PureCycle Technologies, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 08, 2023 at 06:26 am
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PureCycle Technologies, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net loss was USD 23.37 million compared to USD 4.72 million a year ago.
For the nine months, the company reported net loss was USD 42.979 million compared to USD 15.645 million a year ago.
PureCycle Technologies, Inc. is commercializing a patented purification recycling technology (the Technology), originally developed by The Procter & Gamble Company, for restoring waste polypropylene into resin with near-virgin characteristics, called ultra-pure recycled (UPR) resin. Its process includes two steps: Feed Pre-Processing (Feed PreP) and the use of the Technology for purification. The Feed PreP step will collect, sort, and prepare polypropylene waste (feedstock) for purification. The purification step is a purification recycling process that uses a combination of solvent, temperature, and pressure to return the feedstock to near-virgin condition through a novel configuration of commercially available equipment and unit operations. The purification process puts the plastic through a physical extraction process using critical fluids that both extract and filter out contaminants and purify the color, opacity, and odor of the plastic without changing the bonds of the polymer.