HANGING ROCK, Ohio — PureCycle Technologies has secured $250 million in bond financing it needs to build a plastic recycling plant in western Lawrence County.
The bond financing announced Thursday will allow construction of a commercial plastic plant at the former Dow Chemical plant on County Road 1A west of Ironton. The company earlier built a smaller pilot plant at the site.
Construction started this week with the purchase of long lead equipment items for the plant, which is scheduled to be completed in the second half of 2022, according to Betsy Malpica, a PureCycle spokeswoman.
The plant is expected to produce about 60 full-time jobs, Malpica said. A salary range for those jobs and an estimate for the number of construction jobs wasn’t available Thursday, she said.
Once built, the plant could produce more than 105 million pounds of ultra-pure recycled polypropylene each year, according to Jim Healy, a spokesman for the company.
“The need of a solution for PP (polypropylene plastics) waste has been and continues to be a driving force for PureCycle,” Mike Otworth, PureCycle chief executive officer, said in a prepared release.
“It is even more relevant during our current health crisis that a global solution be the focus to close the loop on making a polypropylene a recyclable, valued material instead of letting it wash up on our shores,” Otworth said.
“This means the project is a go,” said Bill Dingus, executive director of the Lawrence Economic Development Corporation, which sold the property to PureCycle several years ago.
“This is a great accomplishment” for PureCycle, he said Thursday. “This guarantees the full development of a PureCycle plant. They are a tremendous entrepreneurial company.”
“PureCycle has the potential to recycle old plastics to good, usable plastics,” Dingus said earlier.
The company now will be able to accelerate its long-term growth strategy, which includes accelerated plant builds and capacity as wall as expansion in the United States to meet demonstrated and heightened demand for a sustainable solution to recycled polypropylene plastics, according to a company press release.
PureCycle built a feedstock evaluation unit that became operational last year, transforming discarded carpet into clear, odorless, ultra-pure recycled polypropylene, according to the release.
The company’s proprietary process removes color, odor and other contaminants from recycled feedstock producing plastics suitable for any polypropylene market, according to the release.
PureCycle Technologies licenses the technology from Proctor & Gamble, according to the release. The company also is seeking to have its product to be used in food-grade applications. That could need the approval of the Food and Drug Administration, according to the release.