Polypropylene recycler PureCycle Technologies LLC said Oct. 8 it has raised $250 million in bond financing to finish construction of its first plant, in Ironton, Ohio.
The company said the facility will have capacity to make 105 million pounds of recycled PP a year, and said it hoped that completing financing on its first plant will speed plans to build more.
The announcement did not say when the plant would be operating, but executives have previously targeted mid-2021.
The firm, which uses recycling technology originally developed by Procter & Gamble Co., had announced last year it had successfully recycled waste carpet into what it calls "ultra-pure" PP resin.
The company is targeting end markets like consumer goods packaging, home furnishings and others that currently have "very limited options for recycled PP."
The firm also said it is working toward a letter of nonobjection from the Food and Drug Administration to allow its materials to be used in food packaging.
"The need of a solution for PP waste has been and continues to be a driving force for PureCycle," CEO Mike Otworth said in a news release. "It is even more relevant during our current health crisis."