Purecycle Technologies at Wolfe Research Conference: Recycling Innovations

On Wednesday, 18 June 2025, Purecycle Technologies (NASDAQ:PCT) presented at the Wolfe Research 2nd Annual Materials of the Future Conference. The company highlighted its innovative recycling technology and strategic growth plans, while also addressing challenges in scaling operations. CEO Dustin Olsen expressed optimism about recent achievements and future expansion, though financial hurdles remain.

Key Takeaways

• Purecycle’s unique dissolution technology offers high yield and low carbon footprint.
• The company achieved 90% uptime at its Ironton facility, signaling operational stability.
• Expansion plans include new facilities in Belgium and Thailand.
• Financial strategies focus on reducing CapEx and OpEx to compete with virgin polypropylene.
• Purecycle aims for a billion pounds of installed capacity by 2029.

Technology and Competitive Advantages

• Purecycle’s technology acts like a "molecular washing machine," cleaning polypropylene without breaking it down.
• Yields from chemical recycling are significantly lower, at only 10-20%.
• The process uses 80% less energy than producing virgin polypropylene.
• Global brands demand consistent, high-quality recycled polypropylene.

Operational Updates

• The Ironton facility has maintained approximately 90% uptime for several months.
• Purecycle has produced pellets continuously for 65 days.
• The company has transitioned from pilot to commercial operations, gaining traction with customer trials.

Future Outlook

• New facilities are planned for Antwerp, Belgium, and Rayong, Thailand.

- Antwerp offers strategic positioning in Europe with robust recycling infrastructure.

- Thailand provides cost advantages and access to Southeast Asian markets.

• Purecycle targets a billion pounds of capacity by 2029, operational by 2030.
• The focus is on achieving cost parity with virgin polypropylene production.

Financial Metrics

• The Thailand facility’s CapEx is estimated at $220 million, including contingencies.
• Projected CapEx per pound for Thailand is between $1.4 and $1.7, lower than Ironton’s $3.4 per pound.
• The goal is to maintain CapEx under $2 per pound for future facilities.

Q&A Highlights

• Customers initially required specific melt flow index materials, prompting investment in compounding capabilities.
• Purecycle’s technology is versatile, producing materials for diverse applications like bumpers and yogurt cups.
• The addressable market for recycled polypropylene is vast, with Purecycle’s billion-pound target representing a fraction of global demand.

The full transcript of the conference call provides further insights into Purecycle Technologies’ strategies and innovations.

Full transcript - Wolfe Research 2nd Annual Materials of the Future Conference:

Unidentified speaker, Host: In the spirit of the title of the Materials of the Future conference, next up, we have Pure Cycle technologies, ticker PCT, which out of the dozens of innovative recycling technologies that have crossed my desk over the years has a thesis that appears to be playing out according to plan. Had a very interesting press release, which I’m sure we’re gonna discuss as well today. They had a big announcement yesterday and pretty big stock move as well, which I think is on people’s radar screens. And with that, I’m very thrilled to kick off the day with the CEO, Dustin Olsen, and I think we’ll dive into everything from there. Sorry.

I’m a mic guy. It’s a lot easier. I I felt like I was on a spaceship all day yesterday, so I’m switching it up today. So, Dustin, first of all, thank you very much for attending. We’ve had the pleasure of hopefully, mutual pleasure of having a few discussions over the last, you know, month or two.

The first thing I wanted to hit on, in the world of basic materials, and we don’t want get into names, you know, quite yet, there have been several theses across the space about different technologies, molecular, mechanical, just, you know, you name it. Once again, we can get into how serious it’s different. But could we perhaps just begin by saying what differ what’s different about Pure Cycle? Before we even get into yesterday’s announcement, what are you doing? How is it better?

And then, you know, perhaps just a quick comment on how you’re scaling.

Dustin Olsen, CEO, Pure Cycle Technologies: Yeah. I think I think when you look at technology in general, you have to look at the the the core fundamentals. And then you have to see, especially in this space, which is the most efficient. Okay? So if you look across the space, you’ve got mechanical, you’ve got chemical, and you’ve got an array of other types of recycling.

Would call ours ours is called dissolution technology. There’s a really nice graphic by the Nova Institute that explains all of them. To talk about ours to start, I mean, ours is a high yield, high quality, low carbon footprint. Low carbon footprint also means lower cost. So we’ve got kind of the three legs of the stool that really matter.

When you look across some of the other technologies, they’re just they’re gapping somewhere. You’ve got some quality concerns with mechanical. It’s getting much better, and there are some really good applications mechanical. But at its core, it’s gonna have a quality delta. When you look at chemical recycling, the yield is really low, actually.

I mean, the the yield for chemical recycling for pyrolysis and other technologies is like 10 to 20% plastic to plastic. And then if you look at the core delta on efficiency, Pure Cycle is really like a molecular washing machine. So we’re taking the molecule that’s a lot of effort, a lot of money, a lot of cost has been put into building this molecule. And it’s a very stable molecule, which is great because it should lend itself to being recycled much easier. And so what we do is we wash the molecule.

We wash through the plastic. We take the color out, the odor out, the contaminants out, the additives out, and we leave back the original polymer. Some of the other technologies just don’t do that. They catalytically change it. They break it down with heat.

And all of those technologies are higher carbon footprint and more expensive. And so I think that where we really are going to differentiate ourselves in the future is the the the simplicity of what we’re doing. It’s it’s a very complex scientific thing that we’re learning how to distill into efficiency. And then the core process that we that we run is a is a net lower energy footprint than the rest, and I think that that’s gonna really give us the opportunity and legs to grow long term.

Unidentified speaker, Host: We talk a little bit every time I meet you, which has been fantastic. You’re more enthusiastic than two weeks ago, than four weeks ago, than six weeks ago, than three or four months ago. You’ve had a lot of progress even over the last six months. Can we talk about your scaling at your given your existing footprint? How you feel about your progress, run cycles, kind of days on time?

It just seems like everything’s kind of edging in the right direction. So if we could hit on that enthusiasm,

Dustin Olsen, CEO, Pure Cycle Technologies: that would

Unidentified speaker, Host: be helpful.

Dustin Olsen, CEO, Pure Cycle Technologies: I mean, look, we’re really excited with where we are. I mean, we we got out with our technology just before COVID hit. We built our plant during COVID. We struggled through all of that. A new technology is like is like walking around a dark room and trying to find the light switch.

You know, you don’t really know what you’re gonna bump into and you stub your toe and you bang your knee and you trip a few times to get going. But eventually, you find the light switch and it’s like, oh, I know how to navigate this room now. And as we’ve been scaling our technology, we’ve been going room by room by room to really understand what we need to do. And we’ve gotten to the point now where we’ve got the the house pretty well lit. And so that’s really opening up our opportunity to grow.

Okay? We’ve always known we have a strong technology. We had to prove it at scale. We’re doing that at Ironton. We knew it were a manufacturing facility, so we’ve got to get the reliability and the uptime there.

We’re doing that. Just recently, we hit 90 per approximately 90% uptime for a couple months in a row. We we produce pellets for sixty five days in a row. For for a long time manufacturing folks, they’ll be like, well, that’s that should be table stakes. But for a new technology, reaching milestones like that is really transformative.

And so we’re starting to do that. So I you know, we’re we’re at a place now where we know the tech works. We’re gaining a lot of progress with customer trials, and we know a lot of people want the technology. When we talk to customers in the in the space, they they they’re not getting the quality that they need. They’re not getting the the volume that they need.

They’ve got all these mandates coming at them. They need somebody to step up and give them the the solution. And I think with our announcement yesterday and with our definitive growth plan that we’ve just recently announced, I think it’s gonna give customers a lot of excitement. They know the technology works. They know the product is differentially better.

And now they know they’re going to have the volume. And so I think we’re going to accelerate even further as we as we get into this.

Unidentified speaker, Host: Yeah. The way I’ve always thought about it is make sure the technology works step one. Step two, reliability and step three, scaling. On the scaling side of it, you do have some public potential partners. Could you talk about how those relationships have been built over time?

Any color you perhaps could be willing to share about where you stand today? And how you think about the tangible addressable market growing over the next few years and how your existing customers are going play into that as well as potentially some new customers as well?

Dustin Olsen, CEO, Pure Cycle Technologies: Yeah. So I think that when people get to know Pure Cycle, they they they learn about the company. They see the the thesis. They learned a little bit about dissolution technology, which is unique and cool, and they and they kind of fall in love. Okay?

That they they like you. And so when you start talking to customers around the world, and we’ve had good relationships with Mitsui and Company. We’ve had good relations with SK. And now we’ve announced a relationship with IRPC in Thailand. There there there’s there’s a lot of excitement to bring us into new markets.

So I think that there’s a draw for us out of the gate. Everybody wants to see Ironson run, the tech work, the reliability improve. And now that they’re seeing that, I’d say that’s accelerating. We’ve got what we’ve done over the last four years is really we’ve actually been spending quite a lot on growth. We have been working hard to get the plant running in Ironton, spent a lot of money there to get it to this point, but we’ve also been incrementally spending money to get ready for this moment.

So we we we’ve got a a lease in Antwerp, the port the Port Of Antwerp, the next Gen District. It’s a great location. We won a a competitive bid for that location. We’ve invested in that. We’ve continued to work our relationship on a JV basis with Mitsui and Company in Japan.

I I I believe that Japan is gonna be a really strong market for us, heavy in automotive, very strong culture for recycling, good access to the the Far East, China, South Korea, everything there. And then the new one that we just announced yesterday is IRPC. This is a this is a site in Rayong, Thailand. It’s a fully integrated facility. It’s refining to olefins, deep cracking technology, all the way through final polypropylene, and it’s a it’s just a superb fit for us.

So we’ll build a facility there. That’s actually not going to be a JV. We’d contemplated that a bit, but for both parties, this worked out better for us to have a 100% ownership in that facility. And, you know, they’ve got compounding assets, so we can transform our product to whatever the customers need. They’ve got virgin polypropylene production, so we’ll have integrated sourcing of virgin polypropylene for compounding right there.

And then they’ve got infrastructure, roads, you know, fire, water, flares, you know, steam, electricity, all the utilities that you need. It’s all right there, so we don’t have to spend money to do it. So actually, of the really exciting things for us is that this project is is is is really cost competitive. We’re gonna spend about a $190,000,000 base plus $30,000,000 of contingency to two twenty all in. When you look at the CapEx per pound for a project like that, Ironton was about $3.4 per pound.

This project’s gonna be between one point four and one point seven, and I think that’s going to put us in a really good position to to take advantage of that site and and deliver some good earnings.

Unidentified speaker, Host: So you you saw my, like, next two questions on this in the announcement, but your enthusiasm is tangible. But given the announcement yesterday, and you did answer this partially, but what makes Antwerp and Thailand the best new locations in terms of targeting your growth? And are there any comparable characteristics versus Ironton and how you’re thinking about it? Is it about cost? Is it about the partnership, the feedstock flow?

How should we be thinking about that?

Dustin Olsen, CEO, Pure Cycle Technologies: So I think you have to look at each one of them individually. You have to peel them back separately. If you look at Antwerp, you know, Europe is leading edge when it comes to recycling. There’s a lot of desire to do recycling in Europe. Antwerp is right in the center of Europe, very busy port, think busiest in the world.

So we’ve got good in and out access there. Also, we’ve got quite a lot of infrastructure in Antwerp as well. We won’t have to build steam boilers. We’ll have that access as a as a it’s already infrastructure that’s in place that we can buy. So I I think Antwerp is gonna be a really good location for local feed in, local product out to a customer base that’s really excited about it.

And I think the CapEx per pound is also gonna be a bit lower in in Antwerp also because we won’t have to spend quite as much money on the infrastructure. When you look at Thailand, Thailand’s a little different. It’s it’s it’s it’s really competitive on the cost front. That’s both OpEx and CapEx. If you look at the world and Southeast Asia, and you look at the the the countries in Southeast Asia that have, like, the Venn diagram where the most free trade agreements overlap, it’s it’s Thailand.

I mean, is a is a great import export location. A lot of friendly relationships with everybody around, and so we’ll have a good site there to to move our product in and move our product out. We view Thailand as an opportunity to really grow into. It’s got the capacity to build billions and billions of pounds. And I think that when you think about the overall plastic problem that we have in the in the world, a lot of that generates in Southeast Asia.

A lot of money, the Alliance on Plastic Waste and other entities are really doing a lot of work to control and improve the overall waste collection of this material in that region. And so I see Southeast Asia as being a great place for feed, you know, free feed procurement. And and our technology will be right in the middle to help solve the final solution, which is, you know, bringing good recycled material into the market again. So Thailand, I think CapEx, OpEx, it’s in heart of a significant plastic waste problem, and I think it’s going to solve it’s going to be a component of solving the problem in that region.

Unidentified speaker, Host: So hopefully, you’d agree that scale matters a lot in this business, and one is your own scale in terms of Ironton and just getting to the point where you can attract some of the larger customers. But also, when you think about some of the larger conglomerates, the HPC guys, some of whom you’ve already been partnering with, global scale matters as well in terms of the ability to keep products fairly consistent. I know it’s a little early. It’s only been twenty four hours or so. But how do you believe yesterday’s announcement is going to play into your ability to basically go after or kind of pitch your process and your product to some of the larger global HPC guys?

Is that more regional basis where it doesn’t really matter? Or is that just like, hey, we’re able to use this technology. It’s on a global basis, and we can help you here, here and here instead of just IronTend. Just is there any thought process there you’d like to us?

Dustin Olsen, CEO, Pure Cycle Technologies: I mean, you hit on a really important point. When you talk to global brands, they’re not looking for they’re they’re looking for solutions, period. And if they can find regional solutions, it’s fine. But what they do right now is they provide global solutions to to to their overall supply chain. And the problem with recycling is that each feed leads to a different product quality.

Each region has different feeds. And then companies really haven’t grown to a point where they have a global footprint. With our technology, it’s a it’s a it’s a molecular washing machine. And so we wash it at the molecular level. And by doing that, we create a consistent product region to region to region.

So that’s very appealing to global customers. And then on top of that, we’re going to have production on on every major area in the world. And so we are finding a lot of traction with well known global brands where we say, hey, look, we’ve got a product that we can deliver to you in The US, Europe, and Asia. Oh, by the way, it’s really high quality. Oh, by the way, we have tested it across film and fiber and rigid and thermoforming and all these different applications.

So what do you need? We can probably make it. And where do you need it? We’ll probably have it. And I think that that is music to big brands ears.

At the end the day, they want to do the right thing. They’re trying to find solutions to meet the growing consumer interest and consumer demand, but there’s just not enough supply out there. And so I think our announcement yesterday was really important. I mean, it was a significant capital raise with some some a list type investors, a lot of long only participants in in our company for a long time, also some new people that are coming in. But this is not your traditional convert.

This is a long only supported convert. So I think that’s positive. But but what’s really compelling about this raise is it leads to a legitimate growth plan with real volume behind it that’s going to be sellable to customers. And so I think our ability to gain greater attention from some of the real big players in the market has just taken a big step change up. I I think the other point to your to your comment about scale is, you know, we’re also learning so much about our technology.

Okay? So, again, the light switch story inside the house. When you design your first plant from three to five pounds per hour to 14,000 pounds per hour, there’s a lot of unknowns. Like, will it work? Will it scale?

Does it? Can they run it? All these different things. We’ve we’ve put that in the in the rearview mirror. But what we’ve also done with the technology is that we have learned how to do it more efficiently.

So now we know what we can scale. Now we know how to scale. And so getting to the gen two design and all these things that we’re gonna do in the future to get bigger, like, we’re going to be able to build bigger and bigger facilities, which will bring scale. And I think that the real exciting position for us going forward is as our CapEx per pound starts to come down, as we show that our OpEx per pound is competitive, if not superior to other technologies, including virgin polypropylene production, As this world continues to grow and need more and more and more polypropylene, if you’ve got a technology that is circular, you’ve got a technology that is CapEx per pound getting close to equivalency with virgin production, and you’ve got a technology that is incrementally more OpEx friendly than Virgin, I think that this is gonna be the technology that people wanna lean into. And so I see this first step in our growth is the first step beyond this.

I see us really having a trampoline to keep moving forward.

Unidentified speaker, Host: When I hear you speak about this, I’d go back to, like, 2015. I’m thinking about all the equivalencies of, you know, a battery pack eventually reaching the ICE equivalency and the cost and watching it, you know, progressively go down over time. Let’s hit on that for a little bit because even since the last time you and I spoke, the CapEx and OpEx per pound equations have changed a little bit and it seems like it’s edging naturally in a favorable position. Could you just once again, for those in the audience who are more generalists and don’t necessarily understand the OpEx, which is obviously, in some cases, Virgin Poly probably going up because it’s incredibly expensive right now to build any green or brownfields facilities. Where do you think you stand now?

And how long could that process actually take in terms of your business being at equivalency? And understanding it could be a longer term time frame.

Dustin Olsen, CEO, Pure Cycle Technologies: Yeah. I think that you look at OpEx, you look at CapEx. From a CapEx perspective, we’re in the middle right now of a of an engineering effort where we’re going to build a 300 pound £300,000,000 plus type facility. And when we do things like that, we’re gonna have a sub $2 per pound type CapEx, at least is our expectation. Is it 300, 400, 500?

We don’t know yet, but we know that we can do it. We just have to find the right economic efficiency point so that we can bring that to market. When we get to CapEx equivalency, I think that depends on where we put our facilities. You take you take Thailand for instance, that is a you know, it it depends on if you use the 190 or the $2.20 with or without contingency, but that’s a dollar 40 to a dollar 70 CapEx per pound. That’s getting pretty close.

And that’s a gen one design. That’s a £130,000,000 design, not a not a 300. So if you take a £300,000,000 design and you put it into a facility like Thailand again, I think you’re getting pretty close. Okay? From an OpEx per pound perspective, you know, we we do all of these things in the industry where we talk about our life cycle analysis.

That’s typically done to show your carbon consumption. It’s also a good proxy for variable costs. Okay? And there’s two things that have happened to us on variable costs. One is we found that our technology is working actually incrementally better than what we had originally planned.

And so, like, some major components of our tech we’re able to modify to make them more efficient. And the second is we use 80% less energy than virgin polypropylene. And so if you just, you know, forecast that out to what it what it means on the cost side, it just means that we’re gonna be extremely competitive with virgin polypropylene on the OpEx side as well. And so CapEx is dropping. I think making the plants bigger is going to help.

Fundamentally, we are not breaking the molecule down to its base components like some of the other technologies. We’re just washing it. Like, why why why wear a shirt one time and then throw it away? Or or break it down into the thread and build the shirt back again? Why not just wash the shirt?

So this is what we’re doing with polypropylene. I I think from an OpEx perspective, we’re gonna look really good there. And if our focus if we stay laser focused on CapEx, then I think that this is going to be a story that’s gonna be very exciting to watch the next twenty years.

Unidentified speaker, Host: I have to ask just in terms of just general thought process. You can answer, obviously, however you choose. But, throughout these offices, mean, people are always talking about the more tech technology for Lyondell or Eastman. Just broadly speaking, what do you find as far as the advantages of you already answered this partially, but I really want to dig into What makes you unique in terms of that? And you hit on it in your first question, actually two questions ago.

But just to really hammer this home, I mean, everybody’s kind of getting into this. Where do you think the largest points of differentiation are, not just the side stuff?

Dustin Olsen, CEO, Pure Cycle Technologies: Yeah. So so look, I mean, if you look at chemical recycling in general, there’s a couple ways to do it. You can do a catalytic process, which is which uses a catalyst to to really change the molecule, or you can use heat. And with heat, you just heat it up really hot, and the the molecules get excited and they bust apart. Okay?

Both of those type of technologies land back to a oil based type feedstock. Okay? So pyrolysis will make a pie oil, which then goes to refineries and chemical plants and will turn it into gasoline, kerosene, diesel, and also some plastic. Catalytic driven process will take it down to a equivalent to pie oil. They’ll turn into gasoline, kerosene, diesel, and plastic.

The fundamental difference between us or our technology and those other technologies is that we’re not changing the molecule. Okay? The molecule comes in. It’s this this enormous molecule put together, very stable. All we’re doing is washing it.

We’re doing it in a very clever, scientifically cutting edge type way, supercritical conditions, and selective dissolution, all these different things, really cool stuff. But at the end the day, we’re washing the molecule. Whereas the other technologies are breaking the molecule. Well, when you break something, you have to build it back. So that that process of breaking and rebuilding cost time, cost money, cost variable cost.

Okay? If you’re just washing it, it costs less. And so that’s really the fundamental difference between our technology and others. There are some great technologies out there. You know, I I don’t know a lot about the the Eastman technology, but that’s a very unique technology where they break it down to its components and build it right back to to PET.

That’s that’s better than taking and breaking it down to crude oil. Okay? So there are a lot of nuances between all of the different technologies. I would encourage you to go look at the Nova Institute graphic because it is the best way of of trying to understand the deltas between technology. And what you’ll find is our technology is on the far left.

It’s right next to mechanical recycling. So from a carbon footprint perspective and and capability perspective, dissolution technology I I just really believe in dissolution technology because I think from an efficiency perspective, the more the more you can do to preserve the energy put into building something, the better off you’ll be long term.

Unidentified speaker, Host: So, dare I say, your role as a CEO is evolving. I mean, the first, you know, several years were basically getting the facility on track and building it up and scaling it, assessing customer qualifications and kind of which can always be a bit of a moving target. Now you’re rolling a good way. Is it moving towards how do I balance my production and selling out the facilities at the same time commensurate with optimizing the return for my shareholders. How are you thinking about ramping to full capacity, selling what you need to sell now in the three, six months from now towards the year?

Obviously, most of that stuff for Ironton. But how are you kind of assessing that balance? And is there any way to think about, on a preliminary basis, some premiums which your customers are willing to pay or just willing to assess, broadly speaking, of course?

Dustin Olsen, CEO, Pure Cycle Technologies: Yes. I think a couple of things happened to us with customers. One is we were pitching this product and this company to customers, and they, you know, almost unilaterally, they they they love the concept. Okay? And then we’d say, alright.

Let’s let’s go. Let’s start buying some products. They say, well, we need a 25 melt flow index material, and we’re like, well, we’ve got a 12. Yeah. Okay.

Yeah. It’s good. But but we need a 25. Yeah. We got a 12.

We can make it work. So one of the things we had to do is we had to listen hard to the customers and meet them closer to where they are. And so we got into compounding. So now we’re able to make the specific compound that customers need. That was a big game changer for us.

It enabled us to get into fiber and film and and thermoforming. Okay. That that was that was one big piece. I think that as we’ve grown up as a company, our operations have gotten really quite a lot better. We’re we’re we’re we’re earning our legs on commercial now through technology.

We’re proving that we can make categories of applications. No to to our knowledge, no company in the world can take post consumer curbside waste, random waste from the trash can, and turn it into fiber. No one could take post consumer curbside waste and turn it into film, at least not at the levels that we can. They might be able to trickle it in at a two to 5% type level, but a 50 to 60 to 70% level, they’re having a difficult time doing. And so I think that as we prove that we can make a bumper, a yogurt cup, a carpet, or a wrapper for a candy bar, I think as we start to show that we can make all these different groupings of applications, I think that the ability to sell to the big brands out there is getting much easier.

So I I I think you’re right. Like, we had to prove the tech worked at the plant. We had to prove the product worked with customers. Now that we have done that, now it’s really about enlisting the right customers to buy the product and also diversifying or, let’s say, deciding what segment of products we wanna sell into. And so that’s the place that we’re at right now.

And so the role has changed. I think that, you know, we we we you focus where there is the most immediate need. We’re still focused on the near term revenue build, but that’s going quite well. Now we’re starting to shift the focus into the growth. And quite frankly, I think the growth story is gonna help the near term story as well because we’re gonna start attracting the the kind of customers that we want for twenty years.

Unidentified speaker, Host: So as an extension of that question, when I think about the tangible addressable market, obviously, you’re going to have financial targets and obviously, as your story further involves. But when you think about just a pound for pound basis versus The U. S, European, Asian polypropylene markets. But how many pounds do you think you could be in terms of the percentage of that market? What’s that look three years from now, five years from now?

And obviously, I won’t ask you for a crystal ball for more than five years, I think.

Dustin Olsen, CEO, Pure Cycle Technologies: Well, so I think I I think that what we’ve announced so far is a billion pounds by 20 by billion pounds of installed capacity by the end of twenty twenty nine, operationalizing it in 2030. Okay. A billion pounds is like one half of 1%. The market’s 200,000,000,000. It’s big and it’s growing.

More people are pulling material into polypropylene. Polypropylene is not shrinking. Polypropylene is growing, like, three and a half percent per year. So that’s that’s 7,000,000,000 pounds of new polypropylene production required each year. So then where can we go?

I think I think getting to a billion pounds is now finally real intangible. Okay? You think beyond that, and then you have to get back to the CapEx per pound question and the OpEx per pound question. But I would leave the group with this. If you can continue to improve your CapEx per pound and eventually get to a place where there’s equivalency or near equivalency with virgin polypropylene production and also show that you’ve got an operating cost that is advantaged to polypropylene virgin production, then why would you build the next 7,000,000,000 pounds out of virgin polypropylene?

Why wouldn’t you just build out a pure cycle? And so I think that there’s going to be an opportunity long term to where we become the technology of choice for growth because we can show we can do it more cost effectively and we can do it with CapEx efficiency. Why not? I think that’s the next two decades.

Unidentified speaker, Host: In the spirit I wanna sneak one more in because I think it’s important. In the spirit of the materials of the future conference, of course, if we’re sitting here next to each other next year, what do you think we’re gonna be talking about?

Dustin Olsen, CEO, Pure Cycle Technologies: So I think it’ll be a a whole lot of discussion on how we’re doing on the ramp, how are we doing on the commercialization at at Ironton. But I think the focus will really have shifted to what’s next. You know, eventually, are gonna start talking about using more polypropylene. Cars will become more plastic because they become more autonomous. Materials become more lightweight or so they choose more polypropylene.

Maybe polypropylene starts to ramp higher and higher in terms of percentage

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