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Exhibit 99.1 > PURECYCLE NEWS RELEASE PureCycle Technologies Provides Second Quarter 2021 Update - Announced location of Plant 2 , the first cluster facility , in Augusta , GA - Plant 1 , the first manufacturing plant in Ironton , OH , remains on cost and schedule ; Expect modular construction to begin in the third quarter of 2021 - Engaged in active negotiations for over 300 million pounds of feedstock - Total liquidity of $ 539.0 million , including $ 238.1 million of unrestricted cash and investments and $ 300.9 million of restricted cash , at quarter - end June 30 , 2021 - - ( ORLANDO , Florida – August 12 , 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 second quarter ending June 30 , 2021 . Management Commentary " We continue to execute against our strategic objectives since our first quarter update call . PureCycle has announced the site location for Plant 2 , our first cluster facility , in Augusta , Georgia , a selection based on the culmination of a comprehensive process . We are also executing on our plan for Plant 1 in Ironton , Ohio as cost and schedules remain on track , " said Mike Otworth , PureCycle's Chairman and Chief Executive Officer . " We also made considerable advancements in our feedstock procurement strategy . Commercially , we are seeing a robust pipeline of demand with additional offtake agreements expected to close during the third quarter and are progressing strategic partnerships in response to Asia's strong demand for PureCycle's purification technology . PureCycle has secured the capacity required to scale , is actively negotiating 300 million pounds of feedstock , and has validated our Feedstock + pricing model for our next plant in Augusta . The bottom line is , PureCycle is on track and well positioned for success . We look forward to providing updates on our progress in the second half of 2021. "