Benzinga | Aug 5, 2021 04:33PM EDT

PureCycle Partners With Gulfspan Industrial To Build, Reserve Construction Space In Texas

* PureCycle Technologies Inc (NASDAQ:PCT) enters strategic partnership with Gulfspan Industrial, LLC to build and reserve construction space in Beaumont, Texas, for the fabrication of modular processing lines.

* Gulfspan's expanded capacity will help PureCycle grow its ability to recycle polypropylene (PP) into an ultra-pure, sustainable plastic resin. The partnership builds a foundation to recycle one billion pounds of plastic by 2025.

* Construction on the Ironton, Ohio, recycling facility is underway and expected to begin commercial production in Q4 of 2022.

* PureCycle expects the collaboration to centralize and streamline its module construction process, allowing the modules to be built and transported to sites worldwide.

* Price Actions: PCT shares closed higher by 9.11% at $15.81 on Thursday.