PureCycle to raise $300m to expand plastic recycling capacity
US-based plastic recycling company PureCycle Technologies has signed binding agreements to raise $300m in capital to support its global growth strategy.
The company is planning to establish one billion pounds of installed capacity by 2030 across the US, Europe, and Asia.
The capital raise involves a collaboration with new and existing investors, including Duquesne Family Office and Wasserstein Debt Opportunities.
PureCycle has initiated a partnership with IRPC Public Company, a petrochemical firm in Southeast Asia, to construct a polypropylene recycling facility in Thailand.
This facility will feature a 130-million-pound line located in IRPC's eco-industrial zone in Rayong.
Construction is set to commence in the second half of 2025, with operations expected to begin in mid-2027.
IRPC is noted for being the first fully integrated petrochemical operator in Southeast Asia, providing a robust infrastructure that includes utilities and a deep-sea port.
PureCycle plans to utilise this existing infrastructure to minimise construction costs. The collaboration is expected to enhance the company's growth trajectory alongside its European partners.
In addition to the Thailand facility, PureCycle will also establish a 130 million pound line in Antwerp, Belgium.
The company intends to integrate insights from its Ironton facility into the design of its Augusta facility, which will be upgraded to accommodate a larger Gen 2 line.
The anticipated capacity for the Augusta facility is more than 300 million pounds per year, with final design details expected in early 2026.
Both Thailand and Antwerp are strategically chosen for their mature feedstock opportunities and strong infrastructure synergies.
PureCycle is currently navigating the permitting process in Europe, with final approvals expected in 2026.
The Antwerp facility is projected to be operational by 2028, while construction on the Gen 2 facility in Augusta is slated to begin in mid-2026.
The Augusta PreP facility is expected to be operational by mid-2026, with the first purification line anticipated to commence operations in 2029.
PureCycle CEO Dustin Olson said: 'Following significant production progress at the Ironton Facility, momentum in our commercialization efforts and confidence in financing efforts, the time for growth is now.
'Over the last several years, we have continued to invest time and resources in progressing our global growth plans and this capital will allow us to execute on those plans. We're excited to share these attractive investment projects with investors.
'This is an impressive group of investment organisations and we are thankful for their continued support.'
In April 2025 PureCycle partnered with Landbell Group to increase polypropylene plastic recycling in Europe.
"PureCycle to raise $300m to expand plastic recycling capacity" was originally created and published by Packaging Gateway, a GlobalData owned brand.
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