PureCycle Technologies (NASDAQ:PCT) saw its stock soar 12% after unveiling a major $300 million capital raise, signaling renewed investor confidence in the company’s long-term strategy to revolutionize plastic recycling and scale up its production capabilities.
The funding, which combines contributions from both existing and new investors—including Duquesne Family Office LLC, Wasserstein Debt Opportunities, Samlyn Capital, Pleiad Investment Advisors, and Sylebra Capital Management—will be directed toward PureCycle’s ambitious growth initiatives. The company aims to reach an installed recycling capacity of one billion pounds annually by the end of the decade.
As part of its expansion roadmap, PureCycle announced a new joint venture with IRPC Public Company Limited to build a polypropylene recycling facility in Rayong, Thailand. The plant, set within IRPC’s eco-industrial complex, will feature a processing line capable of handling 130 million pounds annually. Construction is slated to begin in the latter half of 2025, with operations expected to launch by mid-2027.
The company is also moving forward with plans to establish a similar 130-million-pound capacity facility in Antwerp, Belgium, targeted to come online in 2028. Meanwhile, enhancements are in progress at PureCycle’s Augusta, Georgia, location. The site will be upgraded to house a next-generation “Gen 2” line, capable of processing over 300 million pounds annually. The pre-processing unit is expected to be operational by mid-2026, with purification systems coming online by 2029.
“Following significant production progress at the Ironton Facility, momentum in our commercialization efforts and confidence in financing efforts, the time for growth is now,” said PureCycle CEO Dustin Olson. “This capital will allow us to execute on those plans.”
The newly raised funds will take the form of Series B convertible perpetual preferred shares, convertible at a 30% premium to the 10-day volume-weighted average price of PureCycle’s common stock following market close on June 16, 2025. The preferred shares will carry an annual cumulative dividend of 7%, payable in either cash or additional shares at the company’s discretion.