PureCycle Technologies, Inc. today, announced that it has received approval from the Development Authority of Augusta, GA (AEDA) to proceed to closing on the project site in Augusta, Georgia. This will allow PureCycle to begin development activities for its polypropylene purification facility. The AEDA approval confirms and preserves financial and tax incentives offered for the development.

PureCycle CEO Dustin Olson commented, "We're excited for PureCycle to expand and Augusta is the perfect home for our second purification complex. This approval is the result of several months of hard work to secure the funding required for at least one purification line and close collaboration with the local community." He added, "PureCycle is extremely grateful to the AEDA for their ongoing support to help bring PureCycle's sustainable solution to the world."

Located at the Augusta Corporate Park, PureCycle's Augusta facility will begin as a single-line facility with the capability of expanding to eight total purification lines. Fully completed, these eight purification lines are expected to produce approximately one billion pounds of PureCycle's ultra-pure recycled (UPR) resin.

PureCycle CFO Larry Somma added, "Financing the Augusta project has been an ongoing process and we're very proud to have secured the necessary funding for the first line and we're already working on finalizing the financing for the second line. We're thankful to our investors for their continued financial support to help bring us to this point."

Preparation for the modular construction of the Augusta project has already begun and equipment has started to arrive onsite at Gulfspan's Beaumont, Texas facilities.

The Augusta project is the first step in PureCycle's global expansion plan as the company seeks to use their innovative purification technology to improve the circularity of polypropylene plastic.