Shares of PureCycle Technologies, Inc. (PCT) are surging more than 32% Thursday morning after the company announced distribution partnership with Formerra.
Formerra will be the primary authorized North American distributor of PureCycle's ultra-pure recycled (UPR) polypropylene resin, PureFive, the company said.
PureCycle's resin is expected to be available to Formerra customers in the fourth quarter of this year.
The company also added that its first purification line in Ironton is scheduled to be completed shortly.
PureCycle CEO Dustin Olson commented, "This is another key step in executing our global growth strategy. Formerra's commitment to innovative approaches to complex end-market applications and strong dedication to sustainable solution-building is a perfect fit for our company."
PCT is at $6.32 currently. It has traded in the range of $4.44-$10.95 in the last 52 weeks.
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