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PureCycle Technologies, Inc. (PCT) is a Florida-based company specializing in the recycling of polypropylene waste into ultra-pure recycled (UPR) resin. Using a patented purification recycling technology originally developed by The Procter & Gamble Company, PCT restores waste polypropylene to near-virgin quality, enabling its reuse in various applications. The company aims to support sustainability goals by reducing polypropylene waste in landfills and oceans while providing high-quality recycled resin to multinational partners.
- Ultra-Pure Recycled (UPR) Resin - Produces high-quality recycled polypropylene resin with properties nearly identical to virgin polypropylene, suitable for reuse in diverse applications.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brad Kalter Executive | General Counsel and Corporate Secretary | None | Brad Kalter joined PCT in January 2021. He oversees legal functions and has held senior legal roles at United Insurance Holdings Corp. and Exide Technologies. | |
Dustin Olson Executive | Chief Executive Officer | None | Dustin Olson has been the CEO of PCT since August 9, 2022. He previously served as COO and Chief Manufacturing Officer at PCT. He has a background in chemical engineering and business administration. | View Report → |
Greg Barta Executive | Corporate Controller and Chief Accounting Officer | None | Greg Barta joined PCT on December 2, 2024, as Corporate Controller and CAO. He has a background in corporate accounting and compliance. | |
Jaime Vasquez Executive | Chief Financial Officer | None | Jaime Vasquez became the CFO of PCT on February 19, 2024. He has over 20 years of experience as a financial executive, with previous roles at C&D Technologies and AK Steel. | |
Allen Jacoby Board | Independent Director | Chief Strategy Officer and Senior Vice President of Corporate Development at Milliken & Company | Allen Jacoby joined the PCT Board on March 15, 2022. He has extensive experience in the chemicals and plastics industries. | |
Dan Coombs Board | Non-Executive Chairman of the Board | Trustee and Chairman for the Corporate Council at the American Institute of Chemical Engineers Foundation | Dan Coombs transitioned to Non-Executive Chairman on August 5, 2024, after serving as Executive Chairman. He has a background in chemical engineering and leadership. | |
Fernando Musa Board | Independent Director | Operating Partner at Advent International, Senior Advisor at Bain & Company | Fernando Musa joined the PCT Board in 2021. He has over 30 years of experience in strategic management and leadership roles in the chemical sciences and petrochemical industries. | |
Steven Bouck Board | Independent Director | None | Steven Bouck joined the PCT Board on March 15, 2022. He has over 20 years of leadership experience in the waste and recycling industry, particularly in corporate finance and environmental services. | |
Tanya Burnell Board | Independent Director | Vice President, Growth Equity and Sustainability at CC Industries, Inc. | Tanya Burnell joined the PCT Board in 2021 and chairs the Audit and Finance Committee. She has a background in investment banking and corporate development. |
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Given that you've achieved production milestones at Ironton but acknowledged potential constraints as you push towards full capacity, can you provide a concrete timeline for when you expect to reach nameplate capacity and what specific challenges you anticipate in this ramp-up?
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With operating cash expenses reduced to $23.5 million in Q3 from nearly $35 million in the previous quarter, and expectations to lower cash burn to around $8 million in Q4, what specific measures are contributing to this significant reduction, and is this level of cash burn sustainable as you scale operations?
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Regarding the Augusta project, you mentioned $11 million in commitments and plans to secure financing; can you elaborate on your progress in obtaining funding, potential sources of financing, and the impact on your timeline if financing is delayed?
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Following the termination of the joint venture with SK, how does this affect your international expansion plans, and what steps are you taking to establish new partnerships or joint ventures to bring your technology to other regions?
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As you're building inventory and conducting customer trials, what is your strategy to convert these trials into definitive sales contracts, and how confident are you in achieving meaningful revenue in 2025, given the lengthy qualification processes in industries like automotive and fiber?
Recent press releases and 8-K filings for PCT.
- PureCycle entered into subscription agreements on June 16, 2025 to sell 300,000 shares of Series B Convertible Perpetual Preferred Stock at $1,000 per share, closing on June 20, 2025 and generating ~$300 million in gross proceeds.
- The Series B Preferred Stock ranks senior to common stock, pari passu with other parity securities and junior to Series A Preferred Stock and all indebtedness, and carries a 7% cumulative dividend, payable in cash or in kind at the company’s option .
- Shares are convertible at any time at an initial conversion price of $14.02 per share (30% premium to the 10-day VWAP), with optional and mandatory conversion triggers (including a post-four-year market-price condition) and “make-whole” adjustments.
- The company must use commercially reasonable efforts to file a registration statement covering the resale of the underlying common shares within 30 days of closing and have it declared effective within 60 days (or 90 days if subject to full SEC review).
- Purecycle’s dissolution technology delivers high yield, high-quality recycled polypropylene by “molecular washing” rather than breaking polymers, resulting in a lower carbon footprint and cost advantage over mechanical or chemical recycling.
- The Ironton plant has demonstrated ~90% uptime and produced pellets for 65 consecutive days, validating the technology’s reliability at scale.
- The company secured a lease in the Port of Antwerp to leverage local infrastructure and announced a 100%-owned 220 M USD facility in Rayong, Thailand, targeting 1.4–1.7 USD CapEx per pound versus 3.4 USD at Ironton.
- A recent convertible capital raise underpins a growth plan to install 1 billion pounds of recycling capacity by 2029, positioning Purecycle to approach CapEx and OpEx parity with virgin polypropylene.
- PureCycle closed a $300 million Series B Convertible Perpetual Preferred Stock raise at 7% interest with a 30% conversion premium, powering stage-one growth .
- Ambitious expansion plans target 1 billion lbs of recycling capacity across Thailand, Antwerp, and Augusta to achieve a run-rate EBITDA > $600 million post-expansion .
- A key project is a 130M-lb PP recycling facility in Thailand (construction H2 2025, operational mid-2027) with CapEx < $2/lb and 40% lower operating costs vs. Ironton .
- Additional projects include a recycling plant in Belgium (operational mid-2028) and two Gen 2 lines—Augusta (pre-processing by mid-2026, purification by 2029) and a TBD site—adding over 300M lbs/yr capacity .
- The nearly $2B total CapEx roadmap is underpinned by the raise, ~$200M pre-purchased equipment, warrant exercises, SOPA bonds, ~$1.2B project debt, and $300M operating cash .
- Efficiency gains target CapEx reductions to $1.50–1.75/lb (Thailand Gen 1) and $2.00–2.25/lb (Gen 2), along with a 40–50% decrease in operating costs vs. Ironton .
- Insights from the Ironton facility include ~87% uptime in April/May and 65 consecutive days of production, informing future plant designs .
- Reported first revenues (~$1.6MM) in Q1 2025, marking a major commercialization milestone .
- Secured strong financing with ~$27MM via revenue bonds and ~$33MM from common stock placement .
- Achieved robust operational performance with nearly 90% onstream time in April and production of 4.3 million pounds of resin .
- Advanced a robust pipeline with over 30 active trials across film, fiber, and automotive applications – including industrial and BOPP film tests .
- Introduced two new product lines, PureFive Ultra and PureFive Choice, enhancing product flexibility for future revenue acceleration .
- Maintained consistent daily pellet output with an inventory of ~14MM lbs .
- Expressed confidence in ramping up sales volumes later in the year .