Shares of PureCycle Technologies Inc. (PCTTU) surged 9.09% on Wednesday, following the company's third quarter 2024 corporate update that highlighted significant operational milestones and growing customer interest in its ultra-pure recycled (UPR) plastic resin.
In its update, PureCycle reported steady improvements in production rates, reliability, and product quality at its Ironton Facility in Ohio. The company achieved key milestones, including processing one million pounds of feedstock in a week, 200,000 pounds in a day, and feed rates exceeding 10,000 pounds per hour. These achievements demonstrate the facility's progress toward nameplate capacity and pave the way for commercial sales.
Furthermore, PureCycle received positive feedback from customers in various market segments during commercial trials for its UPR resin. The company has built inventory to meet near-term demand and reported strong interest from leading companies seeking sustainable solutions. Notable advancements include providing compounded material to Procter & Gamble (P&G) for approval in various applications, successful trials in the fiber market, and progressing the approval process with a major global automotive manufacturer.
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