PureCycle Technologies has seen a surge in its shares as the company begins to scale up production at its flagship purification facility in Ironton, Ohio.
The company’s shares experienced a remarkable 28% increase, reaching $3.07 in recent trading. It’s worth noting that the stock had hit a 52-week low of $2.38 on Friday and has witnessed a 60% decline over the past year.
After resuming operations at the facility in late December, PureCycle Technologies has already produced 183,000 pounds of pellets within just two weeks. To put this into perspective, this output is comparable to the amount produced during the entire fourth quarter of 2023. Notably, all the pellets manufactured since the facility came back online have been made from post-consumer recycled material.
During a recent outage in November, the company made significant improvements to simplify the extraction of co-product one from the system. Co-product one is a waxy, low-molecular weight polypropylene material that was challenging to remove from the extraction column in the past. However, since implementing necessary upgrades in November, this operation has become more reliable and consistent. Furthermore, it is no longer a constraint to production.
Looking forward, PureCycle Technologies aims to optimize its operations further to increase production rates in the upcoming days and weeks.
