the be to There exciting Thank number of across you, with next-generation in we market enable and our waste PureCycle Christian. and significant areas. an made has PureCycle for their progress as a purification the I'm determination pure of Momentum and mission a proud an sustainable charge continues our team and to building, revolutionize steadfast and productive the plastic is for been solutions enormous quarter technology. on planet. need leading This is
by highlighted facility. X milestones Ironton at our was QX production achieving critical
show production are with set against their out of were these of equals specific progress against elements solid is rate of rate various be and them. show our execution output. outcomes progress pleased times milestones goals fronts. production We to to able and Ironton These with effectively feed both uptime chosen to hours have both on Production
both we into pleased continue the are will quality. lean we achievement production with to and quarter, this While on rates, reliability
Our confidence nameplate continues targets in increase. capacity achieving to time over our
the was on operations, tangible of Within the to compounding addition advancement progress there in and operations, QX Denver CPX commercial launch outcomes the PreP PA's seen operations. with removal, the In facility significant finance were feedstock production, milestones, successful several and areas. in ramping
success Our us to to content. enabled levels with exclusively feeds PCR challenging CPX transition higher running more on and CPX has
attention focusing production scaling our commercial the excited of about performance and are Ironton's aspects our business. now We are on
commercial higher and output, also production our we stable With quality are traction more on plan. gaining
both is strategy Customers Our success. $XXX,XXX last great product, pellets with better customers sellable with X operational compounding and, actively week product per producing, weeks of the are approximately providing trialing stand-alone and over options. PureCycle compounded
applications. a Film to fill to has underserved, the be products and developing and product fiber fiber needed supply continues our an actively and are for We gap. film, molding injection badly potential
and right between trials products compounded the takes in with We a are time then number large exploring and both customer. supplier the product to direct ongoing of across growing and development trust commercial companies. The running the opportunities qualities project develop
financial are plant we success. will of to opportunities translate growing With pipeline that finding a current performance, our
proceeds our revenue raised from for with proceeds The combined and bonds capital capital net $XXX in with efforts. over team the combined efforts in also made the support raise These million substantial operations Ironton ongoing raising on September. growth progress and
As financing additional and Augusta looking in pursue Ironton for production we Antwerp. successfully, to capacity are has now increased
strongest third products. As had to than XXX%, the quarter ever, grew upgrades production the point. CPX we quarter spent system. despite production fiber expected, was the with production was significant and film, more inventories to removal commissioning our built this cumulatively injection more than we and time Quarter-over-quarter completed molded across This
and forward. primary we moving Once improved, our have upgraded rates a and we rate to Previous operation, for be constraint CPX both not expect that this quality. had been constraint do both currently
Plant and have both pay continued upgrades to the dividends rate for during outage reliability.
steady We as seal reliability running critical production progress continuous have production. our of stretches seen operations systems solid well, our removal. with long CPX on and made specifically with current We've
is good is dedicated team to plant reliability and with on Our delivering objectives momentum. improving and pace their
ramping what we operations not milestones, upon to done -- our look we and production know our push incrementally do to higher We need We are to the QX to Ironton levels. production. build
learn to into continue improvements. and advancing continue We these to also lean
growing production to with Our at necessary new ability the production to to products, Ironton capabilities increase capabilities -- increase our production as both compounded our and allow finished meet and our carrying feel to us demand. service of We're Ironton customer at us confidence needs. inventory growing the production allow comfortable currently the confidence
constraint. I'm the unique recycled pellets increased disciplines contaminants picture By to our all improve opportunity to the improving system, CPX be Many capacity team very remove by The also has CPX CPX, ability rebuilt it. should the and final with to a across no limited in CPX then in so, solution and them. of removal people find proud from an provide significantly It by additional create are we to collaborated product, this doing longer a quality. removal also and removal value and should stream. product improved our The continued
for sellable a waste of stream companies We've was material. removing this of day, example to at our a of recycled makes to we're economics, our team originally customers taken a product this only now turned is circularity to see that proud it that up pounds a as destined landfill a per not such final that helps palletizing a are rates marketing portfolio. ingenuity. product addition XX,XXX We material it it the building. This and as and multiple nice more This also great product into value. We our the
component Our -- the feedstock and operations our achievement started QX as our were we we is Denver, sort in up plastic component are an an another pleased important Plastic area business, ongoing Pennsylvania, of is in our development. important with in feedstock facility.
The purify per serve hour high approximately is location to be upgrade will and more market, both help also recyclers the capacity operations. feedstock and Augusta pounds and feed can reliability PET, streams industry. HDPE the and and the Our equipment buy in costs Ironton operations. product more low-quality high aluminum this Denver into operated more XX,XXX Ironton facility, With built feed, to facility for should able a sort for and level efficiency, lower with low was bales be draw cost. Ironton we suitable with to This build should into #X nameplate our stability
asset great will have the a we facility. already This be early, still nameplate capacity our for business. foundational achieved long-term at While
through #X are -- buying for at our flexibility. for and sorting moment, at Ironton We at a low-cost percentage send bale bales At from we expanded sorting high PP Denver, them the can PreP feedstock purification. this and bales, to upgrade grinding facility. and feed also and #X then buy to low-quality bales MRFs, #X washing We've now Ironton purifying grinding our
all for improve the Ironton also are for net hour reliability to is an Ironton. also and X,XXX with The continue higher to operations XX% run on our together to more track flake from increased the in after PP our additional at an yields result good today and This off-site allows for to while continued through PP of pounds at installed. is and sorting of flake allow XX% incremental feed has higher efficient, accomplishment less We've than XX% purification.
Practically these feedstock expected XX% to is reliable plant per final flake speaking, our sorter important processing to QX Bringing concentration install different to of plant is sorting team. rates. operation all Ironton improve concentration capabilities us production will making and cheaper grow streams flexibility and allow buy efficiency. feedstock avoiding non-PP to by yield this This to
the production across successful in of The Ironton, plant and come Digging improving the production deeper outcomes are into there simultaneously improvement noting. worth moving other quality. final while elements challenging has feedstocks important product more into
feed more being run production able or burdened would been Without feedstock, shown PCR plant inputs. cost of ability improved to CPX by has and limited higher The levels with high shown with prevalent feed process to curbside the have recovery. prevalent Ironton
will contents a with CPX, pricing. the final high of no how CPX and impact and mix PCR see low can feedstock You combination product CPX of pricing PIR,
adoption, Ironton cost attractive of feedstock more to to but product also opens and commercial both and should our margins strong value improved helps on confidence continue Our in offtake the business. at quality product. economics up applications build Progress improve our
us been discussed. from achieving the previously and confidence positive gives Initial targets increasing commercial feedback margin market the we in has financial very
products show and build a for future to solid capacity. economics unit Our plants foundation and continue Ironton and to our strength provide should
we're door our benefits open the are the Our was to more application. enhanced position excited seeing and successes. to It for are making. match was quickly, The PureCycle customer-specific added we're in option compounding an to early products efforts additional and about our to layering compounding qualify that business. to product strategy better the service Customers the customers
profitability. incrementally us virgin an overall company complements expand our PCR and Compounding PIR, with to improve also and opportunity allows volume
in versus business. materially are to the in customers' lower the should better volumes of the cost profits our It's also We as to for and ultimately This largely be overall a for dollars. be higher should at accretive scenario, market price profit virgin offer to favor much premiums us. compounding better to overall how PureCycle's compounds our compounded, should are able overall any works to fixed us both alternatives, unclear these volumes economics but of the lead will and carry but mix
to efforts. QX RPP, you very a XX Following the very broken material. left in towards trials. see Ironton consistent This in market. similar the and is operations shifted is The MFI MFI on product the facility product virgin production of is and and customer blend serve unique, that of contaminant it PCR we focus level a of XX-XX our the success is in market. color high-quality the PureCycle good, XX commercial runs It The to from to low, fiber
content, We products general little Our categories can only application are compounding now a while a to is recycled build product necessary. for a creating enabled us market. when Not blend of customers of also Every also we for the recipes for different. characteristics. creating blends broader variable has we portfolio the strategy formulate adjusting are specific
makes also customers. adoption and makes efficient much easier the for This simpler operations their and more
We have and new their of now our concern the of built challenges of reliable about blends supply early X.X alleviates one consistent with product preparation compounded various inventory This pounds in for for million [indiscernible]. quality. commercial suppliers
The PureCycle stage is set.
is quantities. large technology high-quality Our product creating in
commercial Our taking strategy is shape.
you this brand be at how are opportunity overall take demand absolutely We landscape. The positioned us, look to product billion Global advantage commitments. front and high for per matter is at grow X% attractive of XXX growing it's the continues well to over massive. to PP X% due No to and of to year. in pounds recycled demand continuing market
our due of believe X supplier material on product to available we is the requirements look is very testing The grow in does Based is better. be satisfy is product PureCycle across only that believe years XX% market. and to market. to look through enormous customer continues projections, key pounds today, current this based Not to of attractive products industry high will quality material We gap expected can approximately market a the segments. underserved even lack PureCycle demand high-quality best by the We that the future primary be it approximately recycled on XXXX. positioned to for XX the believe billion supply clear projections, of
This companies, as of on been have positive. encouraging commercial have market our With efforts. and now we applications. has focusing off feedback Trials products been very process kicked has across a better been industries positioned, our number been Ironton consistently on
address their market. sustainability PP Our is achieve delivering trials be able to The overall to high-quality the that very parts product will runs large are showing and enable will of it outcome help virgin-like goals. outcomes with our customers
potential customers. We are trials existing progressing excited opening up new as our as of well be pipeline to
As customer ramp to orders that arrive, we intend meet to demand.
on have to some our we want context commercialization, commercial some As we time our give color embarked investors and frames. around
with familiar probably unique commercialization. most the of for Given product, project not nature investors the our process are
X automotive. point in Each key future as for key future proof well represent on focused Ironton both facilities. initial categories will molding and We for have injection as sales film, sales: a fiber, category
the For way. compounding made tricky. There well the our fiber, both we operational variables. adjustments need as recipe are operationally found for with we that a actively range of customer of more is to be currently terms trialing believe testing right some are are recipe, we The the applications. different well We are wide and yarn on fiber application producers, in X our fine-tune are fiber and different numerous big process, and types very some as niche to material
very very, here. We excited are
you extremely virgin difficult operation an material. remind that fiber for I is even
future. confident Initial will been recycled just be very to a this for and in progress category the it's So find good. success large stream, we with a has are strong, us
several brand be of teams. expected to at initial supporter encouraging. across & us, we feedback steady excited Molding. the take first when Gamble been their are to has This compounding develop time brand has Injection is very different product solutions commercialization categories. to tangible excited deliver partnering process with of couple Procter a to a been to P&G We're Procter now and
as plastic the potentially choice enormous order category on it typically efficiency. installed lighten because the are grown -- plastic There XXX typically fuel achieve over OEMs to is a of of better in weight that number lightest vehicle. each PureCycle. is of light of pounds steel And replace Automotive Polypropylene its the plastic because options. traditional is to for has
create as level address adhesion those part to yield automotive odor very or it small historically plastic losses. A it's are of an sensitive introduce recycled difficult highly imperfection supply contamination problems inside has scale materials the Automotive to technical. traditional automotive with paint or quality issues To to date, due other the recycled at been products. to applications to is challenging also and highly been on can
into We The If automotive to start with to of way, 'XX. process several approval in working orders as key in final on have well planned, global expect QX. products been their to hope a gain we QX we applications. approval proceeds approval its company is and for our customer of gain this
For started. are getting film, just we
are a time line process results fiber, While will similar the trial follow as the promising. early
big We have product trialed film yet, lab deal. converted our at our product is not have we commercially into but This a scale.
into a things and beverage all and film worked take elusive with it their the facility, front film. recycled large into converted brand our in gap we of proof a and in R&D Durham point for have We then to close we purified to metallized our on all food brands it them. wrappers, like great multilayered film, It's film site and looking
types, X both. there's using an X All -- a worked application. PureCycle all is an fibers We to the developing. can connected with of emerging mop, story a also for in of application applications product these in collection plastic customer customer, interested base applications, these across our who had application of one synergy This mophead injection-molded serve
car another RPP discussion the around had the fiber. customer carpet replacing in with automotive We
we produce dashboards our products, supply X applications, that other to bumpers, mentioned discussion, all. can also PureCycle ability multiple and customer, During
across our Our successfully in early strategy fiber can are success with and in product that is injection the multiple molding early We lanes. to film. stages and prove run found
-- commercial offering approvals, more expect customer we our we completely and foundation for potential, build customer commercial As a to base, our projects. grow serve a future the gain broaden strong
and show into from QX the market. and feedback being by confidence success pipeline to growing revenue to customers, in begin strong the We built of from expect This up is XXXX. ramp materially trials
prospect some the our there and of is While timing, is clear. exact direction uncertainty financial with inflection
is bright, and excited. and The energized are we future
recognizing over emerged needs, solve the I in time, to At world to are it leaning Some sustainability the presentation. Jaime they of their the companies for would to new like has supply and in a enthusiastically are largest PureCycle. to financial this hand