PureCycle Technologies Inc. is again pushing back the expected start date of the company's polypropylene recycling plant in Ohio while indicating the ultimate price for the facility will be higher than originally anticipated.
The Orlando, Fla.-based company is now saying the firm's first location in Ironton, Ohio, will be producing recycled PP pellets by the end of April. The company, at one point, had expected to begin production by the end of last year before later saying by the end of the first quarter of 2023.
PureCycle, in providing an update on company operations on March 16, further revealed that the Ironton location could end up costing as much as $361 million to build, nearly 50 percent more than the original $241.1 million budget. But the final cost has yet to be determined.
PureCycle had invested $280.9 million through the end of last year in Ironton and indicated 2023 investment could range from $55 million to $80 million depending on "various contract contingencies and their ultimate resolution," the company said in a filing with the U.S. Securities and Exchange Commission.
"PCT expects to successfully negotiate at least some of these contingencies, which would reduce the remaining 2023 investment to the lower end of the range," the filing said.
The company spent about $30 million in January and February, but expects that expenditure rate to fall in March.