eventually produce up to 650 million pounds of products per year through five processing lines, and is still expected to begin preliminary field work in the first quarter of 2022. PureCycle continues to address Augusta's critical path through the following methods for long-term procurement that will be carried out for the rest of this year.

In the third quarter, the company made considerable progress in selecting locations in Europe and identifying potential European raw materials. Following the FDA no objection letter submitted by the company, PureCycle has begun to prepare for communication with the European Food Safety Authority (EFSA). 

PureCycle made an important announcement in the third quarter because it involves the company's expansion into the Asia-Pacific region and continues to advance the memorandum of understanding with Japan's Mitsui and South Korea's SK Geo Centric to reach final agreements, which will help the company to pave the ground on a global scale The way to build the PureCycle ecosystem. 

In the third quarter, PureCycle made significant progress in the company's raw material sourcing process, focusing on identifying approximately 1.6 billion pounds of potential raw materials that are currently passing through the market and/or being landfilled. The raw material supply pipeline includes 3 different types of waste streams: post-consumer non-curbside (determined approximately 1.1 billion pounds), post-consumer curbside (determined approximately 275 million pounds), and post-industrial (approximately 225 million pounds) determined). PureCycle is seeking to diversify its raw material intake and recently announced the establishment of a PreP facility in Winter Garden, Florida. This new facility is PureCycle's first satellite PreP facility and represents a strategy focused on decentralizing raw material intake, which enables the company to receive and sort plastic waste closer to the source, and further encourages PureCycle's raw material supply line .

PureCycle continues to see a strong demand pipeline for its UPR resin, and the company is seeing market acceptance of its raw material pricing model. PureCycle is still in active discussions, using the Feedstock pricing model to represent £277 million in existing and new market segments. The company also witnessed the launch of the first PureCycled plastic product made of 95% of our UPR plastic. The shampoo dispenser that EC30 launched on the market went on sale earlier this month, which represents the company's UPR resin can provide excellent aesthetics and mechanical properties, meet sustainable development goals and attract consumers. 

Total working capital is US$494.1 million, including US$221.1 million in cash, cash equivalents and available-for-sale debt securities, and US$273.0 million in restricted cash.

As of September 30, 2021, PureCycle has USD 319 million in debt and accrued interest, minus USD 19.3 million in discounts and issuance costs. Factory 1’s original budget was US$242.1 million, and its funding came from bond financing. As of September 30, 2021, the remaining capital allocated by the bond fund was US$155.9 million.

The company will hold a conference call at 11 am Eastern Time on Thursday, November 11, 2021, to provide the latest information on the company's recent developments, including third-quarter activities and updated future strategic plans.

Date: Thursday, November 11, 2021 Time: 11:00 AM Eastern Time Toll-free dial-in number: 1-855-940-5314 International dial-in number: 1-929-517-0418 Conference ID: 1084324

Please dial the conference call 5-10 minutes before the start time. The operator will register your name and organization. If you encounter any difficulties connecting to the conference call, please call Gateway Investor Relations at 1-949-574-3860.

The conference call will have a live Q&A session, which can be replayed here and on the company's website www.purecycle.com.

A replay of the conference call will be provided from the following information on the same day to November 18, 2021 after 2 p.m. Eastern Time:

Free replay number: (855) 859-2056 International replay number: (404) 537-3406 Replay ID: 1084324

Forward-looking statements This press release contains forward-looking statements, including statements regarding financial conditions, operating results, earnings prospects, and PCT prospects. In addition, any statement that refers to predictions, forecasts or other characteristics of future events or circumstances, including any basic assumptions, is forward-looking. Forward-looking statements are usually identified by words such as "plan", "believe", "anticipate", "anticipate", "intend", "expect", "estimate", "forecast", "project", "continue", etc., " ""Could", "may", "might", "possible", "potential", "predict", "should", "would" and other similar words, but the absence of these words does not mean that the statement is not forward-looking.

Forward-looking statements are based on the current expectations of PCT management, are inherently affected by uncertainties and environmental changes and their potential impact, and are only issued on the date of such statements. There is no guarantee that future development will be the expected development. These forward-looking statements involve many risks, uncertainties or other assumptions, which may cause actual results or performance to be materially different from those expressed or implied in these forward-looking statements. These risks and uncertainties include, but are not limited to, those described in the section entitled "Risk Factors" in the PCT Form 10-Q Quarterly Report, as well as those discussed and determined in public documents filed with the US Securities and Exchange Commission ( "SEC") through the PCT and the following:

If one or more of these risks or uncertainties become reality, or if any assumptions made by PCT management prove to be incorrect, actual results may differ materially from those predicted in these forward-looking statements. different.

The cautionary statements contained or mentioned in this press release clearly define all subsequent written and oral forward-looking statements or other matters attributable to the PCT or anyone acting on their behalf. Except as required by applicable laws or regulations, PCT assumes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unexpected events.

PureCycle Technologies LLC, a subsidiary of PureCycle Technologies, Inc., has a global license to commercialize the only patented solvent-based purification and recycling technology developed by Procter & Gamble to restore waste polypropylene (PP) to ultra-pure recycling ( UPR)) resin. Proprietary processes can remove colors, odors and other contaminants from recycled raw materials to produce UPR plastics suitable for any PP market. To learn more, please visit purecycle.com

Company Contact: Anna Farrar [Email Protection] (954) 647-7059

Investor Relations Contact: Georg Venturatos Gateway Investor Relations [Email Protection] (949) 574-3860

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