Plastic recycling company’s Ohio plant is on track after default designation

A plastics recycling plant in Ohio that company officials promise will “change the landscape of recycling” has launched initial operations after years of construction delays that triggered a bond default designation.

“This is the moment we’ve been working toward for the last decade,” PureCycle Technologies LLC CEO Dustin Olson said Wednesday during a second-quarter earnings call. “The first plant is always the most challenging and the most special. With this progress, we can now start realizing PureCycle’s potential.”

Despite the construction delays and a said it is targeting Augusta site development and construction activities to begin in the fourth quarter of 2023.

Olson said during the company’s March earnings call that he is “thankful” to bondholders for agreeing to a revised timeline.

“Whenever you have a new technology like this you have to get it started, see how it operates and then see where the constraints are,” he said. “This has been a tremendously challenging period of time through which we have moved on, and we are ready to bring recycling to the world.”