PureCycle Says Couple Of Mechanical Problems Arose Last Week At Flagship Purification Facility In Ironton, Ohio; Says Needed Maintenance Is Currently Underway

Author: Benzinga Newsdesk | December 18, 2023 08:54am

The site restarted following a November outage to address a number of key reliability issues. The Ironton facility was safely shut down following the seal failure with no further equipment damage. The needed maintenance to the plant is currently underway and should be completed in the near-term, before we return to continuous operations. Due to these issues, PureCycle: Ohio LLC will utilize the 90-day cure period provided under an agreement with the bondholders, since the Company determined it will not meet the December 31, 2023 bondholder operational milestone under its Ironton bonds to produce 4.45 million pounds of pellets in a 30-day period.

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