PureCycle Technologies (PCT) stock surged over 5% in pre-market trading on Thursday, buoyed by the company's latest quarterly update that showcased significant advancements in its path to commercializing its plastic recycling technology.
In its Q4 2024 report, PCT highlighted ongoing improvements at its Ironton facility, including increased production volumes, feed rates hitting a new high of 12,500 pounds per hour, and reliability reaching nearly 70% uptime in December. The company also announced the launch of its Denver sorting facility and progress in compounding operations.
On the commercial front, PCT disclosed successful product trials and partnerships with major consumer brands like P&G, as well as securing its first significant sale to Drake Extrusion. With growing interest from industries like automotive and packaging, PCT appears well-positioned to achieve meaningful sales volumes in 2025 as it ramps up production from the Ironton plant.
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