PolyCycle (ticker PCT) is listed on the Nasd and reports earnings Aug 7.
Turns out this is one of the stocks discussed on Saul’s board. https://discussion.fool.com/t/purecycle-competitor/103574
They have a website. https://ir.purecycle.com/?_gl=1xhtl9v_gaMTcxMzc2NTEwMS4xNzUzMzE4Njc4_ga_NPZNRYY9N4*czE3NTMzMTg2NzgkbzEkZzEkdDE3NTMzMTg3NDEkajYwJGwwJGgw
A business plan video from June: https://d1io3yog0oux5.cloudfront.net/_9f6b840f92bb92477d863948663e74ce/purecycletech/db/1159/10776/pdf/FINAL+PCT+Capital+Raise+Update+6.17.25.pdf
The C&EN article (July 14, 2025, p 11) reports they licensed the techology from Proctor & Gamble and set out to develop it. Their process recycles polypropylene using a “supercritical-butane-based solvent” to dissolve the polypropylene. That allows filtration to remove insolubles like paper and pigments. And you might be able to wash it with water or caustic to remove some impurities or additives or food residues etc. Then you evaporate the solvent to recover purified plastic that gets converted into pellets for plastic molding. They claim product is nearly as pure as new polypropylene and suitable for most purposes. That gives it a significant advantage. May be much more valuable that processes that crack polypropylene into low value refinery streams. Maybe worth as much as $1/lb.
The economics of the process probably depend on recovery of the solvent. It could be an inexpensive refinery stream. The mysterious language implies certain compositions preferred. Butane-based implies C-4. There are only two of them. But that is often the LPG stream sold as “propane.” There are two butenes as well as isobutylene and propylene. The composition used may be a key aspect of the technology. LPG is a liquid under pressure in the cylinder. Supercritical implies they heat it well above its boiling point under pressure to keep it liquid. Low boiling point implies difficulty recovering the evaporated solvent. Usually must be chilled low enough to condense it. But perhaps you increase recovery by raising the boiling point under increased pressure.
C&EN reports plant in Ironton, OH is now running successfully. The plant ran 90% of the time in first quarter and generated $1.4MM in revenue.
They have raised $300MM in new capital and now plan to build additional plants in Thailand, Belgium, and Augusta, GA. They have improved the process and reduced investment required. Timing and economics are in their business plan. Thailand should be first running in 2027 with the other two following in 2028 and 2029.
This is great news in that polypropylene has been difficult to recycle. C&EN reports Brightmark pyrolysis plant in Indiana recently declared bankruptcy. (Product low value is a major difficulty.) Eastman Chemicals is the leader in recycling polyester by glycolysis. Other recycling depends on careful sorting and often results in product with limited utility.