Benzinga | Aug 12, 2021 03:33PM EDT

PureCycle, SK Global Chemical Partner To Open Ultra-Pure Recycling Plant In South Korea

* PureCycle Technologies Inc (NASDAQ:PCT) signed a memorandum of understanding (MOU) with SK Global Chemical, a technology-driven global chemical company headquartered in South Korea. The financial terms of the deal were not disclosed.

* This MOU will enable the building and operating of a recycling facility in South Korea to transform polypropylene (PP) waste into ultra-pure polypropylene resin (UPRP).

* PureCycle and SK Global Chemical will work towards solving the ongoing plastic waste crisis in South Korea and around the globe.

* The MOU intends to develop solvent-based recycling operations in the Asia Pacific and add to the facility locations already growing across the U.S.

* Price Action: PCT shares traded higher by 12.4% at $16.035 on the last check Thursday.