01:07 PM EDT, 06/17/2025 (MT Newswires) -- (Updates with stock price movement in the first paragraph.)

PureCycle Technologies ( PCT ) shares were up 22% in recent Tuesday trading after the company said it raised $300 million from new and existing investors and partnered with IRPC to build a 130-million-pound ($176.3 million) polypropylene recycling line in Rayong, Thailand.

The funding was raised through series B convertible perpetual preferred stock, which has a 30% premium conversion price and 7% annual dividends, with closing expected by Friday.

Meanwhile, construction of the Thailand plant is set to begin in late 2025, with operations expected by mid-2027.

PureCycle ( PCT ) also plans a 130-million-pound facility in Antwerp, Belgium, and a Gen 2 plant in Augusta, Georgia, with over 300 million pounds in annual capacity.

The Augusta facility will be fully integrated with pre-processing and compounding assets. The facility is also expected to be operational in mid-2026, with the purification line starting in 2029, the company said.

Price: 14.49, Change: +2.62, Percent Change: +22.03