According to a March 7th posting by James Brugges on Inside Climate News, PureCycle Technologies has informed the U.S. Security and Exchange Commission (SEC) that the Annual Report for 2022 will be delayed. The company is potentially in default on revenue bonds amounting to $250 million issued by public agencies to finance their recycling plant.
The completion of the facility scheduled for December 1st, 2022, has been delayed. If completed and functional, the plant should eventually be able to recycle polypropylene applying a process developed by Procter & Gamble.
PureCycle intends to operate the initial plant in Ironton, OH. and then to expand operations to South Korea.
Construction of a plant within budget and on schedule is only part of the success for a recycling operation. It is hoped that PureCycle has established a supply chain extending through collection, consolidation and transport to ensure a sufficient quantity of discarded plastic containers to allow viability of the proposed plant that will market post-user recycled plastic.