The announcement came on
PureCycle is known for its process of turning used polypropylene, one of the most commonly used plastics, into a resin that is pure enough it can be used in packaging for food and only uses a fraction of energy that it takes to make virgin resin.
PureCycle started up its feedstock evaluation unit in Haverhill, at the old Dow Chemical site, in partnership with Proctor and Gamble in 2015. The company is now working towards construction on its first recycling plant in
“This transaction represents a key milestone in PureCycle's mission to transform polypropylene into a recyclable and sustainable product,” said
Otworth said that approximately one percent of the 170 billion pounds of polypropylene waste is recycled every year and most of it ends up in landfills or oceans, which creates environmental problems.
“We look forward to partnering with the Roth CH team on an efficient, accelerated path for a successful public listing,” he said.
“We believe PureCycle's technology will be transformative in plastic recycling and help companies meet their sustainability goals,” Roth said. “We look forward to a successful future together.”
The business combination has been unanimously approved by the boards of directors of both PureCycle and Roth CH. The business combination is expected to close in the first quarter of 2021, subject to regulatory and stockholder approvals and other customary closing conditions.
According to a press release, the new company will become a publicly-listed entity with an ascribed pro forma equity value of
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