PureCycle raises US$300 mn for expansions in Thailand/Europe/US

US-based recycler PureCycle Technologies says it will bring 1 billion pounds of installed capacity online before 2030 across the US, Europe and Asia. This plan is catalysed by the execution of binding agreements for a US$300 million capital raise.

The company entered into a transaction with a series of new and existing investors, including Duquesne Family Office LLC, Wasserstein Debt Opportunities, Samlyn Capital, Pleiad Investment Advisors and Sylebra Capital Management.

PureCycle CEO Dustin Olson said, “Following significant production progress at the Ironton Facility, momentum in our commercialisation efforts and confidence in financing efforts, the time for growth is now. Over the last several years, we have continued to invest time and resources in progressing our global growth plans and this capital will allow us to execute on those plans.”

This capital raise coincides with the start of a new partnership with Thailand-based IRPC Public Company Limited (IRPC), Southeast Asia’s petrochemical pioneer, to build a new polypropylene (PP) recycling facility in Thailand. This will allow PureCycle to construct a 130-million-pound line at IRPC’s eco-industrial zone in Rayong, Thailand.

IRPC is the first fully integrated petrochemical operator in Southeast Asia. Its production structure comprises petroleum and petrochemical complexes complete with utilities and infrastructure supporting the operations, including a deep-sea port, oil depots and power plants. PureCycle says it can leverage this existing site infrastructure to reduce the costs of construction activities.

Construction of the facility will begin in the 2nd half of 2025 and start up by 2027.

The company says it will build one 130 million-pound line in both Thailand and Antwerp.

Then, after integrating the learnings from Ironton into the base design package, the company will enhance the Augusta facility to house a larger Gen 2 line.

The final Gen 2 design for Augusta is expected to have a capacity of greater than 300 million pounds/year, before compounding, and the actual design capacity will be announced in early 2026 following the completion of the engineering activities.

Both Thailand and Antwerp offer PureCycle access to mature feedstock opportunities, strong infrastructure synergies and low-risk expansion opportunities.

PureCycle says it is currently advancing the permitting process in Europe and expects to receive the final permits in 2026.

The Antwerp Facility is projected to be operational in 2028.

Construction is expected to begin on the Gen 2 facility in Augusta in mid-2026.

This line will be fully integrated with pre-processing (PreP) and compounding assets, and the larger plant size will allow it to better leverage the greenfield expansion at Augusta. PureCycle expects to have the Augusta PreP facility operational in mid-2026 and the first Augusta purification line operational in 2029.

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