PureCycle Technologies Inc. (PCT) witnessed a significant surge of 5.91% in pre-market trading on Thursday, as investor sentiment was buoyed by the company's impressive fourth-quarter 2024 update and progress towards full-scale commercialization of its plastic recycling technology.
The key highlights that fueled PCT's pre-market rally include:
- Continued operational enhancements at its Ironton, Ohio recycling facility, achieving record feed rates over 12,500 pounds per hour and onstream time of nearly 70% in December.
- Successful product trials and the first major sale to companies like Drake Extrusion, Churchill Container, Procter & Gamble, and a leading automotive manufacturer, showcasing the quality of PCT's PureFive™ recycled resin.
- The Denver, PA sorting facility coming online to provide high-quality polypropylene bales as feedstock for Ironton.
- A $33 million equity raise completed in early February 2025 to support commercialization efforts.
With these positive developments, PCT appears to be making steady progress towards full-scale commercial operations, underpinning investor optimism and the pre-market stock surge. The company's ability to secure partnerships with major brands and achieve meaningful sales volumes in 2025 is seen as a significant milestone in its path to profitability.