Latest news with #IRPC
Yahoo
2 days ago
- Business
- Yahoo
PureCycle to raise $300m to expand plastic recycling capacity
US-based plastic recycling company PureCycle Technologies has signed binding agreements to raise $300m in capital to support its global growth strategy. The company is planning to establish one billion pounds of installed capacity by 2030 across the US, Europe, and Asia. The capital raise involves a collaboration with new and existing investors, including Duquesne Family Office and Wasserstein Debt Opportunities. PureCycle has initiated a partnership with IRPC Public Company, a petrochemical firm in Southeast Asia, to construct a polypropylene recycling facility in Thailand. This facility will feature a 130-million-pound line located in IRPC's eco-industrial zone in Rayong. Construction is set to commence in the second half of 2025, with operations expected to begin in mid-2027. IRPC is noted for being the first fully integrated petrochemical operator in Southeast Asia, providing a robust infrastructure that includes utilities and a deep-sea port. PureCycle plans to utilise this existing infrastructure to minimise construction costs. The collaboration is expected to enhance the company's growth trajectory alongside its European partners. In addition to the Thailand facility, PureCycle will also establish a 130 million pound line in Antwerp, Belgium. The company intends to integrate insights from its Ironton facility into the design of its Augusta facility, which will be upgraded to accommodate a larger Gen 2 line. The anticipated capacity for the Augusta facility is more than 300 million pounds per year, with final design details expected in early 2026. Both Thailand and Antwerp are strategically chosen for their mature feedstock opportunities and strong infrastructure synergies. PureCycle is currently navigating the permitting process in Europe, with final approvals expected in 2026. The Antwerp facility is projected to be operational by 2028, while construction on the Gen 2 facility in Augusta is slated to begin in mid-2026. The Augusta PreP facility is expected to be operational by mid-2026, with the first purification line anticipated to commence operations in 2029. PureCycle CEO Dustin Olson said: 'Following significant production progress at the Ironton Facility, momentum in our commercialization efforts and confidence in financing efforts, the time for growth is now. 'Over the last several years, we have continued to invest time and resources in progressing our global growth plans and this capital will allow us to execute on those plans. We're excited to share these attractive investment projects with investors. 'This is an impressive group of investment organisations and we are thankful for their continued support.' In April 2025 PureCycle partnered with Landbell Group to increase polypropylene plastic recycling in Europe. "PureCycle to raise $300m to expand plastic recycling capacity" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The Hindu
26-05-2025
- Business
- The Hindu
Why has Tamil Nadu adopted a space sector policy?
The story so far: On April 17, the Tamil Nadu Cabinet, at a meeting chaired by Chief Minister M.K. Stalin in Chennai, approved the Space Industrial Policy, thereby following Karnataka and Gujarat in formulating a State-specific document to stimulate development and woo investments in the space sector, which encompasses satellite manufacturing, launch services, and satellite services. In 2023, the Union government came out with the Indian Space Policy 2023 to provide a framework to support the space ecosystem. How is Tamil Nadu placed? The Indian Space Research Organisation (ISRO) has established an ISRO propulsion complex (IRPC) in Mahendragiri of Tirunelveli district. Apart from handling and testing earth storable propellant engines, cryogenic engines and stages for launch vehicles, the IRPC conducts research and development (R&D) and technology development programmes. ISRO is also establishing the country's second spaceport at Kulasekarapattinam in Thoothukudi. This strategic initiative aims to enhance India's space capabilities and facilitate satellite launches. The State is also home to various space startups, which are working on subdomains such as launch vehicles, reusable launch vehicles, in-space refuelling, in-space manufacturing and multi-payload data fusion from satellites, as per the Space Industrial Policy. Additionally, the National Institute of Technology (NIT), Tiruchi, hosts the southern region's Space Technology Incubation Centre (STIC), playing a pivotal role in undertaking developmental projects of the ISRO. What triggered the policy? The Indian National Space Promotion and Authorisation Centre (IN-SPACe), a body created by the Department of Space at the Centre for promoting, authorising and overseeing the activities of Non-Government Entities (NGEs) in the sector, had suggested to the State government to come out with a document, says a senior official. Even as the State government produced the Aerospace and Defence (A&D) Industrial Policy three years ago, it identified space as one of the priority areas. Additionally, the State has a vendor base with over 250 vendors catering to the requirements of the ISRO. The Tamil Nadu Industrial Development Corporation (TIDCO) has signed a Memorandum of Understanding with IN-SPACe to enable startups and established companies to launch manufacturing related activities and services, design and R&D, strategic electronics manufacturing and space-grade components. What does Policy want to achieve? Aimed at attracting ₹10,000 crore investments in the next five years, the document, according to the government, may pave the way for the generation of direct and indirect employment for nearly 10,000 persons in the given period. The Policy has been prepared, keeping in mind the need for leveraging the State's strengths in electronics, precision manufacturing and related sectors, and integrating space technologies into Tamil Nadu's governance to improve citizens' quality of life. Space technologies have immense applications in departments such as disaster management, fisheries, agriculture, transport, revenue, health, and municipal administration. The State government would provide a payroll subsidy for companies that are involved in R&D or that would establish global capability centres in the space sector. The government will also notify select regions as Space Bays for offering structured packages of incentives to firms that plan to do investments below ₹300 crore. Additionally, space industrial park developers will be eligible for an industrial housing incentive of 10% on the cost of developing residential facilities within the industrial park over 10 years, subject to a ceiling of ₹10 crore. Those undertaking green and sustainable initiatives will be eligible for a 25% subsidy on the cost of capital for such initiatives, subject to a ceiling of ₹5 crore.
