PureCycle Technologies, Inc.

Thank you for standing by and welcome to the PureCycle Technologies fourth quarter 2021 corporate update. At this time, all participants are on a listen-only mode. After the speaker's presentations, there'll be a question and answer session. To ask the question at that time, please press star then one on your touchtone telephone. As a reminder, today's conference call is being recorded. I will now return the conference to your host, Mr. Larry Soma, Chief Financial Officer, PureCycle Technologies, where you may begin.

Thank you. Good morning and welcome to PureCycle Technologies' fourth quarter earnings update conference call. I'm Larry Soma, Chief Financial Officer, and joining me today are Chairman and Chief Executive Officer Mike Otworth and our newly appointed Chief Operating Officer Dustin Olson. This morning we will be highlighting our corporate developments for the fourth quarter. The presentation we will be going through on the call can also be found on the IR page of our website, at purecycle.com. Many of the statements made today will be forward-looking and are 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 fourth quarter 2021 corporate update press release and in our filed annual report on Form 10-K, as well as 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 preliminary non-GAAP estimates and are subject to risks and uncertainties, including, among others, changes in connection with quarter-end and year-end adjustments. Any variation between PCT's actual results and the preliminary financial data set forth herein may be material. You are welcome to follow along with our slide deck, or if 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 I will now turn it over to Mike Otworth, PureCycle Chairman and Chief Executive Officer.

Thank you, Larry. Welcome, and thank you for joining us this morning. If you're following us on our slide deck, we're now on slide three. It's now been nearly a year since PureCycle became a public company, and in that year, we've shared with you our mission to revolutionize plastic waste into a renewable resource that enables our vision of creating a more sustainable planet. Through steadfast support and commitment from our partners, Pure Cycle continues to execute on that mission and vision and remains committed to expanding access to our revolutionary product. This is underscored by our U.S. and global expansion efforts. In the fourth quarter of 2021, Pure Cycle advanced our strategic plan. Our first commercialized purification facility in Ironton, Ohio, is progressing on schedule. We recently passed partner tests at our feedstock evaluation unit for impact polymer, which opens for the first time the automotive feedstock market. We've signed new letters of intent accounting for an additional 60 million pounds of feedstock. This brings our contracts and letters of intent to an aggregate volume for Ironton and Augusta of 438 million pounds annually. Last quarter, we outlined how regional facilities help open access to new feedstock sources. This regionalized strategy builds strong local relationships while minimizing our carbon footprint. We expect the Ironton Feed Prep Facility to be operational in the second quarter of 2022, and our first regional facility in Central Florida is slated for startup in the third quarter of this year to supply the Augusta plant. Our Pure Zero program launched in November, and since then we've progressed in multiple conversations with teams and organizations across the country. This week, the Plastic Recycling Conference was the first sustainability conference to adopt Pure Zero, and we look forward to this being the first of many. The interest in having a true sustainability program has skyrocketed since we launched this program, and we expect to announce additional partners soon. We truly see Pure Zero as a groundbreaking component of our feedstock acquisition strategy. I'm pleased to report that we have expanded our converters network to now include Aptar, Berry Global, and announced today, Winpack. These agreements represent more than commercial agreements. They underscore our role in connecting brands with high-quality recycled plastic to truly deliver sustainable products. As you saw in our filing, we've closed a $250 million private capital raise led by several existing shareholders, along with one new strategic partner, SK Geocentric. This demonstrates significant support from our shareholder base and our long-term strategy. Importantly, this capital, when paired with project debt financing, is expected to support the build-out of our Augusta facility's first two lines. Project debt financing discussions are underway, and we look forward to updating the market on those future developments. Moving now to slide four. We expect our North American facilities to initially account for more than 80% of the billion pounds of capacity we are aggressively working toward. We also recently announced the location of our first facility in Asia in Ulsan, South Korea, which we expect to add another 130 million pounds of capacity initially, but will also provide a foundation for future growth. Site selection moves to its final stages for our first European location. Our goal is for this facility to account for 130 million pounds of capacity with an anticipated completion by the end of 2024. With that, I'd like to turn it over to our Chief Operating Officer, Dustin Olson, to discuss our manufacturing, commercial, and feedstock updates.