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Purification recycling technology provider PureCycle Technologies has raised $90m in gross proceeds through collaboration with Sylebra Capital Management and Samlyn Capital.\u00a0\u00a0<\/p>\n
The capital infusion is aimed at advancing PureCycle\u2019s mission to commercialise its purification process for recycled polypropylene (PP).\u00a0\u00a0<\/p>\n
The financing, secured via a series of transactions, comprises a $50m issuance of Series A preferred stock with a three-year maturity and an 8% return, alongside the sale of 8.5 million shares of common stock at $4.69 per share, resulting in net proceeds of $40m.\u00a0\u00a0<\/p>\n
In addition, warrants to purchase five million shares of common stock at $11.50 per share, expiring on 1 December 2030, have been issued.\u00a0<\/p>\n
The transactions, which are anticipated to close tomorrow (13 September), also extend Sylebra Capital\u2019s $200m line of credit until 31 March 2026.\u00a0\u00a0<\/p>\n
PureCycle CEO Dustin Olson said: \u201cThis capital not only supports our existing operations, but will also help fund additional activities associated with our Augusta project. This investment combined with the progress we are seeing on our production and commercialisation efforts at the Ironton Facility should enable us to drive toward our long-term goals.\u201d\u00a0<\/p>\n
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