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NEWS RELEASE Exhibit 99.1 PureCycle Technologies , Inc. Provides First Quarter 2021 Corporate Update - Began trading on NASDAQ under the ticker " PCT " on March 18 , 2021 - - Total cash balance of $ 570 million ( $ 318 million of which is restricted ) at quarter - end March 31 , 2021 - Construction of first manufacturing plant in Ironton , OH ( " Plant 1 " ) began in October 2020 and continues to progress as planned ; continue to expect the facility to be commercially operational by the end of 2022 with an annual installed production capacity of 107 million pounds - Expect approximately 1 billion pounds of installed capacity by the end of 2024 ; near term planning for the next series of manufacturing facilities is underway and is expected to be sited in the United States ( " cluster " site model ) followed by Europe ORLANDO , Fla . , May 17 , 2021 – PureCycle Technologies , Inc. ( " PureCycle " or " the Company " ) ( NASDAQ : PCT ) , a company focused on polypropylene recycling , today announced a corporate update and financial results for the first quarter ending March 31 , 2021 . Management Commentary " Polypropylene is one of the largest contributors to the global plastics waste crisis , and PureCycle is unlocking a large and under - penetrated market with our patented purification recycling technology , licensed from The Procter & Gamble Company ( P & G ) , for converting waste polypropylene into virgin - like resin . The market demand for polypropylene is enormous at over 160 billion pounds annually and expanding rapidly with global demand expected to exceed 200 billion pounds by 2025. This demand , coupled with increasing international focus from regulators and consumers on sustainable plastic solutions , creates significant global opportunities for PureCycle . We have continued to achieve our strategic goals and milestones over the course of the first quarter , further developed our financial profile with additional liquidity , enhanced our manufacturing capabilities , and strengthened our world - class team to position the Company for the future , " said Mike Otworth , PureCycle's Chairman and Chief Executive Officer . The Company is pleased with the progress during the first quarter , highlighted by PureCycle becoming a public company , remaining on - track with the construction schedule for the Company's first manufacturing plant in Ironton , Ohio ( “ Plant 1 ” ) , and starting line engineering on the second commercial facility . PureCycle maintains a strong balance sheet with $ 570 million in cash and cash equivalents following the closings of multiple transactions with investors who have conducted significant due diligence on various aspects of the Company's business . PureCycle has the capital needed to complete construction of Plant 1 and commence funding of subsequent commercial facilities .