|PureCycle Technologies (NASDAQ: PCT) and Port of Antwerp-Bruges today announced that PureCycle will build its first polypropylene (PP) recycling facility in Europe in the port’s fast-growing NextGen District.|
The new plant will have an annual capacity of 59,000 metric tons (130 million pounds), with opportunities to expand operations in the future since the 14-hectare plot can support up to four processing lines with a total capacity of ~240,000 metric tons (~500 million pounds) per year. PureCycle is currently engaged in feedstock sourcing and financial planning with the intent to secure a final project timeline by mid-2023. Construction of the plant will begin upon completion of the permitting process, currently anticipated in 2024.
NextGen District is a global hub for businesses seeking to advance the circular economy. The district is located at the Port of Antwerp-Bruges, Europe’s second-largest port. PureCycle was recently awarded a concessionaire contract during NextGen’s competitive bid selection process.
PureCycle is already in active negotiations with potential feedstock and offtake partners and expects to commence commercial operations at its new European facility when construction of the first processing line is completed. The new PP purification plant will not only supply the European market with PureCycle’s UPR resin but is also expected to create 65-70 new jobs for local residents during the initial phase of the project. This project represents one of the largest investments announced in the NextGen District to date. Various funding options are currently being considered, including traditional financing sources as well as grants/subsidies for circular projects that are uniquely available in the EU.
PureCycle Vice President of European Operations, Wiebe Schipper, commented, “The announcement of our first location in Europe marks the next phase in executing PureCycle’s global growth strategy. We are excited to bring our Ultra-Pure Recycled (UPR) resin to customers in Europe, where companies and policies are at the forefront of the circular economy. Being in NextGen District will enable us to capitalize on existing efficiencies, collaborate with other innovators in the space and forge new partnerships.” He added, “We want to thank the Port of Antwerp-Bruges for believing in our mission and for providing the support necessary to get this project off the ground. Our team at PureCycle looks forward to creating a more sustainable future together.”
Port of Antwerp-Bruges CEO, Jacques Vandermeiren, said, “The Port of Antwerp-Bruges’ NextGen District is committed to creating an innovation hotspot where companies dedicated to building a circular economy and developing sustainable solutions to some of the world’s toughest climate and environmental challenges can thrive. We’re thrilled to be partnering with PureCycle on this strategic project to help bring that vision to life.”