PureCycle Technologies, Inc.

Good morning, everyone, and thank you for participating in today's conference call. I would like to turn the call over to Mr. David Brenner as he reads the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. David, please go ahead.

Thank you so much, Mary. Welcome to PureCycle Technologies' second quarter earnings update conference call. I'm David Brenner, Chief Commercial Officer, and joining me today are Chairman and Chief Executive Officer Mike Otworth, Chief Manufacturing Officer Dustin Olson, and Chief Financial Officer Michael D. This morning, we will be highlighting our corporate developments and partnerships for Q2, including our updated strategic plan. This presentation we will be going through on the call can also be found on our IR page of our website, purecycle.com. Most of the statements made today will be forward looking and are made based on information currently available to management. During this call, certain statements we make will be forward looking and based on management's beliefs and assumptions and information currently available to management at this time. These statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control, including those set forth in our safe harbor provisions for forward looking statements that can be found at the end of our second quarter 2021 corporate update press release issued this morning in our form 10Q, which will be filed today or later this week, and in our other reports on file with the SEC that provide further detail about the risks related to our business. Additionally, Please note that the company's actual results may differ materially from those anticipated and, except as required by law, we undertake no obligation to update any forward-looking statement. Our remarks today may also include non-GAAP financial measures. Additional details regarding these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, can be found in our slide presentation and in our second quarter 2021 corporate update release issued this morning. I will now turn it over to Mike Otworth, PureCycle chairman and chief executive officer. Mike?

Thank you, David, and good morning, and thank you for joining us today for our Q2 corporate update. You're welcome to follow along with our slide deck, and if you're joining us by phone, you can access it at any time on PureCycle.com. We're excited to share updates from the previous quarter with you, and today we'll be reviewing highlights from our second quarter, recapping our Investor Day success, sharing timelines on our expansion efforts and our lines in Ironton and Augusta. We'll feature our operations and feedstock progress and conclude with our finance report. Please move to slide three, where you'll see our 2021 quarter two highlights include wins in operation, feedstock, commercialization, and finance. First, as mentioned, we announced the selection of Augusta, Georgia as our first cluster manufacturing site. We are prepping for long lead purchases in Q3 and Q4, with site construction activity expected Q1. Meanwhile, Plant 1 remains on schedule for second half of 2022 commissioning as we continue de-risking activities in Ironton. We also signed a multi-year agreement with Emerson to advance our born digital strategy. For our feedstock highlights, we built feedstock R&D unit designed to characterize and process mixed, rigid, and advanced mechanical sorting and separation technologies. We also began a nationwide purchase of mixed plastic bales for evaluation and processing, negotiated multiple feedstock contracts, expected to close Q3, and engaged in active negotiations for 300 million plus pounds of feedstock. On the commercial side, we've negotiated additional offtake agreements expected to close in Q3 and intend to submit an FDA letter of no objection in this quarter. We've also progressed JV discussions and are finalizing partnerships to bring pure cycle purification capabilities to Asia. With site selection complete, we are prepping for long lead purchases in Q3 2021 and ended Q2 2021 with $238 million in unrestricted cash and investments, which we will detail in just a few minutes. Moving to slide four, our global priorities have been updated, and we want to share those with you now. In North America, the Arrington plant remains on track with the Q4 2022 opening, and our second location and first cluster facility location was just announced in Augusta, Georgia. Plant three selection analysis is currently underway. In Europe, we continue to work closely with our partners as we advance plans for detailed site selection activities. purification processes, and creation of feedstock aggregation and sorting capabilities. In Asia, we are nearing announcements of two memorandums of understanding for JVs designed to accelerate our presence in that region. Moving to slide five, I'd like to begin by sharing the success of our first Investor Day event hosted in June of this year. Over 100 attendees across our industry and investment community traveled to Ironton to see for themselves our operational strategy and see firsthand how we're executing our strategy across construction operations, digital, and commercial collaborations. We then walked current and potential investors through our feedstock R&D facility to highlight the first step of sorting through mixed waste plastics using infrared sorting and advanced water separation to optimize polypropylene harvests. Finally, through our feedstock evaluation unit, demonstrating the pure cycle process in action and explaining the unit operations. From the moment the polypropylene feedstock entered the system, our engineers walked through each step of the purification process, including the final step in which guests were able to see and touch our ultra-pure recycled polypropylene. I'd like to now introduce Dustin Olson, our Chief Manufacturing Officer, to discuss our operational progress over Q2.