PURECYCLE, FORMERRA ANNOUNCE STRATEGIC DISTRIBUTION PARTNERSHIP
PureCycle resin augments Formerra's sustainable materials portfolio
ORLANDO, Fla., March 16, 2023 /PRNewswire/ -- PureCycle Technologies (NASDAQ: PCT) today announced a new partnership with Formerra, a leading engineered materials distributor. Formerra will serve as the primary authorized North American distributor of PureCycle's ultra-pure recycled (UPR) polypropylene resin, PureFive™.
PureCycle resin is made using a patented process designed to transform polypropylene plastic waste (designated as No. 5 plastic) into a continuously renewable resource. PureCycle's unique purification technology removes odor, color, and other impurities from polypropylene waste. This results in ultra-pure recycled plastic that can be recycled and reused, enabling a truly circular economy.
PureCycle resin is a like-virgin material, easily colorable, and is not only 100% recyclable, but also projected to use approximately 79% less energy than virgin resin. It's also projected to release 35% fewer carbon emissions than new polypropylene manufacturing, further substantiating its sustainability benefits.
PureCycle CEO Dustin Olson commented, "This is another key step in executing our global growth strategy. Formerra's commitment to innovative approaches to complex end-market applications and strong dedication to sustainable solution-building is a perfect fit for our company. Our first purification line in Ironton, scheduled to be completed shortly, and the subsequent two lines planned in Augusta, are designed to produce more than 300 million pounds of UPR resin. We will rely on Formerra as a trusted distribution partner to help us reach new markets."
Cathy Dodd, Formerra CEO, added, "Addressing the world's most pressing sustainability challenges is a responsibility we all share. We are excited to bring PureCycle resin to our expansive materials lineup, because this material aligns with our strengths - ingenuity, technical expertise, and sustainable growth. Our customers will now have a game-changing solution to help them meet their environmental sustainability goals. In addition, our experienced technical team will be able to work with PureCycle to customize the material to meet specific customer needs."
PureCycle's resin is expected to be available to Formerra customers as early as Q4 of this year.
About PureCycle Technologies
PureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a global license for the only patented solvent-driven purification recycling technology, developed by The Procter & Gamble Company (P&G), that is designed to transform
Formerra is a preeminent distributor of engineered materials, connecting the world's leading polymer producers with thousands of OEMs and brand owners across healthcare, consumer, industrial, and mobility markets. Powered by technical and commercial expertise, it brings a distinctive combination of portfolio depth, supply chain strength, industry knowledge, service, leading e-commerce capabilities, and ingenuity. The experienced Formerra team helps customers across multiple industries to design, select, process, and develop products in new and better ways – driving improved performance, productivity, reliability, and sustainability. To learn more, visit www.formerra.com.
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SOURCE PureCycle Technologies