Purification recycling technology provider PureCycle Technologies has raised $90m in gross proceeds through collaboration with Sylebra Capital Management and Samlyn Capital.
The capital infusion is aimed at advancing PureCycle's mission to commercialise its purification process for recycled polypropylene (PP).
The financing, secured via a series of transactions, comprises a $50m issuance of Series A preferred stock with a three-year maturity and an 8% return, alongside the sale of 8.5 million shares of common stock at $4.69 per share, resulting in net proceeds of $40m.
In addition, warrants to purchase five million shares of common stock at $11.50 per share, expiring on 1 December 2030, have been issued.
The transactions, which are anticipated to close tomorrow (13 September), also extend Sylebra Capital's $200m line of credit until 31 March 2026.
PureCycle CEO Dustin Olson said: "This capital not only supports our existing operations, but will also help fund additional activities associated with our Augusta project. This investment combined with the progress we are seeing on our production and commercialisation efforts at the Ironton Facility should enable us to drive toward our long-term goals."
The company has also announced the completion of the installation and commissioning of the co-product two (CP2) removal system modifications in its Ironton, US, purification facility.
The system has been commissioned into service, with optimisation to follow in the next few weeks.
Once fully operational, PureCycle’s new system will eliminate the CP2 bottleneck from production constraints, in line with the company's feed-sorting enhancements.
The Ironton Facility has shifted its focus to production, making significant strides towards the company's third-quarter objectives.
Notably, the facility has reached feed rates exceeding 10,000lb per hour and has processed more than 200,000lb of feedstock twice in a single day.
PureCycle received a Letter of No Objection in June 2024 from the US Food and Drug Administration, confirming the suitability of its PureFive recycled resin in food applications.
