Purecycle Technologies Inc (PCT) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the PureCycle Technologies' first-quarter 2023 corporate update. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎閱讀 PureCycle Technologies 的 2023 年第一季度公司動態。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker, Charlie Place, Director of Investor Relations. Please go ahead.

現在我想將會議交給您的演講者、投資者關係總監查理·普雷斯 (Charlie Place)。請繼續。

Thank you, Therese. Welcome to the PureCycle Technologies' first-quarter 2023 corporate update conference call. I'm Charlie Place, Director of Investor Relations for PureCycle, and joining me on the call today are Dustin Olson, our Chief Executive Officer; and Larry Somma, our Chief Financial Officer.

謝謝你，特蕾莎。歡迎參加 PureCycle Technologies 2023 年第一季度企業更新電話會議。我是 PureCycle 投資者關係總監 Charlie Place，今天與我一起參加電話會議的還有我們的首席執行官達斯汀·奧爾森 (Dustin Olson)；以及我們的首席財務官 Larry Somma。

This afternoon, we will be highlighting our corporate developments for the first quarter and subsequent to quarter-end. The presentation we'll be going through on this call will also be found under the Investor tab of our website at www.purecycle.com.

今天下午，我們將重點介紹第一季度和季度末後的公司發展情況。我們將在本次電話會議上進行的演示也可以在我們網站 www.purecycle.com 的“投資者”選項卡下找到。

Many of the statements made today will be forward-looking and are based on management's beliefs and assumptions and information currently available to management at this time. These statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control, including those set forth in our Safe Harbor provisions for forward-looking statements that can be found at the end of our first quarter 2023 corporate update press release and in our quarterly report on Form 10-Q filed this morning, as well as in our other reports on file with the SEC that provide further detail about the risks related to our business.

今天發表的許多聲明都是前瞻性的，並且基於管理層的信念和假設以及管理層目前可獲得的信息。這些陳述受到已知和未知的風險和不確定性的影響，其中許多風險和不確定性可能超出我們的控制範圍，包括我們的前瞻性陳述的安全港條款中規定的風險和不確定性，這些風險和不確定性可以在我們的 2023 年第一季度末公司更新新聞中找到發布的信息、我們今天早上提交的 10-Q 表格季度報告以及我們向 SEC 提交的其他報告中提供了有關我們業務相關風險的更多詳細信息。

Additionally, please note that the company's actual results may differ materially from those anticipated, and except as required by law, we undertake no obligation to update any forward-looking statements.

此外，請注意，公司的實際結果可能與預期存在重大差異，除非法律要求，否則我們不承擔更新任何前瞻性陳述的義務。

Our remarks today may also include preliminary non-GAAP estimates and are subject to risks and uncertainties, including, among other things, changes in connection with quarter-end and year-end adjustments. Any variation between PureCycle's actual results and the preliminary financial data set forth herein may be material. You are welcome to follow along with our slide deck, or if joining us by phone, you can access it at any time on purecycle.com.

我們今天的言論可能還包括初步的非公認會計原則估計，並受到風險和不確定性的影響，其中包括與季度末和年底調整有關的變化。 PureCycle 的實際結果與此處列出的初步財務數據之間的任何差異都可能是重大的。歡迎您觀看我們的幻燈片，或者如果通過電話加入我們，您可以隨時在 purecycle.com 上訪問。

We're excited to share updates from the previous quarter with you. I will now turn it over to Dustin Olson, PureCycle's Chief Executive Officer.

我們很高興與您分享上一季度的最新情況。現在我將把它交給 PureCycle 首席執行官達斯汀·奧爾森 (Dustin Olson)。

Thank you for joining us today for our first-quarter 2023 corporate update conference call. We appreciate your support and look forward to discussing our recent developments. Our flagship, state-of-the-art purification facility in Ironton is certified mechanically complete and has completed the pre-startup safety management documentation required for solvent deliveries, which we started yesterday.

感謝您今天參加我們的 2023 年第一季度企業更新電話會議。我們感謝您的支持，並期待討論我們的最新進展。我們位於艾恩頓的最先進的旗艦淨化設施已獲得機械完整性認證，並已完成我們昨天開始的溶劑交付所需的啟動前安全管理文件。

We have the initial solvent-charged delivery schedule over the next five days and then expect to circulate solvent early next week. All of our core operations have been commissioned and are ready for startup. We are on track to begin commercial pellet production using the first post-industrial recycle and then post-consumer recycled feed in the second quarter.

我們在接下來的五天內製定了最初的溶劑充裝交付時間表，然後預計在下周初流通溶劑。我們所有的核心業務均已投入運行並準備啟動。我們有望在第二季度使用第一次工業後回收和消費後回收飼料開始商業顆粒生產。

We still expect to be able to complete our start-up timeline in order to meet the milestones as outlined in the recent bondholder agreement. Our goal is to produce between 45 million and 75 million pounds of ultra-pure recycled resin in 2023. We have continued to advance preconstruction activities for our Augusta projects since our last call. Importantly, we are working toward agreement with the AEDA for a plan to begin development activities.

我們仍然希望能夠完成我們的啟動時間表，以實現最近債券持有人協議中概述的里程碑。我們的目標是到 2023 年生產 4500 萬至 7500 萬磅超純再生樹脂。自上次電話會議以來，我們繼續推進奧古斯塔項目的預施工活動。重要的是，我們正在努力與 AEDA 就開始開發活動的計劃達成協議。

Additionally, preparation for module construction is in progress and equipment is beginning to arrive at Gulfspan's facilities in Beaumont, Texas. Our international projects are making progress. Our European team has initiated pre-construction engineering work for the permitting process at our site at the Port of Antwerp.

此外，模塊建造的準備工作正在進行中，設備已開始運抵位於德克薩斯州博蒙特的 Gulfspan 工廠。我們的國際項目正在取得進展。我們的歐洲團隊已在安特衛普港的工地啟動了許可流程的施工前工程工作。

Our joint venture with SK Geo Centric continues to advance the collaborative engineering process for our multi-line purification facility in South Korea. And we continue to make progress with detailed joint venture discussions and site selection efforts with Mitsui in Japan.

我們與 SK Geo Centric 的合資企業繼續推進我們位於韓國的多線淨化設施的協作工程流程。我們與日本三井物產的合資企業詳細討論和選址工作繼續取得進展。

Our joint venture team has started the feasibility study process on two locations that have the capacity for the development of two to four purification lines. We are frequently approached and also actively seek out opportunities to amplify what PureCycle's technology means to the global polypropylene recycling marketplace.

我們的合資團隊已開始在兩個有能力開發兩到四條淨化線的地點進行可行性研究。我們經常與我們聯繫，並積極尋找機會來擴大 PureCycle 技術對全球聚丙烯回收市場的影響。

As you can imagine, our primary focus has been on commercializing our first plant in Ironton. This is, quite frankly, where all employees have been spending most of their time. Having said that, we are beginning to spread our message globally through several recent events. I was invited to Davos to present on a Procter & Gamble panel, which highlighted PureCycle's technology. Several of our team members are active in national industry associations, such as the Plastics Industry Association, the Institute of Scrap Recycling Industries, and the Association of Plastic Recyclers, where we are often provided speakership opportunities.

正如您可以想像的那樣，我們的主要重點是將我們位於艾恩頓的第一家工廠商業化。坦率地說，這是所有員工大部分時間都花在的地方。話雖如此，我們開始通過最近發生的幾起事件在全球傳播我們的信息。我受邀參加達沃斯寶潔公司的專題討論會，重點介紹了 PureCycle 的技術。我們的一些團隊成員活躍於國家行業協會，例如塑料工業協會、廢料回收工業協會和塑料回收商協會，我們經常在這些協會中獲得演講機會。

And recently PureCycle representatives traveled to Washington DC to participate in domestic plastic recycling tabletop discussions as well as the US-Korea Sustainability Summit discussions. While there, we also met with numerous members of Congress and other senior policy officials. We expect this participation to increase over the coming years as critical legislation is crafted to govern this emerging industry.

最近，PureCycle 代表前往華盛頓特區參加國內塑料回收桌面討論以及美韓可持續發展峰會討論。在那裡，我們還會見了眾多國會議員和其他高級政策官員。我們預計，隨著關鍵立法的製定來管理這個新興行業，這種參與在未來幾年將會增加。

We're proud to have secured an additional $62 million of non-dilutive debt financing and are working several other equipment financing packages that we intend to close in the next few months. The AEDA has received our financing plans for one line in Augusta, and we are working on closing the land bonds by June 30, 2023.

我們很自豪能夠獲得額外的 6200 萬美元非稀釋性債務融資，並且正在製定其他幾項設備融資方案，我們打算在未來幾個月內完成這些方案。 AEDA 已收到我們對奧古斯塔一條線路的融資計劃，我們正在努力在 2023 年 6 月 30 日之前完成土地債券。

Turning to slide 4. This project has been a testament to grit, determination, and a desire to finish. As you can imagine, there are a number of minor equipment issues when starting up the facility and our team has been managing through all of those challenges. This is normal. They are teething challenges for all new technologies.

轉向幻燈片 4。這個項目證明了勇氣、決心和完成任務的願望。正如您可以想像的那樣，在啟動設施時會出現許多小設備問題，而我們的團隊一直在應對所有這些挑戰。這個是正常的。它們對所有新技術來說都是初期的挑戰。

We've spoken several times about needing to work through the early startup headaches, and this is what we're doing. While we have encountered some delays over the last two months, we're now excited to move forward with startup. I can tell you personally that the plant just feels different now. There's a new energy building within our team, and we are ready to run this facility.

我們已經多次談到需要解決早期啟動的難題，這就是我們正在做的事情。雖然我們在過去兩個月遇到了一些延誤，但我們現在很高興能夠繼續啟動。我可以親自告訴你，植物現在感覺不同了。我們團隊內有一座新能源大樓，我們已準備好運行該設施。

Our PureCycle team and field contractors who have worked on this project have willed this facility to mechanical completion, and I'm very proud to say, position the facility to release to receive solvent deliveries, three arrived on Monday. We are currently in the following position: completed key pre-startup and safety requirements; utility plant is operational and in service, PreP is operational and in service; flare systems are operational and in service; extruders are commissioned and ready for startup. As a result of all of this, solvent is being delivered to the site.

我們的 PureCycle 團隊和參與該項目的現場承包商已同意該設施機械完工，我非常自豪地說，將該設施定位為接收溶劑交付，三艘於週一抵達。我們目前處於以下位置：完成了關鍵的啟動前和安全要求；公用設施已投入運行並投入使用，PreP 已投入運行並投入使用；火炬系統已投入使用；擠出機已調試並準備啟動。所有這些的結果是，溶劑被運送到現場。

The next step is to make every effort to ensure safe and smooth startup that's focused on long-term operational success. We are not going to rush into the next steps. I hope you've had an opportunity to watch some of the videos that we've posted onto our website, on the social media, and into YouTube that showcase our PreP, purification, and born-digital operations. We intend to continue showcasing our company with these videos all the way through initial pellet production.

下一步是盡一切努力確保安全、順利啟動，重點關注長期運營成功。我們不會急於採取下一步行動。我希望您有機會觀看我們在網站、社交媒體和 YouTube 上發布的一些視頻，這些視頻展示了我們的準備、純化和原生數字操作。我們打算通過這些視頻繼續展示我們的公司，直至最初的顆粒生產。

Turning to the next slide, I'll walk through the next steps of Ironton start-up process. This is an updated slide from last quarter's call that shows our progress in achieving the operational milestones for the certification of the Ironton project. This is what we call our path to pellets. We closed the first bond milestone by achieving certification that Ironton is mechanically complete by June 30, 2023.

轉到下一張幻燈片，我將逐步介紹 Ironton 啟動過程的後續步驟。這是上季度電話會議的更新幻燈片，顯示了我們在實現 Ironton 項目認證運營里程碑方面取得的進展。這就是我們所說的顆粒之路。我們通過了 Ironton 於 2023 年 6 月 30 日機械完成的認證，結束了第一個債券里程碑。

PureCycle formally received third-party engineering certification just a few days later on April 28, with agreement that the plant was mechanically complete on April 24. We're currently in the in-between stage, in between mechanical completion and first pellets.

幾天后，PureCycle 於 4 月 28 日正式獲得第三方工程認證，並同意工廠於 4 月 24 日機械完工。我們目前正處於機械完工和第一批顆粒之間的中間階段。

During the last call, I underestimated the time it would take to transition to first pellets. Instead of dual tracking activities like we originally planned, we purposefully slowed down our process for solvent introduction in order to more effectively facilitate a path to mechanical completion. This ultimately slowed down our initial forward progress, but also helped us to build a better long-term foundation for steady operations.

在上次通話中，我低估了過渡到第一個顆粒所需的時間。我們沒有像我們最初計劃的那樣進行雙重跟踪活動，而是有目的地放慢了溶劑引入的過程，以便更有效地促進機械完成的路徑。這最終減緩了我們最初的前進進度，但也幫助我們為穩定運營奠定了更好的長期基礎。

Given this is our first facility, we took extra time preparing the plant through a process called PSSR, or pre-startup and safety review. This involves final operations checks, safety walk-downs, final equipment commissioning. During this process, we spent a significant amount of time testing instrumentation, working valves to ensure we are ready to operate. This is all now complete.

鑑於這是我們的第一座工廠，我們花了額外的時間通過稱為 PSSR（啟動前和安全審查）的流程來準備工廠。這包括最終操作檢查、安全巡查、最終設備調試。在此過程中，我們花費了大量時間測試儀表、工作閥門，以確保我們做好運行準備。現在這一切都完成了。

Yesterday, we cleared another major hurdle and accepted solvent to the site for the first time. This is a big step and paves the way for commercial operations. The next two weeks will involve the testing of solvent circulation systems, commissioning of the remaining equipment, primarily our filter media systems while the solvent is circulating, and then we will introduce feed.

昨天，我們清除了另一個主要障礙，並首次接受了現場的溶劑。這是一大進步，為商業運營鋪平了道路。接下來的兩週將涉及溶劑循環系統的測試，剩餘設備的調試，主要是溶劑循環時我們的過濾介質系統，然後我們將引入進料。

Once feed is introduced, we will set levels and then we will make our first pellets. We will notify the market of our success and start ramping up production rates from there. We remain committed to achieving these milestones and the timeframes I've just described, given where we are today and ramping up the Ironton operations.

一旦引入飼料，我們將設定水平，然後我們將製作我們的第一個顆粒。我們將向市場通報我們的成功，並從那裡開始提高生產率。考慮到我們今天的處境並加強艾恩頓的運營，我們仍然致力於實現這些里程碑和我剛才描述的時間表。

Moving to slide 6, I want to spend a few minutes to highlight the operational progress that we've made on executing the next phase of our growth strategy. In Augusta, our engineering teams have completed approximately 90% of the ISBL design and have begun work on the OSBL design. Gulfspan, our contracting partner, has started module preparation for the Augusta construction project at its site in Beaumont, Texas.

轉到幻燈片 6，我想花幾分鐘強調一下我們在執行下一階段增長戰略方面所取得的運營進展。在奧古斯塔，我們的工程團隊已完成約 90% 的 ISBL 設計，並已開始 OSBL 設計工作。我們的承包合作夥伴 Gulfspan 已開始在德克薩斯州博蒙特的工地為奧古斯塔建設項目進行模塊準備。

We continue to make our -- we continue to make progress on our international projects. We have initiated engineering work at the Port of Antwerp in Belgium to support the permitting process. This activity will set this facility's critical path. Our joint venture engineering team in South Korea has advanced plant designs in accordance with the schedule and priorities identified in the JVA with SK Geo Centric. Our core focus right now is to ensure that the final design meshes seamlessly with the feedstock available to the site.

我們繼續在國際項目上取得進展。我們已在比利時安特衛普港啟動工程工作，以支持許可流程。這項活動將設定該設施的關鍵路徑。我們在韓國的合資工程團隊根據與 SK Geo Centric 的 JVA 中確定的時間表和優先事項進行了先進的工廠設計。我們現在的核心重點是確保最終設計與現場可用的原料無縫銜接。

And finally, our JVA discussions with Mitsui have progressed as anticipated, and we started feasibility studies on two preferred locations. All of us at PureCycle are fully committed to the company's mission of providing a new solution to global plastic waste. Ironton is critically important today, but it's just the beginning of what PureCycle will become.

最後，我們與三井物產的 JVA 討論已按預期取得進展，我們開始對兩個首選地點進行可行性研究。 PureCycle 的所有人都完全致力於公司的使命，即為全球塑料廢物提供新的解決方案。 Ironton 如今至關重要，但這只是 PureCycle 未來發展的開始。

I will now turn it over to our CFO, Larry Somma, for the financial update. Larry?

我現在將把它交給我們的首席財務官 Larry Somma，以獲取最新的財務信息。拉里？

Thank you, Dustin, and please turn to slide 7. We ended the quarter with just under $264 million in total available liquidity, a decrease of $62.2 million from the prior quarter. As stipulated in the bondholder agreement we executed in March, we transferred $87.5 million from unrestricted cash to restricted cash, or a net of roughly $74 million once PCT was reimbursed for the remaining original bond requisition.

謝謝達斯汀，請翻到幻燈片 7。本季度結束時，我們的可用流動資金總額略低於 2.64 億美元，比上一季度減少了 6220 萬美元。根據我們在 3 月份簽署的債券持有人協議中的規定，我們將 8750 萬美元從非限制性現金轉為限制性現金，即在 PCT 償還剩餘的原始債券申請後，淨額約為 7400 萬美元。

Our corporate and pre-operational employee expenses were $6.6 million during the first quarter, which was a slight decrease from the prior quarter, despite additional taxes paid on employee stock vesting. We used $7.6 million of cash during the quarter for normal corporate operations such as insurance, professional fees, and various other expenses.

第一季度我們的公司和運營前員工費用為 660 萬美元，儘管為員工股票歸屬支付了額外的稅款，但比上一季度略有下降。本季度我們使用了 760 萬美元現金用於正常的公司運營，例如保險、專業費用和各種其他費用。

Additionally, we continued to make investments in our Ironton, Augusta, and PreP facilities, the majority of which came from unrestricted assets. As a consequence and in conjunction with the payments that we made to the bondholders, cash and debt securities available for sale decreased from December 31 by $124.1 million.

此外，我們繼續對艾恩頓、奧古斯塔和預科設施進行投資，其中大部分來自不受限制的資產。因此，連同我們向債券持有人支付的款項，可供出售的現金和債務證券自 12 月 31 日起減少了 1.241 億美元。

One positive note is that we were able to execute a $25 million surety bond, which is relevant for our Augusta restricted escrow construction account. Our agreement with one of the multiple vendors supplying long-lead items for the Augusta purification modules requires us to fund the escrow account with funds to address future costs and the risk of payment to their sub-suppliers.

一個積極的方面是，我們能夠執行 2500 萬美元的保證金，這與我們的奧古斯塔限制託管建設賬戶相關。我們與為奧古斯塔淨化模塊提供長期交貨項目的多家供應商之一達成的協議要求我們向託管賬戶提供資金，以解決未來成本和向其下級供應商付款的風險。

Closing the surety bond allows PCT to recoup some of the cash that had previously been in the restricted escrow construction account. Subsequently, we were able to progress the Augusta project during the quarter with $15 million of payments from the restricted construction escrow, $5 million of which was returned to our unrestricted cash balance.

關閉擔保債券使 PCT 能夠收回之前存在於受限制託管建設賬戶中的部分現金。隨後，我們在本季度通過受限建設託管付款 1500 萬美元推進了奧古斯塔項目，其中 500 萬美元返還至我們的非受限現金餘額中。

Now let me comment on our budget for completing the Ironton project. As noted in our 10-Q filing this morning, PureCycle anticipated as of March 31 that the remaining investments in 2023 to complete the Ironton facility could range from $26 million to $51 million. This range is dependent upon various contract contingencies and their ultimate resolution. The most important point is that we have already spent or forecasted the need for a total of $51 million, which means that any positive resolution to contract contingencies will be favorable to our future cash forecast.

現在讓我評論一下我們完成艾恩頓項目的預算。正如我們今天早上的 10-Q 報告中所指出的，截至 3 月 31 日，PureCycle 預計 2023 年完成艾恩頓工廠的剩餘投資可能在 2600 萬美元至 5100 萬美元之間。該範圍取決於各種合同意外事件及其最終解決方案。最重要的一點是，我們已經支出或預測總共需要 5100 萬美元，這意味著任何對合同意外事件的積極解決方案都將有利於我們未來的現金預測。

Please turn to slide 8. Before I discuss the points on the slide, let me provide some details on the financing events that were completed since our call in March. We are pleased to continue executing on our financing plans with $62 million raised from non-dilutive sources. Our ability to execute additional agreements and term sheets, some of which I will discuss in a minute, enabled us to present a plan of financing to the AEDA related to the completion of at least one purification line in Augusta.

請翻到幻燈片 8。在討論幻燈片上的要點之前，讓我提供一些自 3 月份電話會議以來已完成的融資事件的詳細信息。我們很高興繼續執行我們的融資計劃，從非稀釋來源籌集了 6200 萬美元。我們有能力執行其他協議和條款清單（我將在稍後討論其中一些協議和條款清單），這使我們能夠向 AEDA 提交與在奧古斯塔完成至少一條淨化線相關的融資計劃。

In addition to the plan that we sent them, we informed them of more than $50 million of completed spend on the second purification line. The information sent now has us ready to focus on closing the financial bonds, which will grant tax incentives for PCT to build and operate in Augusta. We are working diligently to close this land transaction by June 30, so that we can begin to prepare the land and ready it for the required OSBL work.

除了我們發送給他們的計劃外，我們還告知他們第二條淨化線已完成超過 5000 萬美元的支出。現在發送的信息讓我們準備好集中精力完成金融債券，這將為 PCT 在奧古斯塔建設和運營提供稅收優惠。我們正在努力爭取在 6 月 30 日之前完成這筆土地交易，以便我們可以開始準備土地並為所需的 OSBL 工作做好準備。

Now I will discuss our cash and capital raise strategy. In past calls, we highlighted our focus on managing our cash uses against available sources. So this slide is intended to summarize our goals, present the opportunity, and depict what has been achieved so far. Our goals are simple, manage the corporate cash burn rate until Ironton is operational, pursue capital that provides financial flexibility and optionality while being mindful of our long-term capital structure, and pursue and execute cost-effective longer-term project financing transactions for our growth projects, once technology risk is removed with Ironton operating.

現在我將討論我們的現金和資本籌集策略。在過去的電話會議中，我們強調了我們的重點是根據可用來源管理我們的現金使用。因此，這張幻燈片旨在總結我們的目標，展示機會，並描述迄今為止所取得的成就。我們的目標很簡單，在 Ironton 運營之前管理企業現金消耗率，追求提供財務靈活性和選擇性的資本，同時關注我們的長期資本結構，並為我們的公司追求和執行具有成本效益的長期項目融資交易。一旦通過 Ironton 運營消除技術風險，即可實現增長項目。

Near-term financing opportunities have been focused on equipment financing, shareholder loans, and capital outsourcing of non-core operations referred to as the DBOOM, which is the acronym for design, build, own, operate, and maintain. A few relevant examples are the Augusta Central Utility Plant and the Augusta PreP building, which will house, sort, and wash lines.

近期融資機會主要集中在設備融資、股東貸款和非核心業務的資本外包（DBOOM），DBOOM 是設計、建造、擁有、運營和維護的縮寫。一些相關的例子包括奧古斯塔中央公用事業工廠和奧古斯塔預科大樓，它們將容納、分類和清洗生產線。

We estimate that we have approximately $125 million of Augusta PreP equipment, sale-leaseback, and capital outsourcing opportunities, excluding the Central Utility Plant. Since our last update, we closed on a $24 million sale-leaseback transaction with CSC Leasing, which is secured by the Augusta PreP wash equipment. It's a 36-month lease with a 7% interest rate and flexible end-of-lease terms.

我們估計我們擁有約 1.25 億美元的 Augusta PreP 設備、售後回租和資本外包機會（不包括中央公用事業工廠）。自上次更新以來，我們與 CSC Leasing 完成了一項價值 2400 萬美元的售後回租交易，該交易由 Augusta PreP 清洗設備提供擔保。租期為 36 個月，利率為 7%，租期結束條款靈活。

We also secured a $40 million term loan with an entity controlled by Dan Gibson, the Chief Investment Officer of Sylebra Capital, PCT's largest shareholder. The loan matures on December 31, 2025, bears interest at a floating rate of SOFR plus 7.5%. We are also really actively working to close additional sale-leaseback transactions of Augusta PreP equipment. We have received proposals and are evaluating next steps.

我們還從 PCT 最大股東 Sylebra Capital 首席投資官 Dan Gibson 控制的實體獲得了 4000 萬美元的定期貸款。該貸款於2025年12月31日到期，按SOFR加7.5%的浮動利率計息。我們還非常積極地努力完成 Augusta PreP 設備的額外售後回租交易。我們已收到建議並正在評估後續步驟。

Now let's turn to slide 9 for a summary of our first quarter achievements. We continue to execute on both near and long-term goals. As we noted, Ironton is mechanically complete and certified by the independent construction engineer. Ironton has completed pre-startup, process safety management, and solvent is on site and is prepping for circulation.

現在讓我們轉向幻燈片 9，總結我們第一季度的成就。我們繼續執行近期和長期目標。正如我們所指出的，Ironton 機械完整，並經過獨立建築工程師的認證。 Ironton 已完成預啟動、過程安全管理，溶劑已到達現場並準備循環。

We secured $62 million of additional non-dilutive capital raises. That's the $22 million sale-leaseback I referenced and the $40 million term loan that will keep our Augusta project moving forward, and we're evaluating other additional proposals that we've received. We're working to close on the land for the Augusta project by June 30, now that we've submitted a plan to the AEDA. We're preparing Augusta modules for construction in Beaumont, Texas. We've initiated engineering work at the Port of Antwerp, which will set the construction timeline for our Belgium project. And we were voted one of the Best Places to Work by Plastic News for the second year in a row.

我們獲得了 6200 萬美元的額外非稀釋資本融資。這就是我提到的 2200 萬美元的售後回租和 4000 萬美元的定期貸款，這將使我們的奧古斯塔項目繼續前進，我們正在評估我們收到的其他附加提案。現在我們已經向 AEDA 提交了計劃，我們正努力在 6 月 30 日之前完成奧古斯塔項目的土地開發。我們正在為德克薩斯州博蒙特的建設準備奧古斯塔模塊。我們已經在安特衛普港啟動了工程工作，這將為我們的比利時項目確定施工時間表。我們連續第二年被《塑料新聞》評為最佳工作場所之一。

We look forward to updating the market with respect to upcoming milestones achieved in completing the startup process of our flagship Ironton facility, and of course, the Augusta financing process as soon as we are able.

我們期待著盡快向市場通報在完成我們的旗艦艾恩頓工廠的啟動過程中即將實現的里程碑，當然還有奧古斯塔的融資過程。

Thank you to everyone for joining us on the call today. At this time, we would like to open up the call to questions. Operator?

感謝大家今天加入我們的電話會議。此時，我們想開放提問。操作員？

(Operator Instructions) Eric Stine, Craig-Hallum.

（操作員說明）Eric Stine，Craig-Hallum。

Yeah, good afternoon. It's Aaron Spychalla on for Eric. Thanks for taking the questions.

是的，下午好。亞倫·斯皮查拉 (Aaron Spychalla) 替補埃里克 (Eric)。感謝您提出問題。

Hey, Aaron. How are you doing?

嘿，亞倫。你好嗎？

I'm doing good. Thank you. First for me, can you just -- can you talk about 45 million to 75 million pounds out of Ironton in 2023? Can you just talk a little bit about some of the factors that get you from the low end to the high end as you think about that?

我很好。謝謝。首先對我來說，你能談談 2023 年從艾恩頓獲得 4500 萬到 7500 萬英鎊的收入嗎？您能簡單談談您從低端走向高端的一些因素嗎？

It really just depends on how quickly we ramp the facility. As we get through the next week or two, we start circulating solvents and then introduce the first feed to the plant. We're going to have a pretty good idea of how the plant operates, and this is going to sound silly, but we're going to listen to the plant. The plant will tell us kind of where the pinch points are, how well it's operating, and how quickly we're going to be able to ramp rates. So we have the estimate in our current forecast of kind of a linear ramp rate over the first six to nine months. But if all is going well and we feel good about raising rates, then we'll do that earlier.

這實際上只取決於我們提高設施的速度。在接下來的一兩週內，我們開始循環溶劑，然後將第一批進料引入工廠。我們將對工廠的運作方式有一個很好的了解，這聽起來很愚蠢，但我們會聽取工廠的意見。該工廠將告訴我們關鍵點在哪裡、運行情況如何以及我們能夠以多快的速度提高產能。因此，我們目前的預測是在前六到九個月內呈線性增長。但如果一切進展順利並且我們對加息感覺良好，那麼我們會更早採取行動。

Okay, good. Thanks for that. And then maybe just at a high level, can you just kind of talk about some of the lessons learned from Ironton as you look to expand into Europe and Asia? Do you have anything on kind of customers, feedstock, et cetera?

好的。感謝那。然後，也許只是在較高的層面上，您能否談談在您希望擴展到歐洲和亞洲時從艾恩頓學到的一些經驗教訓？您有關於客戶類型、原料等方面的信息嗎？

Yeah, that's a great question, Aaron. So I'm going to break this down into the -- on the project side first, and then maybe discuss the commercial side. On the project side, early decisions around this project -- and these are circa four years ago, okay? Three, four years ago. There were a lot of unknowns in the recycling market and there were also a lot of assumptions that we needed to make when building this facility. And so some of the early design decisions around what type of feed we would get in and how we would operate, they were built more robust than they need to be, okay?

是的，這是一個很好的問題，亞倫。因此，我將首先將其分解為項目方面，然後可能會討論商業方面。在項目方面，圍繞這個項目的早期決定——這些都是大約四年前的，好嗎？三、四年前。回收市場存在很多未知因素，我們在建設該設施時也需要做出很多假設。因此，關於我們將進入什麼類型的提要以及我們將如何操作的一些早期設計決策，它們的構建比需要的更加強大，好嗎？

And so when I look at it, when I helicopter up a little bit and I see how this plant will operate, I see a lot of potential extra capacity in areas and may be overengineered in some areas, and that was done on purpose. I mean, we had an expectation that we were going to build this to anticipate anything possible out there. So as we begin to operate this facility, we see how it really operates. I think we'll have an opportunity to descope in the future just based on that.

因此，當我看它時，當我直升機上升一點並看到該工廠將如何運作時，我看到一些地區有很多潛在的額外產能，並且在某些地區可能會過度設計，而這是故意這樣做的。我的意思是，我們期望我們將構建這個來預測任何可能的情況。因此，當我們開始運營該設施時，我們會了解它的實際運作方式。我認為我們未來將有機會在此基礎上進行擴展。

From an execution perspective, look, a couple of big things. One, it's -- the more that we modularize the better, okay? Everything that we built in Beaumont on the modular design basis, when we brought it to the site, it fit perfectly and everything was just really, really, really efficiently done. Some of the off-module work that we did, this was less efficient. It's more costly to build it in the field than it was in Beaumont. And also there were just some misses on the execution side. So I would say going forward, we're going to work hard to modularize more in the future.

從執行的角度來看，有幾件大事。第一，我們模塊化得越多越好，好嗎？我們在博蒙特建造的一切都是基於模塊化設計，當我們把它帶到現場時，它完美契合，一切都非常非常高效地完成。我們所做的一些模塊外工作效率較低。在現場建造它比在博蒙特建造成本更高。而且執行方面也有一些失誤。所以我想說，展望未來，我們將努力在未來實現更多模塊化。

The other thing -- and this is maybe more general -- it's one thing. We have all the 3D models. We walked through it virtually to see where things were, to see how that would look and fit together. But until you actually see it coming together in the field, there are some obvious things that jump out at you that you would do different. These aren't game-changing type items, but it certainly identifies lots of areas for construction efficiency that we'll be able to shore up. Like, why did we put this valve there? Why did we put that pipe there? It's all going to work fine, but some of the decisions around that were they'll be improved for future plants.

另一件事——這可能更普遍——這是一回事。我們有所有的 3D 模型。我們虛擬地走過它，看看東西在哪裡，看看它們看起來如何以及如何組合在一起。但直到你真正看到它在現場融合在一起之前，你會突然意識到一些明顯的事情，你會採取不同的做法。這些並不是改變遊戲規則的項目，但它確實確定了我們能夠支持的許多提高施工效率的領域。比如，我們為什麼要把這個閥門放在那裡？我們為什麼把那根管子放在那裡？一切都會順利進行，但圍繞這些的一些決定將針對未來的工廠進行改進。

And I can tell you that we have a long list of lessons learned that we're collecting and we're actively incorporating those into Augusta.

我可以告訴你，我們正在收集一長串的經驗教訓，我們正在積極地將這些經驗教訓納入奧古斯塔。

Right, right. It sounds good. Thanks for the color and best of luck on the scale-up.

是的是的。這聽起來不錯。感謝您的顏色，祝您在放大過程中好運。

Yeah. Thanks a lot, Aaron.

是的。非常感謝，亞倫。

Hassan Ahmed, Alembic Global Advisors.

哈桑·艾哈邁德 (Hassan Ahmed)，Alembic 全球顧問。

Good afternoon, Dustin And Larry. You know, being a pre-revenue company, I guess most of us analysts are valuing you guys obviously using a DCF approach. Now historically, in the early days, you guys would provide us with a best guesstimate of where you thought tonnage or poundage would be at your cycle, call it by the end of the decade. And I know you guys are sort of actively involved in a variety of expansion plans, be that you know what's happening in Ironton or Augusta. And now, obviously, more projects out in Europe as well as Asia. So I mean, any thoughts with regards to where that number could be in terms of pound under production by the end of the decade? Do you guys intend to sort of update one of those older slides that you used to have?

下午好，達斯汀和拉里。你知道，作為一家尚未盈利的公司，我想我們大多數分析師顯然都在使用貼現現金流法對你們進行估值。現在從歷史上看，在早期，你們會向我們提供您認為在您的周期中噸位或磅數的最佳猜測，稱之為十年末。我知道你們正在積極參與各種擴張計劃，因為你們知道艾恩頓或奧古斯塔正在發生什麼。現在，顯然，歐洲和亞洲都有更多的項目。所以我的意思是，對於到本世紀末這個數字（按生產磅數計算）有什麼想法嗎？你們打算更新一張你們曾經擁有的舊幻燈片嗎？

Yeah, thanks, Hassan. Yeah, that's a good question. I think that we've been so focused on Ironton right now that we haven't given as much detailed focus on the growth plan per se. As we want to get through the Ironton startup, test the technology, and find out where the real capacity is on the plant. Because we think there's a good potential for incremental capacity at Ironton alone.

是的，謝謝，哈桑。是的，這是一個好問題。我認為我們現在過於關注艾恩頓，以至於沒有對增長計劃本身給予同樣詳細的關注。我們希望通過 Ironton 的啟動，測試技術，並找出工廠的實際產能。因為我們認為僅 Ironton 就具有增加產能的巨大潛力。

With respect to the growth plans, I think we've been pretty straightforward on our overall plans. The timeline with which we will attack those will be different in each region. But one area that I think that you can get a good sense from is the kind of the availability on each property. Like, for instance, Augusta is big enough to hold eight lines. Belgium is big enough to hold four lines. SK is one, and Japan is two to four.

關於增長計劃，我認為我們的總體計劃非常簡單。我們攻擊這些問題的時間表在每個地區都會有所不同。但我認為您可以從中得到很好的了解的一個方面是每處房產的可用性。例如，奧古斯塔足夠大，可以容納八條線。比利時幅員遼闊，足以容納四條防線。 SK是第一，日本是二比四。

And I think that that simple math across 130 million pounds per line gets you in the ballpark. The question will be, how quickly can we get to those capacity numbers? And I'm going to reserve that for a future call as we put a tighter pen to paper, and we see how the startup goes.

我認為，通過每條線 1.3 億磅的簡單數學計算，您就可以大致了解了。問題是，我們能多快達到這些容量數字？我將在未來的電話會議中保留這一點，因為我們會更加嚴格地落實，看看這家初創公司的進展如何。

That's actually super helpful. Now as a follow-up, two parts to the question. One, just on the pricing strategy side. I mean, historically, you guys would talk about maybe $1 a pound, then you took that number up to $1.26. So how should we be thinking from a modeling perspective about pricing? And are you using it off of market pricing and then a premium? So one part on the pricing strategy.

這實際上非常有幫助。現在作為後續行動，問題分為兩個部分。第一，僅在定價策略方面。我的意思是，從歷史上看，你們可能會談論每磅 1 美元，然後你把這個數字提高到 1.26 美元。那麼我們應該如何從建模的角度來思考定價呢？您是否按照市場定價然後溢價使用它？所以一部分是關於定價策略的。

And then a second part to the question just on what you guys are seeing with regards to feedstock availability as well.

然後問題的第二部分是關於你們在原料供應方面所看到的情況。

Yeah. Yeah. Thank you for that. So on the pricing strategy side, we have built and nice flexibility in our offtake agreements to where we have a min and a max at our option and that gives us the ability to show and to secure a sold-out plant at a pricing in our status -- and our structural contracts. But it also gives us an opportunity to pull back and sell more on spot as we see fit. The reality is that we definitely show a strong premium to virgin, and it goes to the level, I would say, and similar to the numbers that you've seen and that very much depends on the overall virgin polypropylene price, okay?

是的。是的。謝謝你。因此，在定價策略方面，我們在承購協議中建立了良好的靈活性，我們可以選擇最低和最高限額，這使我們能夠以我們的定價展示和確保已售完的工廠。狀態——以及我們的結構性合同。但這也給了我們一個機會，可以在我們認為合適的時候撤回並當場出售更多產品。現實情況是，我們確實對原生聚丙烯表現出強勁的溢價，我想說，它達到了與您所看到的數字類似的水平，這在很大程度上取決於原生聚丙烯的總體價格，好嗎？

As virgin price goes up and down, the delta to virgin will probably grow and shrink a bit. But what we are planning to do is as we generate scale production at Ironton, we will be moving a lot of products around the globe into customers' hands so they can do trialing, application development, and testing. And that will really set the appetite for the products and the potential for spot pricing, and ultimately that will drive whether or not we go to mins or maxes on the contracts.

隨著原始價格的上漲和下跌，原始價格的三角洲可能會略有增長和縮小。但我們計劃做的是，當我們在 Ironton 實現規模生產時，我們將把全球各地的許多產品轉移到客戶手中，以便他們可以進行試用、應用程序開發和測試。這將真正確定產品的需求和現貨定價的潛力，最終將決定我們是否在合同上採用最小或最大價格。

With respect to feedstock, we feel pretty good about feedstock. Again, our technology is -- it's fundamentally different. It's a molecular wash, okay? So no, it doesn't really matter what form the feedstock comes in. We can manage it similarly across all the different forms and so what we see in the market, the pretty nice ability to purchase feedstock differentials to other people, okay?

就原料而言，我們對原料感覺很好。再說一次，我們的技術是完全不同的。這是分子洗滌，好嗎？所以，不，原料的形式並不重要。我們可以在所有不同的形式上進行類似的管理，所以我們在市場上看到的是，購買原料的能力與其他人不同，好嗎？

We have active discussions really around the world right now with different feedstock suppliers. And we believe that they are excited about us coming online because it gives them another outlet and a less onerous outlet because we can take more contaminants than others can. But also, they see it as an opportunity for them to grow their market on feedstock as well.

我們現在正在世界各地與不同的原料供應商進行積極的討論。我們相信，他們對我們的上線感到興奮，因為這為他們提供了另一個出口，而且是一個不那麼繁重的出口，因為我們可以比其他人吸收更多的污染物。而且，他們也認為這是擴大原料市場的機會。

The reality is that most feedstock aggregators or suppliers, they aren't working as hard on polypropylene as they are on other products because there's a limited out -- a limited offtake potential for them. And so as PureCycle's technology changes that and truly creates a circular product of high-quality polypropylene, where we put our product anywhere, it's actually going to draw more feedstock into the market.

現實情況是，大多數原料聚合商或供應商在聚丙烯方面的工作不像在其他產品方面那樣努力，因為他們的採購潛力有限。因此，隨著 PureCycle 的技術改變這一點並真正創造出高質量聚丙烯的循環產品，我們將我們的產品放在任何地方，它實際上會吸引更多的原料進入市場。

We're excited to partner with people to grow together over the years. And our projects are global projects around the world. It's really giving us the opportunity to see feed in lots of different countries. And so from a feedstock perspective, we -- the short story is we don't see a problem fulfilling our obligations for Ironton for sure, and really any of the plants that we've been talking about.

我們很高興能夠與人們合作多年來共同成長。我們的項目是遍布世界各地的全球項目。這確實讓我們有機會看到許多不同國家的飼料。因此，從原料的角度來看，我們 - 簡而言之，我們認為履行我們對艾恩頓的義務肯定沒有問題，實際上我們一直在談論的任何工廠。

Very helpful. Thank you so much.

很有幫助。太感謝了。

Yeah, thank you, Hassan.

是的，謝謝你，哈桑。

Michael Hoffman, Stifel.

邁克爾·霍夫曼，斯蒂菲爾。

Thank you very much and good afternoon. Two questions around money. What is the agreed amount now that you have with the AEDA for the line one? And how much do you have in hand and therefore what's left?

非常感謝，下午好。兩個關於錢的問題。現在您與 AEDA 就一號線商定的金額是多少？您手頭有多少，還剩下什麼？

So I'll take this, and I'll pass it to Larry. The line one expected CapEx is around $400 million, and we have sufficient sources to satisfy that demand. Now remember the $400 million can be offset through various financial mechanisms through the DBOOMs. And we have several different opportunities for DBOOMs that are substantial, and they can significantly reduce that number. I will pass the question to Larry to answer as well.

所以我會把這個交給拉里。第一行預計資本支出約為 4 億美元，我們有足夠的資源來滿足這一需求。現在請記住，這 4 億美元可以通過 DBOOM 的各種財務機制來抵消。我們為 DBOOM 提供了多種不同的機會，這些機會都是巨大的，它們可以顯著減少這個數字。我也會把這個問題轉交給拉里來回答。

Yeah. So Michael, we've talked about this. Dustin's right around $400 million is correct. Remember the first line at any site with multiple lines will be the most expensive because of infrastructure. So you can expect lines two and beyond to be less than $400 million, significantly probably.

是的。邁克爾，我們已經討論過這個問題了。達斯汀關於 4 億美元的說法是正確的。請記住，由於基礎設施的原因，任何具有多條線路的站點的第一條線路將是最昂貴的。因此，您可以預計，第二條線及之後的線的成本可能會低於 4 億美元。

But as we alluded to, we wrote a formal letter to the AEDA presenting a plan of financing for one line, and we showed them either cash spent or committed funds for in excess of the $400 million. We were closer to $500 million of what we presented.

但正如我們提到的，我們給 AEDA 寫了一封正式信函，提出了一條生產線的融資計劃，並向他們展示了超過 4 億美元的現金支出或承諾資金。我們所展示的產品價值接近 5 億美元。

And we also showed them the details behind the $50 million that we've all said -- also already spent online, too. So we are in a good position there. And as we've indicated, we're working diligently to try to close the land by June 30 so we can begin surface work on the land there.

我們還向他們展示了我們都說過的 5000 萬美元背後的細節——也已經在網上花費了。所以我們在那里處於有利地位。正如我們所指出的，我們正在努力爭取在 6 月 30 日之前關閉這片土地，以便我們可以開始在那裡的土地上進行地面工作。

Okay. I saw my second question, but -- I mean, I guess I'm just going to be sort of belligerent about this. What are the details? How much do you have left to raise to get to that -- the minimum of $400 million? Truly raise as opposed to --

好的。我看到了我的第二個問題，但是——我的意思是，我想我對此會有點好戰。詳情為何？為了實現這一目標，您還需要籌集多少資金——至少 4 億美元？真正加註而不是——

None.

沒有任何。

None. So it is completely done.

沒有任何。這樣就徹底完成了。

None. Correct.

沒有任何。正確的。

So AEDA would -- if we were to call them and say you're done?

那麼，如果我們打電話給他們並說你們已經完成了，AEDA 會怎樣呢？

Well, there's a process to go through with the AEDA. They're in the review process right now. And then ultimately, they'll take it to their Board for final approval. But yes, we are working with them on the details so that we can close by the end of June.

嗯，需要與 AEDA 進行一個流程。他們現在正在審核過程中。最終，他們會將其提交給董事會進行最終批准。但是，是的，我們正在與他們就細節進行合作，以便我們可以在六月底之前關閉。

Okay. That's what I wanted to hear. And then what is going to be the final spend on Ironton versus what we were shown in March?

好的。這就是我想听到的。那麼與我們三月份展示的相比，Ironton 的最終支出是多少？

The numbers have not appreciably changed from what you saw in March.

這些數字與三月份相比沒有明顯變化。

So a little bit higher, but not meaningful.

所以稍微高一點，但是沒有意義。

It's a little -- it's a little bit higher, a little bit accrete, but really it's on par.

它有點——有點高，有點堆積，但實際上是相當的。

Okay, great. Thank you very much. (multiple speakers)

好的，太好了。非常感謝。 （多個發言者）

Yeah, Mike. Michael, I'd say quickly, I referenced that as of March 31, we had the range of $25 million to $51 million left to spend. Remember that was as of March 31. As of today, we've exhausted all the money in the construction fund. So the rest will be funded in cash on our balance sheet. The number left to spend, assuming no recovery of contingencies, is in the neighborhood of about $25 million. And remember, half of that is payment upon complete performance completion to our so our partner, subcontractor. So the majority of the funds have now been exhausted.

是的，邁克。邁克爾，我想說的是，截至 3 月 31 日，我們還剩下 2500 萬至 5100 萬美元的支出。請記住，這是截至 3 月 31 日的數據。截至今天，我們已經用完了建設基金中的所有資金。因此，其餘部分將在我們的資產負債表上以現金形式提供。假設沒有恢復意外事件，剩下的支出約為 2500 萬美元。請記住，其中一半是在完成績效後向我們的合作夥伴、分包商付款。所以目前大部分資金已經用完。

Okay, great. Thank you.

好的，太好了。謝謝。

Noah Kaye, Oppenheimer.

諾亞·凱，奧本海默。

Hey. Good afternoon. Thanks for taking the questions. So, you know, Dustin, this has been a huge push to reach mechanical completion, and congratulations on that. My question to you is one, how is the team doing? And two, as you're standing up operations, what kind of capacity have you put in place to do troubleshooting along the way? I think the steps you laid out for the next several weeks and months makes sense to talk to us about what is that capacity to do rapid response troubleshooting. How much of that is internal? How much of that is with partners?

嘿。下午好。感謝您提出問題。所以，你知道，達斯汀，這是實現機械完成的巨大推動力，祝賀你。我想問你的問題是，團隊做得怎麼樣？第二，當你開始運營時，你準備了什麼樣的能力來進行故障排除？我認為您在接下來的幾周和幾個月中製定的步驟對於與我們討論快速響應故障排除的能力是有意義的。其中有多少是內部的？其中有多少是與合作夥伴的？

So how's the team? I can tell you that the plant just feels different today, Noah. When you walk around the facility, there is a buzz literally because you hear some equipment running, but also [fakely] because everybody is so excited to get going. It's interesting to watch the plant because you see it transition from a whole bunch of contractors building the facility to a whole bunch of operators learning to run the facility.

那麼團隊怎麼樣？我可以告訴你，諾亞，今天的植物感覺不一樣了。當你在設施周圍走動時，你會聽到嗡嗡聲，因為你聽到一些設備正在運行，但也[假]因為每個人都非常興奮地開始工作。觀察這個工廠很有趣，因為你會看到它從一群建造設施的承包商轉變為一群學習運行設施的操作員。

And so, we slipped a bit over the last couple of months with the mechanical completion date. But what we gained is a bunch of experience on the operations side. And people are all over the plant. They know the lineups. They understand the facility better today than they ever have, and they are growing confidence every day and their ability to run this facility.

因此，我們的機械完成日期在過去幾個月有所下滑。但我們獲得的是運營方面的大量經驗。工廠裡到處都是人。他們知道陣容。如今，他們比以往任何時候都更加了解該設施，並且他們的信心與日俱增，運營該設施的能力也與日俱增。

So I'm extremely optimistic about our team. I think we have a really good team growing. I think we've done a really good job of building the right training packages, the right operational readiness, the tasks to get to get going.

所以我對我們的團隊非常樂觀。我認為我們有一支非常優秀的團隊，正在成長。我認為我們在構建正確的培訓包、正確的運營準備以及開始的任務方面做得非常好。

With respect to how much buffer have we built into the facility, this project has always been chasing critical path. And so we've probably always been on the optimistic side of when we thought the plant would finish. We've always been chasing the critical path that we could pull the time in. And quite frankly, when you look at our ability to close this project relative to other industry standards, we still look pretty good. Most projects are 12 months behind during the COVID time, and we came in about six months behind. So I feel good about that.

至於我們在設施中建立了多少緩衝區，這個項目一直在追尋關鍵路徑。因此，當我們認為工廠即將竣工時，我們可能一直持樂觀態度。我們一直在尋找能夠節省時間的關鍵路徑。坦率地說，當你看看我們相對於其他行業標準完成這個項目的能力時，我們看起來仍然相當不錯。在新冠疫情期間，大多數項目都落後了 12 個月，而我們則落後了大約 6 個月。所以我對此感覺很好。

The capacity this is the 45 million to 75 million, okay? I mean there are a couple of unknown factors. We could still, on startup, have some infant mortality items that we have to push through. We've had a few that we've already dealt with, and so we could have more. But we also could have some upside to our numbers.

這個容量是4500萬到7500萬，好嗎？我的意思是有一些未知因素。在啟動時，我們仍然可能需要解決一些嬰兒死亡率問題。我們已經處理了一些問題，所以我們可以處理更多。但我們的數字也可能有一些上升空間。

I really believe that we are well-positioned to run this facility. Our team is ready. They're eager and I think that we have more capacity in the plant than what we have on paper. And so once we start running it, we'll see. So is there are a lot of float in the schedule that I show on the slide? No, not really. This is where we are right now. This is what we think right now. Things could happen to delay us because this is just life.

我真的相信我們有能力運營這個設施。我們的團隊已經準備好了。他們很渴望，我認為我們工廠的產能比紙面上的還要多。一旦我們開始運行它，我們就會看到。那麼我在幻燈片上顯示的時間表是否有很多浮動？不，不是真的。這就是我們現在所處的位置。這就是我們現在的想法。可能發生的事情會耽誤我們，因為這就是生活。

But I also feel like we can catch up and surpass or exceed our expectations of overall production for the year, which is the ultimate indicator for performance.

但我也覺得我們可以趕上並超越或超過我們對今年整體產量的預期，這是業績的最終指標。

Yeah. And to put a finer point on that, and this is in the comment on whether it's better to have internal or outside help running and standing up these operations. Would just like to better understand, is the team that's in place for PureCycle to run the operations, I mean, is this pretty much all internal folks now? I mean, did the contractors kind of hand over the keys? Is there ongoing help to de-bottleneck? Go ahead.

是的。更具體地說，這是關於是否有內部或外部幫助來運行和維持這些操作更好的評論。我只是想更好地了解 PureCycle 是否有專門的團隊來運營運營，我的意思是，現在幾乎都是內部人員嗎？我的意思是，承包商有沒有交出鑰匙嗎？是否有持續的幫助來消除瓶頸？前進。

Yes, that was the last -- last part of your question that I skipped, Noah. That's a good follow-up. So we have repurposed just about every engineer that we have hired for the Augusta project to support Ironton. So we have stacked up internally to refocus on -- to really drive focus on Ironton. Almost all of the contractors are out of the facility. I think last time we talked we had I don't know, 80 to 100 contractors left on-site and were down -- we're talking about two for this contractor, five for this contractor. So we're down to very, very low levels now. And quite frankly, they're holding over for startup support.

是的，這是我跳過的你問題的最後一部分，諾亞。這是一個很好的後續行動。因此，我們重新調整了為奧古斯塔項目僱用的幾乎所有工程師的用途，以支持艾恩頓。因此，我們在內部進行了重新集中精力，真正推動對艾恩頓的關注。幾乎所有承包商都已離開該設施。我想上次我們談論的時候，我不知道，有 80 到 100 名承包商離開現場並陷入困境——我們談論的是這個承包商的兩個，這個承包商的五個。所以我們現在已經降至非常非常低的水平。坦率地說，他們正在等待初創公司的支持。

So we maintained some of the construction crew to help us with infant mortality items or tuning items. And we have, let's say, refocused all of our staff inside PureCycle to support the Ironton startup. In addition to that, our core partners like KMPS, they've been a core partner in the technology development. They have all hands on deck right now also. So they're there. And they're really smart engineering staff that's ready to roll their sleeves up and help. We've already done a lot.

因此，我們保留了一些施工人員來幫助我們處理嬰兒死亡率項目或調整項目。比如說，我們將所有員工的注意力重新集中在 PureCycle 內部，以支持 Ironton 初創公司。除此之外，我們的核心合作夥伴，如 KMPS，他們一直是技術開發的核心合作夥伴。他們現在也全力以赴。所以他們就在那裡。他們是非常聰明的工程人員，隨時準備捲起袖子提供幫助。我們已經做了很多。

And we also have JV partners like SK that have also offered support. And so I know I have a phone that I can call to get support quickly if needed, okay? And they offer that every time I talk to them. So I feel good about our own team because we've learned a lot, and we are the experts, so we know the most about the technology. But I also feel very good about our partners and the industry to get help if needed along the way.

我們還有像 SK 這樣的合資夥伴也提供了支持。所以我知道我有一部電話，可以在需要時撥打以快速獲得支持，好嗎？每次我和他們交談時，他們都會提供這一點。所以我對我們自己的團隊感覺很好，因為我們學到了很多東西，而且我們是專家，所以我們對技術最了解。但我也對我們的合作夥伴和整個行業感到非常滿意，因為他們可以在需要時獲得幫助。

Okay. Great. I'll leave it there. Thank you.

好的。偉大的。我會把它留在那裡。謝謝。

Thanks, Noah.

謝謝，諾亞。

[Thomas Boyce, TD Collins].

[托馬斯·博伊斯，TD·柯林斯]。

Thanks for taking my questions. First, and I just wanted to kind of follow up on the feedstock question from earlier. Just given that the facility is now so close to its ramp-up period. The couple of quarters ago, there was just some issue with suppliers that just couldn't make good on the agreements and had to be replaced. Have you gone back to your feedstock supplier base at Ironton, just to confirm availability as you get towards that 45 million to 75 million that you are potentially targeting?

感謝您回答我的問題。首先，我只是想跟進一下之前的原料問題。鑑於該設施現在已接近其啟動期。幾個季度前，供應商出現了一些問題，無法履行協議，不得不更換。您是否曾回到 Ironton 的原料供應商基地，只是為了確認您的潛在目標 4500 萬至 7500 萬的供應情況？

100% yes. And also all of the feedstock suppliers that we have engaged for Augusta, as well as feedstock suppliers that we've engaged around the world, we have continued to deepen the relationship with them so there on the ready to supply as well. The reality is that as we begin to operate, more polypropylene will come, and also our suppliers will be willing to sell us more and more over time. They want to know that we're going to take reliably. They want to know that we're going to pay reliably. And so we are all kind of waiting for the start of this facility and then it will go.

100%是的。還有我們為奧古斯塔聘用的所有原料供應商，以及我們在世界各地聘用的原料供應商，我們繼續加深與他們的關係，以便也準備好供應。現實情況是，隨著我們開始運營，將會出現更多的聚丙烯，隨著時間的推移，我們的供應商也將願意向我們出售越來越多的聚丙烯。他們想知道我們會可靠地採取行動。他們想知道我們會可靠地付款。所以我們都在等待這個設施的啟動，然後它就會消失。

But really the work that we have done on Augusta and also with our JVs is really helping to let's say, build a safety net around Ironton that's really strong and wide. And so even if we had other suppliers that couldn't deliver, we have a well of people that we can call on to fill the gap. And so we are very excited about this.

但實際上，我們在奧古斯塔以及我們的合資企業所做的工作確實很有幫助，可以說，在艾恩頓周圍建立了一個非常強大和廣泛的安全網。因此，即使我們有其他供應商無法交付，我們也可以召集大量人員來填補空白。所以我們對此感到非常興奮。

Can you remind me of how much feedstock you already have on-site at Ironton in advance of start-up? I know you had given a number, I think maybe a quarter or two ago.

您能否提醒我，在啟動之前，您在 Ironton 現場已有多少原料？我知道你已經給出了一個數字，我想大概是一兩個季度前。

I don't know the exact numbers today. It's on the order of 2 million to 3 million of processed flake and agglomerate. And on the order of another 2 million or so of a feedstock, I believe that's unprocessed right now. We've been running the PreP facility for quite a while. And quite frankly, we've been working through growing pains there and learning how to operate it better and better every day.

今天我不知道確切的數字。其數量級為 200 萬至 300 萬個加工過的薄片和團塊。另外還有約 200 萬份左右的原料，我相信目前尚未加工。我們已經運行 PreP 設施很長一段時間了。坦白說，我們一直在經歷成長的陣痛，每天都在學習如何更好地運營它。

But as an example, one of our silos is completely full and we've been bagging out for the last month. We have a bunch of Blue Super Sacks sitting all over the property which has got feedstock for purification ready to go. So I think it's on the order of, let's say, processed and unprocessed feed on the order of 4 million to 5 million pounds.

但舉個例子，我們的一個筒倉已經完全滿了，我們上個月一直在裝袋。我們在整個地產上放置了一堆藍色超級麻袋，其中已準備好用於淨化的原料。所以我認為加工和未加工飼料的數量約為 400 萬至 500 萬磅。

That's helpful. And then maybe just as my follow-up, real quick, a housekeeping one, or maybe housekeeping, but just maybe some clarity on the $125 million that you identified related to Augusta pre-PreP. Was that exclusive of the $22 million that you already raised or inclusive of that amount?

這很有幫助。然後也許就像我的後續行動一樣，非常快，一個家政活動，或者也許是家政活動，但也許只是對您確定的與奧古斯塔預科課程相關的 1.25 億美元進行一些澄清。這不包括您已籌集的 2200 萬美元還是包含該金額？

Larry, you want that?

拉里，你想要那個嗎？

That -- yeah. That -- the $22 million was part of the $125 million opportunity.

那——是的。這 2200 萬美元是 1.25 億美元機會的一部分。

Got it. Thank you so much. I'll jump back in queue.

知道了。太感謝了。我會插回隊列。

Thank you, Tom.

謝謝你，湯姆。

Gerry Sweeney, Roth MKM.

格里·斯威​​尼，羅斯·MKM。

Good afternoon, Dustin and Larry. Thanks for taking my call.

下午好，達斯汀和拉里。感謝您接聽我的電話。

Thanks, Gerry.

謝謝，格里。

Just really -- just one question for me -- for you actually and it revolves around the project financing opportunity. I mean, we all know that you're looking at getting Ironton up and running, so derisking it, so that becomes more of an opportunity or you get better access to capital. But what level of capacity utilization does Ironton really have to be at to really cross the de-risking line that really opens the capital access?

真的——這對我來說只是一個問題——實際上對你來說，它圍繞著項目融資機會。我的意思是，我們都知道你正在考慮讓 Ironton 成立並運行，所以要降低風險，這樣這就會成為一個機會，或者你可以更好地獲得資本。但 Ironton 的產能利用率到底需要達到什麼水平才能真正跨越真正開放資本准入的去風險線？

Yeah, I think that's a good question. I think this is really a question for investors that are willing to invest in us. But from what we have heard, it varies by the investor. But there's a substantial, let's say, amount of technical risk that's taken off the table the moment we make, let's say, first pellets, okay?

是的，我認為這是一個好問題。我認為這對於願意投資我們的投資者來說確實是一個問題。但據我們所知，這因投資者而異。但是，當我們製造出第一顆顆粒時，就消除了大量的技術風險，好嗎？

And then there will be, let's say, project economic risk taken off the table once we show that we can run at rates. I think from a from a reliability perspective, there's always going to be a question of how reliable can this facility run, and we'll have to answer that over time. But I don't think that's as critical as getting to first pellets and then getting to the Leidos test at 100%. I think once we hit those two items, I think the hurdles are crossed.

然後，可以說，一旦我們證明我們可以按利率運行，預計經濟風險就會被消除。我認為從可靠性的角度來看，始終會存在一個問題：該設施的運行可靠性如何，隨著時間的推移，我們必須回答這個問題。但我認為這並不像獲得第一個顆粒然後以 100% 進行 Leidos 測試那麼重要。我認為一旦我們實現了這兩個目標，我認為障礙就被跨越了。

Got it. And the Leidos test is running Ironton at five consecutive days. Is that correct?

知道了。 Leidos 測試連續五天運行 Ironton。那是對的嗎？

Yeah, that's basically right, Gerry. It's a five-day test at 100% and we haven't scheduled that yet. But that's another situation where we are going to listen to the plants and decide when -- do it.

是的，基本上是正確的，格里。這是一個為期五天的 100% 測試，我們還沒有安排。但這是另一種情況，我們要傾聽植物的聲音並決定何時實施。

Sorry. I didn't mean to interrupt but got it. And pardon me, I'm not an engineer but I'm assuming five days, that's 24 hours a day, seven days a week?

對不起。我本來不想打擾，但我明白了。請原諒，我不是工程師，但我假設 5 天，即每天 24 小時，每週 7 天？

Yeah, that's right.

是啊，沒錯。

I'm not sure I'm going to get that question. So I just wanted to ask, but that's what I figured. Got it. (multiple speakers)

我不確定我是否會被問到這個問題。所以我只是想問一下，但這就是我的想法。知道了。 （多個發言者）

Yeah, this facility -- this facility is designed to run 24/7/365.

是的，這個設施 - 這個設施設計為 24/7/365 運行。

Got it.

知道了。

We will have periodic outages. But for the five-day tests, for sure, it's going to be a 24/7 operation.

我們會定期停電。但對於為期五天的測試，可以肯定的是，這將是一個 24/7 的操作。

Got it. Perfect. I appreciate it. Thanks, guys.

知道了。完美的。我很感激。多謝你們。

Thank you, Jerry.

謝謝你，傑瑞。

Thank you. I would now like to turn it back to Dustin Olson for closing remarks.

謝謝。現在我想請達斯汀·奧爾森（Dustin Olson）發表結束語。

Yeah. Okay. So thank you very much for joining the call today. We thank you for your continued support. You know, it's a big step that we crossed actually yesterday when we took the plant to mechanical completion and solvent -- ready for solvents.

是的。好的。非常感謝您今天參加電話會議。我們感謝您一直以來的支持。你知道，這是我們昨天邁出的一大步，當時我們將工廠進行了機械完工和溶劑化——準備溶劑化。

Getting to ready for solvent is a really big deal. And now we're truly in full operations mode and just running the plant through the paces until we get the first pellets. We feel like Ironton is now truly operational. We're optimistic about our growth plan. We can't wait to show the world what we can do, and we are excited to start making pellets and start delivering them to all of our customers around the world. Thank you so much for your patience and your time and your continued support, and look forward to talking to you again soon.

準備好溶劑是一件非常重要的事情。現在我們真正處於全面運營模式，只是按部就班地運行工廠，直到獲得第一批顆粒。我們覺得艾恩頓現在真正投入運營了。我們對我們的增長計劃持樂觀態度。我們迫不及待地想向世界展示我們的能力，我們很高興開始生產顆粒並將其交付給世界各地的所有客戶。非常感謝您的耐心、時間以及持續的支持，並期待很快再次與您交談。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程序。您現在可以斷開連接。